RIYADH, 19 December 2004 — In a project with marginal commercial returns, Prince Abdul Aziz ibn Miteb, has finalized plans to build 7,000 housing units in Pakistan. An agreement has been signed between the Kanooz Group of which the prince is owner and the local administration of Karachi.
According to the agreement, the Saudi company will carry out both construction and development works while land ownership will remain with the city government of Karachi. “The project will be completed within five years and will provide housing for some 50,000 people in low-income groups.”
Earlier this year the Kanooz Group indicated an interest in investing SR375 million in housing in the Pakistani province of Sindh. The group is also involved in an industrial parks project in Karachi.
The Saudi Investment Company will invest and arrange equity and funds for developing the industrial parks, an example of Saudi-Pakistani commercial relations.
The government of Pakistan has also established a panel to revive over 3,000 industries including 25 GCC-Pakistani joint ventures. The government intends to seek partners from the Kingdom as well as from other Gulf states to set up new industries and revive ailing ones. A consortium of some 50 overseas Pakistanis in Saudi Arabia has already pledged investments of SR750 million in different projects in Pakistan.
