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Hashoo Group Chairman Sadruddin Hashwani who has returned to the country after five years, on Tuesday announced his intention to invest in various sectors, especially oil and gas and five-star hotels.
Hashwani plans to construct three five stars hotels in Multan, Hayatabad (Peshawar) and Mirpur (Azad Kashmir). The hotel in Hayatabad will be named after his mother Zevar Inter-Continental Hotel. In Mirpur, the hotel would be constructed besides Mangla Lake and is expected to create one thousand job opportunities. Work on these projects would start within this year.
In the oil and gas sector, the Hashoo Group has completed the drilling of 60 wells and more drilling will be carried out in this sector to resolve the energy crisis.
Hashwani expressed his sentiments at returning to the country on account of its still unexploited mineral resource wealth. He said Pakistan is rich with natural resources. The oil and gas sector is highly risky and that was the reason that most of Pakistan did not give attention to this sector.
Hashwani decried the tough polices in the oil and gas sector aimed at regulating the private corporations and maintaining some level of public scrutiny. He blamed these policies for disenchanting foreign investors who preferred to move towards far-east and Africa where the laws were even more pro-profit and anti-labor than in Pakistan. The investors are now moving to Myanmar, he warned.
Using the example of Indias fast deregulating economy; Hashwani said that strict rules were hurting investment possibilities in Pakistan. Now our Hashoo Group has decided to continue serving Pakistan as the country has given us so much and I wish to be buried here, he said. It is pertinent to mention here that mining giants like TATA and Vedanta are facing stiff resistance from indigenous communities in India, which blame the private sector and the state for having destroyed their forests and livelihoods in search for better profits for the already rich.
Hashwani added that now that he had returned to the country, he will serve it with dedication. When I constructed the hotel in Gwadar, people laughed but now the hotels in Gwadar and Muzzafarabad are successfully running. Now more hotels will be constructed and investments will be made in the oil and gas sector, he said. Hashwanis return comes in wake of the victory of the PML-N, widely known to be a party of the industrial classes, and a national budget that has yet again failed to tax businessmen while raising taxes exponentially for the wage earners.
- See more at: Hashwani returns to build hotels, exploit resources | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia
Hashwani plans to construct three five stars hotels in Multan, Hayatabad (Peshawar) and Mirpur (Azad Kashmir). The hotel in Hayatabad will be named after his mother Zevar Inter-Continental Hotel. In Mirpur, the hotel would be constructed besides Mangla Lake and is expected to create one thousand job opportunities. Work on these projects would start within this year.
In the oil and gas sector, the Hashoo Group has completed the drilling of 60 wells and more drilling will be carried out in this sector to resolve the energy crisis.
Hashwani expressed his sentiments at returning to the country on account of its still unexploited mineral resource wealth. He said Pakistan is rich with natural resources. The oil and gas sector is highly risky and that was the reason that most of Pakistan did not give attention to this sector.
Hashwani decried the tough polices in the oil and gas sector aimed at regulating the private corporations and maintaining some level of public scrutiny. He blamed these policies for disenchanting foreign investors who preferred to move towards far-east and Africa where the laws were even more pro-profit and anti-labor than in Pakistan. The investors are now moving to Myanmar, he warned.
Using the example of Indias fast deregulating economy; Hashwani said that strict rules were hurting investment possibilities in Pakistan. Now our Hashoo Group has decided to continue serving Pakistan as the country has given us so much and I wish to be buried here, he said. It is pertinent to mention here that mining giants like TATA and Vedanta are facing stiff resistance from indigenous communities in India, which blame the private sector and the state for having destroyed their forests and livelihoods in search for better profits for the already rich.
Hashwani added that now that he had returned to the country, he will serve it with dedication. When I constructed the hotel in Gwadar, people laughed but now the hotels in Gwadar and Muzzafarabad are successfully running. Now more hotels will be constructed and investments will be made in the oil and gas sector, he said. Hashwanis return comes in wake of the victory of the PML-N, widely known to be a party of the industrial classes, and a national budget that has yet again failed to tax businessmen while raising taxes exponentially for the wage earners.
- See more at: Hashwani returns to build hotels, exploit resources | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia
