LAHORE: The Abu Dhabi Group, the largest UAE based group of investors, has denied entering into the deal worth $45 billion with the Pakistan’s biggest real estate group, shattering the dream of the country to have the world’s tallest building, Dispatch News Desk (DND) reported on Friday.
It was reported a week ago that two real estate tycoons, chief of Abu Dhabi Group of the UAE and Pakistan’s Malik Riaz, had signed a deal in Abu Dhabi which envisaged a staggering investment of $45 billion in Pakistan’s real estate.
Apart from some stunning projects, it included construction of the world’s tallest building in the port city of Karachi, which would loom large over the current tallest Burj Khalifa of Dubai. Ali Riaz, Malik Riaz’s son, had also confirmed the signing of the agreement.
However, all these claims proved hollow after Abu Dhabi group issued a clarification on Friday in major newspapers of the country, saying that it has not ‘undertaken or assumed any financial obligation or commitment to invest in this project and that there is no agreement to do so.’
“It is also unfortunate that discussions between the parties could not reach any conclusion and the memorandum of understanding has been cancelled,” the Abu Dhabi Group said.
Observers believe such false reports about investment accord could not only hurt local group’s reputation but also overall investment climate in the country.
DND
