ISLAMABAD, Oct 10: The Abu Dhabi Group of the United Arab Emirate (UAE) has announced to make fresh investment of over $3 billion in constructions, information technology and power sectors in Pakistan.

Addressing a press conference here on Friday night Chief Executive of the Company Rashid A Tahir said that the company would establish Sheikh Zayed Trade Centre in Lahore at a cost of over $1.2 billion. He said that though the MoU for the project was signed in 2005 but permission was granted in March 2008.

He said that a new IT company, Raseen costing around $1 billion would be established in Pakistan very soon. Raseen provides solutions in the technology space specializing in mobile commerce and eBanking. He said that this technology is currently available in a few states of the US.

Mr Tahir said that the company was also planning to make over $1.2 billion investment in the power sector of Pakistan to meet the growing energy demand. He said that the company was working with the UAE government to bring investment in the sector.

He said Sheikh Nahayan Mabarak Al Nahayan of the Abu Dhabi group is a better Pakistani. “I have a confidence in Pakistan. Pakistan is my next home. We will continue our investment in this country,” said Mr Tahir while quoting Sheikh Mubarak as saying.

Elaborating the current financial crisis impact, Mr Tahir said that Pakistani banking system was immune from this crisis. “We are not part of any group in the US or Europe. Our economy is based on agriculture,” he categorically ruled out the impression of any impact on Pakistani financial system.

He said the group had already invested more than $10 billion in various sectors in Pakistan since 1997. He said the group was providing jobs to more than 19000 Pakistanis in various sectors.

He said the current economic crisis in this country was owing to deteriorated law and order situation. “We need to think about improving the law and order situation,” he said.

Mr Tahir also dispelled the rumors that the Bank Al Falah was going into default. At present, the Bank has 225 branches across 88 cities in Pakistan making it the fifth largest bank of the country. “We are planning to open 49 new branches in the remaining cities to meet the growing demand, Mr Tahir said.