$43b new city near Karachi
ISLAMABAD: The government gave approval in principal on Wednesday for Emaar Properties of United Arab Emirates to go ahead with a $43 billion project to build a model city near Karachi. Emaar, which will have 85 percent equity in the project, will develop two islands, Bundal and Buddo, near Karachi into a city with state-of-the-art facilities, Ashfaque Hasan Khan, an advisor to the prime minister, told reporters. “It will be just like another Dubai,” Khan said. “It will consist of everything. Residential buildings, theme parks, offices, just about everything.” “We want to build it because it will create new jobs, bring in investment, create new housing and a new city,” he added. Port Qasim Authority will hold 15 percent in the form of land, Khan said after a meeting of the Economic Coordination Committee. The project is expected to take about 13 years. Khan said approval in principal for the project had been given after all formalities were completed.
How can you go wrong with it? It will have "state-of-the-art facilities," after all. That's exactly what Karachi needs right now, because we all know that everyone in the city is well-fed and housed and taken care of, so we badly need extravagant luxury projects like this. It's a good thing, too, that foreign investors control so much of the project, because of course local Pakistanis can't handle so much wealth and control. And god knows we need another Dubai in this world. I mean, really - one can never have enough Dubais dotting the globe.
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