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FINANCIAL NEWS
Abu Dhabi Group’s Mubarak Center revived
07 Nov 2011
(MENAFN) Mubarak Center, a major development project in Pakistan involving Abu Dhabi Group, was revived after being cancelled in 2009, Arabian Business reported.
The project, which initially included a plan to build the tallest tower in the country, is back on track with some modifications, according to local media reports.
UAE-based investment company was behind plans for the original USD1.2 billion Mubarak Centre in Lahore, which included residential and office towers, conference halls and a shopping mall, when it was cancelled by the government of Punjab in 2009.
Taavun (Pvt) Ltd, responsible for managing the project, was a holding company formed by the Abu Dhabi Group, with 70 percent stake, and Punjab government with 30 percent stake.
Abu Dhabi Group operates a portfolio of companies that operate in Pakistan, Bangladesh, Iran, Uganda, Congo, and the Middle East.
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