An announcement to this effect was made in a ceremony in Islamabad in the presence of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Excellency Shaukat Aziz, Prime Minister of Pakistan.
During the ceremony, two agreements were signed between UAE and Pakistan -- the first aimed at developing infrastructure and building commercial and industrial real estate projects. The second agreement was targeted at building free zones and modern ports which will be managed by DP World, the region's leading port and terminal operators.
Sultan Ahmed Bin Sulayem, Executive Chairman of Dubai Ports, Customs and Free Zone Corporation and Chairman of Nakheel, signed the agreements with the Pakistani Minister of Transport and Minister of Foreign Investments.
Commenting on the agreements, Sultan Ahmed Bin Sulayem said:
"Dubai World is targeting massive investments in various sectors including real estate projects in main cities across Pakistan. Dubai World, through Limitless Company - its international real estate development arm - will lead and execute investments in residential real estate sector as Pakistan lacks residential units of high quality. Limitless will bridge the gap through its expertise in the sector. In addition, Limitless will also develop real estate, entertainment and commercial projects in different regions in Pakistan."
He added: "Based on the extensive expertise we have in developing waterfronts, we will work on preparing detailed studies to build waterfront in Karachi - an integrated community that will be the first-of-its-kind in the Indian subcontinent. The development will encompass world-class residential and commercial buildings, shopping centres and entertainment facilities similar to the projects that Dubai is renowned to develop."
DP World and the Pakistani government are now working closely to finalize the details of the agreements for the company to start managing and operating Qassim Port -- one of the most important and active ports in Pakistan in order to develop its operations and modernize its systems to embrace the economic and trade growth currently being witnessed in Pakistan and to make it work according to international standards that Dubai is known for.