Islamabad (December 24, 2018): The Al-Azizia Steel Mills was established in 2001 by the Sharif Family. In the case, Sharifs have held the stance that Hussain Nawaz established the Steel Mills in Saudi Arabia with assistance from his father and Former Premier, Mian Nawaz Sharif.
In 2001, after the Sharif family’s infamous exile, Hussain Nawaz built Al-Azizia Steel Mills in Saudi Arabia with his grandfather’s time to time financial aid. Although, in 2006, they sold the Steel Mills. The Sharif family, in this case, hold defending stance that the Al-Azizia Steel Mills was constructed in 2001, and no financial assistance was taken regarding its startup from their businesses back home in Pakistan.
As per Hasan Nawaz, the machinery necessary for the Al-Azizia Steel Mills were brought from Dubai.Sharif family claimed that 25% shares of the Gulf Steel Mills were sold for 12 Million Dirhams and with the same money, they had established the Al-Azizia Steel Mills.
Whereas, Hussain Nawaz also claims that he invested along with the Qatari Royal family.
In 2001, the value of Al-Azizia Mills was told to be US$ 6 Million and Hill Metal’s value was deemed to be US$ 5 Million. Between the period of 2010 to 2017, the amount of US$ 1.187 Million was sent to Mian Nawaz Sharif.As per Former Premier, the amount was sent to him as a gift from his son Hussain Nawaz. Whereas the sent amount is said to be around 88% profit of the Al-Azizia Steel Mills.