Five top foreign companies making huge investment: National Assembly informed

Minister of Investment Waqar Ahmed Khan has informed the National Assembly that five top foreign companies are making huge investment in Pakistan for construction of hotels, shopping malls, international chain stores and real estate projects, costing billions of dollars.
In a written reply on Thursday, the minister said that presently various foreign companies are engaged in the business of shopping complexes (Malls), hotels and residential projects in Pakistan without collaboration of local companies.
M/s Metro Cash and Carry, Germany and M/s MAD Hypermarkets Pakistan, Dubai are establishing retail chain stores in Pakistan independently. Similarly, M/s Pak Gulf Construction Company, M/s Al-Ghurair-Giga Group and M/s Emmar Properties of UAE are foreign companies and have launched their residential, commercial and hotel projects here.
Details of investment made by foreign companies revealed that the estimated cost of M/s METRO Cash & Carry would be Euro 200 million for investment in trade/ services/consumer products. The company has planned to open at least 10 Cash & Carry wholesales centres in all major cities of Pakistan including Multan, Sialkot, Rawalpindi and Gujranwala. Currently, two stores in Lahore and one each in Karachi, Islamabad and Faisalabad are operational. Their second store in Karachi will be opened soon, the minister informed.
He further said that the estimated cost of Carrefour Store, Lahore, a project of M/s MAF Hypermarkets Pakistan (Pvt) Ltd, (Dubai), comes to $31.3 million. The company from Dubai is opening first ever store in Pakistan at Fortress Stadium, Lahore and is planning to open about 10 more stores in Karachi, Lahore, Islamabad, Multan and Faisalabad during next five years.
The estimated cost of Centaurs Blue Area, Islamabad being constructed by M/s Pak Gulf Construction Company (PGCL), is US $450 million. It is a joint venture between M/s Sardar Builders Holding (UAE) and Al-Tamimi Global Company (Saudi Arabia). The project is under construction and expected date of completion is 2011, he added.
The estimated cost/investment of World Trade Centre, Gold Crest, DHA Islamabad, a project of M/s Al Ghurair and the Giga Group, UAE, is US $1 billion. The project is under construction and to be completed by December 2010.
The projects of Highlands DHA-I, Islamabad, Canyon Views DHA-II, Islamabad and Crescent Bay, DHA-VIII, Karachi are being implemented by M/s Emaar Properties (Public Joint Stock Company) UAE. The estimated cost and investment of these projects is $2.4 billion. The projects are underway and to be completed by December 2014, he concluded.