Despite pressure on the Rupee, the spillover from Afghanistan, a debilitating energy crisis, a nasty drone campaign, deep political corruption and bloody shrapnels emanating of the America‘s war — the Pakistani economy defies gravity.
This resilience has baffled economic experts. Despite a colossal earthquake an a flood of Biblical proportion, Pakistan‘s economy has rebounded and is now growing at around 5% though floods and earthquake had halved the grown. Pakistan’s average has been 7% for past 60 years, and doubled its GDP growth in the past 15 years.
Punjab Chief Minister Mian Muhammad Shahbaz Sharif has recently inaugurated a modern Metro Bus Project which he says that it is not mere a development project but a mission to provide best possible travelling facilities to commuters. Sharif also lists “Danish” Schools, Mobile clinics and several dozen new hospitals, colleges and schools in the province along with structural improvements all over the Punjab.
The stock market is booming, exports keep rising, and foreign remittances keep increasing. According to press reports Pakistan’s Donald Trump , Mr. Malik Riaz has announced that an agreement has been signed between him and Abu Dhabi group to build the tallest building in the world in Karachi.
According to press reports and his own announcement, the former chairman and present consultant of Bahria Town, Malik Riaz Hussain has signed an agreement with His Highness Sheikh Nahyan bin Mubarak Al Nahyan who is Chairman of the Abu-Dhabi group, Union National Bank & United Bank Limited. The agreement will apparently have a revolutionary impact on not only Pakistan’s economy but also tourism of the country and will be a milestone in reviving the lights of Karachi.
The $45 billion project will provide employment to 2.5 million people in Pakistan. Riaz says that $35 billion worth of investments will be made in Sindh, while $10 billion will be invested in Islamabad and Lahore. The agreement amounts to the largest foreign investment in Pakistan ad will enable Pakistan to leap-frog the lean years.
A distinguished feature of this project is the utilization of seawater to produce electricity. The projects will have their own grid station.
Moreover, a separate modern water treatment plant will be established to convert seawater into drinking water. These features make this a landmark project in Pakistan, which addressing the current water & electricity issues of the country. Works on this monumental project will soon be starting.
The proposed building will be taller than the Chinese plan which is constructing a building called Changsha sky city which 1000m high (1 km high). The proposed plan in Karachi envisions a completely new city in Karachi spreading on area of 16,000 acres.
Other than building the world tallest building in Pakistan’s the Riaz machine is also building a financial hub, a Sports City, an International City, a Media City, an Educational and Medical City. Miniatures’ of the world’s seven wonders will also be built as part of this project in Karachi.