Bahria Town and US real estate group signed a memorandum of understanding (MoU) for the construction of a multi-billion dollar ($15-20 billion) project at Bodha Islands in Karachi. MoU was signed b between Bahrain Town chief Ali Riaz and American investor Thomas Kremar in the ceremony in Islamabad.
According to the MoU Bahria Town in collaboration with the foreign companies associated with US real estate developer Thomas Kramer would construct the Safe City. This safe city will be built inside the sea which will be 3.5 kilometers from Defence area of Karachi. World’s tallest building, Net City, Education City, Health City, Port City and other infrastructure projects will be part of this project.
The project will be completed within a period of five to 10 years and the Island City would be linked with Karachi through a six-lane bridge. After the MoU ceremony between Bahria Town and Thomas Kramer, Malik Riaz said that this project will generate around 1.5 million jobs. Malik Riaz also said that he can pay Pakistan’s total debt in just two years.
In February 2013 Malik Riaz announced that Bahria Town and Abu Dhabi Group have inked a deal under which $45 billion will be invested in Pakistan but after few days the deal was off.