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DUBAI-Emaar Properties, the largest listed company in the United Arab Emirates and a multibillion-dollar developer across the Middle East, is expanding into Southeast Asia. The developer has announced three property developments in the cities of Islamabad and Karachi in Pakistan, an investment of AED 8.8 billion ($2.4 billion).
In the capital city of Islamabad, Emaar will develop two sites: the Highlands and Canyon Views, a total of 1,500 acres. The two new communities will offer 9,000 luxury single-family town homes and villas as well as retail centers, community club houses, parks, lakes, schools and mosques.
In the Crescent Bay area of the port city of Karachi, Emaar plans to develop 75 acres. Here company officials plan to build high- and mid-rise towers for residential and commercial use, a shopping center and five-star beachfront hotel. The towers will comprise about 4,000 residential apartments.
"These current projects are only a small and initial part of our commitment to providing world-class living and infrastructure in Pakistan," says Mohamed Ali Alabbar, chairman of Emaar Properties. "Pakistan will play an important role in the development of Emaar's reputation in Asia and remains one of our most significant commitments outside of the UAE."
Mohammed Al Falasi, managing director of Emaar Pakistan adds: "These are the first of many projects that we have planned for other cities in Pakistan, which we will be developing over the next few years."
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