Rumors of an Abu Dhabi's royal family member shelling out $45 billion in the next decade and a half appear to be true. Reuters reported yesterday that a real estate project in Pakistan becoming the nation's biggest ever foreign investment.
Sheikh Nahayan bin Mubarak al-Nahayan told the media of his investment plans in Pakistan, plans that will include the world's tallest building according to the story. The Sheikh is Chairman of a Abu Dhabi Group, a conglomerate there. The Pakistan Tribune reported on the agreement as well. According to their report, the slated projects in Pakistan will be the construction of the tallest building of the world, according to them, even taller than Burj Khalifa. Other projects are to include; a sports city, an educational and medical city, and international city and media city.
Meanwhile Abu Dhabi real estate on the home front has shown some signs of growth. Rents are down, new projects and especially the Sorouh/Aldar merger, these and other aspect have led to come confidence building in the marketplace. The announcement of the Pakistan big spend can only help matters even more. We will follow this news closely.