Bahria Town and a US investment group signed an memorandum of understanding (MoU) for $15 to 20 billion investment on Monday.
Former Chairman of Bahria Town Malik Riaz and US investment group Thomas Kramer inked the MoU on behalf of their respective companies for the Bodha Island City project.
Under the project Bahria Town in collaboration with the foreign companies associated with prominent US investor Thomas Kramer would construct the world’s tallest building and a number of other projects some 3.5-kilometres off the Karachi shore.
Malik Riaz speaking on the occasion said that if he is given a chance he would make Pakistan into Dubai and Europe, He said that the project would help provide employment to the unemployed and this in turn would help eliminate terrorism. He said that we would continue to invest in Pakistan despite all odds and we are in talks with foreign investors.
Malik Riaz said that he promises the nation that in next few years he would bring foreign investment worth more than Rs 50 billion and no one can stop that. He said that until children are given quality education Pakistan cannot excel.
A spokesman for the Bahria Town said the project called Bodha Island City would be developed within a period of five to 10 years. He said the project would comprise, Net City, Education City, Health City, Port City and other infrastructure projects.
He said the worlds’ most modern shopping mall would also be built on the Island City, which would deal with international brands.
According to reports, the Island City would be linked with Karachi through a six-lane bridge.