A member of Abu Dhabi's royal family says he plans to spend $45 billion over up to 15 years on a real estate project in Karachi, touted in Pakistan as the country's biggest ever foreign investment.
Sheikh Nahayan bin Mubarak al-Nahayan said the investment plans - which his business partner in Pakistan said on Friday included the tallest building in the world - were at a very early stage.
Sheikh Nahayan, chairman of conglomerate Abu Dhabi Group , said his privately-owned construction firm, Dhabi Contracting, had signed a memorandum of understanding with Pakistani real estate tycoon Malik Riaz Hussain to build residential properties on an island in Karachi.
"We have signed an MoU but a lot of studies will still have to be done," he told Reuters on Sunday on the sidelines of a defence industry exhibition in the United Arab Emirates capital.
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