Limitless drops Karachi Waterfront development
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.
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