Apr 24, 2007

Nakheel to invest $68 billion in Karachi for Sugar Land City

Nakheel, (Palm Island builders in UAE), will develop a mega real estate project in Karachi, Pakistan’s financial capital, where a new waterfront project, Sugar Land City, involving an investment exceeding $68 billion has been approved by the Pakistan government last week.
“The master plan to develop Sugar Land City at Hawkesbay on Karachi outskirts has been finalised,” Syed Mustafa Kamal, the Karachi Nazim (Mayor), has been quoted by media reports as saying. According to Pakistan media reports, the project will spread over 60,000 acres.
Briefing reporters about a meeting held in Islamabad to review the waterfront project, Kamal said an agreement would be signed with Nakheel Group next month. Pakistan President Pervez Musharraf had given the approval for this project.

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