This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/5387590.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Pakistan agrees $43bn development Pakistan agrees $43bn development
(about 3 hours later)
Pakistan has given a Dubai property firm the go-ahead for a $43bn (£22.8bn) project to develop two island resorts.Pakistan has given a Dubai property firm the go-ahead for a $43bn (£22.8bn) project to develop two island resorts.
Emaar Properties, one of the United Arab Emirates' biggest property firms, will have an 85% share in the 13-year project to develop Bundal and Buddo.Emaar Properties, one of the United Arab Emirates' biggest property firms, will have an 85% share in the 13-year project to develop Bundal and Buddo.
Emaar plans to develop the site near Karachi into a model city with homes, apartments, offices and theme parks.Emaar plans to develop the site near Karachi into a model city with homes, apartments, offices and theme parks.
"It will be just like another Dubai," Ashfaque Hasan Khan, an adviser to the prime minister said."It will be just like another Dubai," Ashfaque Hasan Khan, an adviser to the prime minister said.
"We want to build it because it will create new jobs, bring in investment, create new housing and a new city," he added."We want to build it because it will create new jobs, bring in investment, create new housing and a new city," he added.
Pakistan's Port Qasim Authority will hold the remaining 15% stake in the enterprise in the form of land, the government said.Pakistan's Port Qasim Authority will hold the remaining 15% stake in the enterprise in the form of land, the government said.
So far the plans have been approved in principal. Legal documents are expected to be completed within three months. So far the plans have been approved in principle. Legal documents are expected to be completed within three months.
Emaar - the UAE's biggest property firm by market value - plans to build thousands of homes, schools, shopping malls and hospitals stretching from Morocco to India.Emaar - the UAE's biggest property firm by market value - plans to build thousands of homes, schools, shopping malls and hospitals stretching from Morocco to India.