$500 bn waterfront project to be launched in Karachi

Karachi: The project of around $500 billion to develop waterfront at western coastline of Karachi centred around Hawksbay will be launched soon as the Request For Proposal (RFP) will be published in almost all foreign press next week.

Official sources in the Sindh planning and development department said that the process was in final stages and the RFP would be published in all major foreign press, including Financial Times, Dubai Times, Khaleej Times, Straight Time, London, etc, bring initial $150 billion to restore the project.

Sources said the project has been standstill since August 13, 2007 by authorities concerned, when they got Expression of Interest (EoI) from investors and developers of international repute for development of the waterfront on the western coastline of Karachi centred around Hawksbay.

Official sources said that the companies with substantial experience and proven capabilities of conceptualisation, planning and execution of mega urban and waterfront development would be asked to submit the RFP.

They said the Karachi waterfront project would cover the land from lighthouse to Kannup, which was around 84,000-acre land, possessing by different government organisations, including the Pakistan Navy, the Pakistan Coast Guard, Karachi Port Trust, etc.

At present, around 21,000-acre land has been allocated for the project while 19,000-acre land will be leased to tender winner, initially, they said, adding that department was striving to convince aforementioned department to provide land for the project.

They said the immense number of foreign investors runaway after signing the memorandum of understanding (MoU), hence the department has decided to reserve $150 billion as guarantee money on the time of RFP submission.

It may be cited that environmentalists have raised several concerns on execution of the project saying that it might cause great damage to the environment and marine life. They are of opinion that the project should be started only after carrying a comprehensive environment survey, which assess the effects of the project on air and marine environment, besides suggesting measures to avoid environmental degradation.

To a question, officials in the Sindh planning and development department said the project would be awarded to the company which would prove its core business activities, technical and financial capabilities, besides providing assurance that project would not damage the surroundings and the marine life.

It should have a proven track record in waterfront development, including major reclamation scheme, if any, a credible record in the development of major cities or townships which include commercial, recreational and tourism facilities, a conceptual Master Plan for the comprehensive development of coastline and proof of substantial financial capabilities.

Sources said the project, which would provide facilities of business, housing, recreational and tourism purposes at par standards of developed countries would take 15 to 25 years to be completed.