Business | Property
Political storm could hit Karachi Waterfront
The future of Karachi Waterfront project planned by developer Limitless is unsure, as many question whether Pakistan's political storm is the root cause.
- By Suzanne Fenton, Staff Reporter
- Published: 23:23 August 5, 2008
Dubai: The future of Karachi Waterfront project planned by developer Limitless is unsure, as many question whether Pakistan's political storm is the root cause.
Limitless yesterday denied that an agreement had been signed between the company and the Pakistani government, saying "only an MoU (memorandum of understanding) had been signed. That's all."
The Karachi Waterfront development is described on Limitless' website as a "joint initiative" between Limitless and the government of Pakistan, launched in 2005.
The project, a 250-square kilometre city just west of Karachi, will comprise residential, commercial and entertainment facilities. The phase I of the project itself is estimated to cost $20 billion.
It is still unclear whether the project will go ahead, although a spokesperson for Limitless said that it "remains interested in Pakistan as a future market."
Chief executive of Limitless Saeed Ahmad Saeed told Meed magazine recently that it is very difficult to say whether the project will go ahead without a final agreement.
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