Work on $350m 7-star hotel project begins
Islamabad: President General Pervez Musharraf on Thursday inaugurated here work on Pakistan's first 7-star hotel project costing $350 million (Dh1.28 billion), saying increased investment in the country was helping it fight extremism and terrorism.
The project named The Centaurus which the builder, Pak Gulf Construction Limited, described as a future icon of Islamabad, would be completed in three years.
The project is being undertaken by the Al Tamimi Group of Saudi Arabia and the local Sardar Group of Companies.
It will have a 37-storey deluxe hotel, two 21- storey residential towers, a 25-storey corporate office complex, and a 5-storey shopping mall with parking for more than 2,000 vehicles.
Speaking at the ground-breaking ceremony, Musharraf said: "We have opened all sectors of economy for investment and the scourge of red-tape and bureaucratic delays are being done away with."
The president said he would not tolerate any hurdle in the way of investment. "If there is any bottleneck, I will come to the aid of the investor," he said.
Musharraf said greater investment in the country was also helping the country fight extremism and terrorism as these stemmed from poverty, lack of education and economic opportunities.