Home »Business and Economy » Pakistan » UAE firm to invest $3.2 billion for building Gwadar coast center

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  • Apr 14th, 2007
  • Comments Off on UAE firm to invest $3.2 billion for building Gwadar coast center
A UAE firm, HRC, which is planning to establish Gwadar Coast Center (GCC) by investing more than $3.2 billion, has said the company would invest in Gwadar without any fear as the company's management has been assured of being provided complete security by the Government of Pakistan.

Addressing the press conference here on Friday, the CEO, HRC, Khalfan Sayeed Al Mazrui said that Gwadar is safe and we have signed the agreement with government of Balochistan. The GCC plan does not include the training or compensating the local fishermen of Balochistan, said Sheikh Umar Farooq, another official present on the occasion.

"The GCC would be fifth of its kind in the world," he said adding that three coast centers were already working in Norway and one in the United States," said CFO of the company, Johannes Erskine Flo. The center is expected to be established between Pasni and Gwadar, he said.

To a question, Umar Farooq said that HRC was not having any affiliation with any Indian company and there is no possibility of the Indian company to be coming to Pakistan for this very project. However, the company's CEO said that Pakistan had informed them that Gwadar would remain open for all.

Giving details of the mega project, Erskine said that it would be established at 2,000 acres of land that would generate over 10,000 job opportunities in the port city of Gwadar. The project would be completed by 2014 and that would convert Gwadar into a modern port city having all international facilities, he said.

He said that implementation on this proposed mega project would help making Gwadar a big international port city. Not only Pakistan, but also other countries in the region would benefit from this project, he concluded.

The project will ensure setting up an oil and gas service, supply, fabrication and maintenance base in Gwadar city. He said that GCC would be a one-stop-business-hub for all oil and gas services for the entire region, and will secure new exploration projects in Pakistan.

HRC Ltd has also joined hands with Green Energy Development PLC to develop and build a Renewable Energy City in the same facility to establish a complete research and manufacturing industry to produce solar panel systems made in Pakistan under license by world class suppliers.

In addition, HRC Ltd will develop a special industry technology center for developing a regional educational, training research and development institute. It will also build an advanced university that will encourage and stimulate international companies to promote their special programmes and courses to be held in Gwadar ultimately making Pakistan an exporting nation for highly skilled labour to special industries within oil and gas.

The project will bring housing and accommodation for more than 50,000 people, attract more than 1,500 international companies and create thousands of new jobs for Pakistanis as well as some foreign nationals.

Copyright Business Recorder, 2007


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