ISLAMABAD, Feb 19: Prime Minister Shaukat Aziz has said that the setting up of a new coastal city in Karachi will augur well for the development and investment climate in the country.

Mr Aziz was speaking during a presentation made by Dubai World, a Dubai government-owned company, at the PM’s House here on Monday. The presentation was attended by Sindh Chief Minister Dr Arbab Ghulam Rahim, Federal Minister for Ports and Shipping Babar Khan Ghauri, Federal Minister for Privatisation Zahid Hamid, Minister of State and Chairman Board of Investment Umar Ahmed Ghumman, Karachi Nazim Mustafa Kamal and senior government officials.

The prime minister noted that the coastal city would be built on the reclaimed land along the coastline and it would provide housing facility to the people belonging to any income group.

He said the project involving billions of dollars of investment would help create thousands of jobs and accelerate economic activity in the country. “Pakistan welcomes this environment-friendly project,” he remarked.

Mr Aziz observed that UAE companies were working all over the world in the field of real estate and their coming to Pakistan was a welcome development.

Dr Arbab said “the government of Sindh welcomes this huge investment in the province and will extend full cooperation in this regard as the project will directly benefit the masses.”