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Limitless drops Karachi Waterfront development |
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Tuesday July 28 2009
Limitless, the global master-development arm of Dubai World, has
dropped the plan to go ahead with the Karachi Waterfront, a
multibillion-dollar project in Pakistan, and is currently reviewing its
project stream in light of the world economic crisis, a company
spokesperson said.
"As a global developer, we explore many
potential opportunities, some of which will fit our global strategy and
some of which will not. Karachi Waterfront never progressed beyond
memorandum of understanding stage, and did not fit our global
strategy," the spokesperson said in an e-mailed statement to Emirates Business.
However,
she did not clarify as to whether the project was "cancelled" and
Limitless had dropped plans to enter Pakistan. Karachi Waterfront
project, which was announced in 2006, involved phased development of
the 25,000-hectare site.
Phase one involved an investment of $20
billion (Dh73.4bn) over the next 10 years for developing more than 2000
hectares of waterfront property.
The investment was supposed to eclipse Emaar Properties' Dh8.8 billion into master planned communities across Pakistan.
The new city was to become home to special economic zones, creating a hub for trading, manufacturing and services industry.
In
2006, Limitless said the project was a part of the Government of
Pakistan's initiative to relieve pressure on the existing city and
attract investment and visitors to Pakistan.
When asked about
the status of its $1.7bn mixed-use project in Indonesia, the
spokesperson said: "We continue to review them in light of the global
crisis. We have already adjusted the pace of development to reflect
current market conditions, and will continue to do so."
In
April, Limitless said it is currently reviewing its position on its
$12bn mixed-use project in India, as it is yet to acquire land.
The company has a joint venture with DLF Limited.
The
developer said recently it is aiming to produce the first
Leed-certified building in Jordan with its 200-metre residential twin
towers, Sanaya Amman, while in the UAE, its Downtown Jebel Ali project,
currently under construction, will feature district cooling and
eco-friendly alternatives to the regular transportation, among other
green initiatives.
Source: Emirates Business 24/7
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