Ravi project attracts foreign investors
Housing and construction projects. PHOTO: FILE
In a short span of time, Ravi Riverfront Urban Development Project has attracted over $8 billion foreign investment to develop a modern city on the pattern of Dubai.
Ravi Urban Development Authority (RUDA) Member Iftikhar Ali Malik disclosed this after meeting a delegation of builders and developers jointly led by Zain Zubair Khalid Mirza and Shehroz Hassan on Sunday.
Malik explained, “It would be the largest riverfront modern city of the world. Chinese government and companies were keen to initially invest $3 billion in this mega project, which does not include any kind of loan. ANGCC, a global investment consortium, has also offered to invest $5 billion on a partnership basis.”
Another two Chinese companies, China Road and Bridging Company (CRBC), a member company of 4C conglomerate, and China Gezhouba Group Company Limited (CGGC) have also inked MoUs with RUDA for multi-billion dollars investment in the project of national importance. The RUDA member said both the Chinese companies were already engaged in successfully executing various infrastructure projects in Pakistan.
Answering a question, he elaborated that Lahore was a regional urban centre of key commercial, financial, industrial and socio-cultural significance. The city faced a number of challenges as a growing metropolis with unplanned growth, competing land uses, congestion and rising population. The Ravi city being the first gigantic project of its kind will address the ever increasing multiple problems of Lahore with the province’s population crossing 110 million.
He said, “Prime Minister Imran Khan is well-known globally and his personality does matter, that's why a number of foreign investors have reposed full confidence in the historic package of incentives offered by the PTI government to investors.”
Malik also urged the local investors that they must avail the opportunity and play their due role. Other members of the builders’ delegation included Chaudhry Khalid Pervaiz, Ahmad Waqar, Kamran Shafique Chaudhry, Imran Mughal, Athar Aziz, Dawood Khalid, Junaid Iftikhar, Atiqur Rehman and Azeem Pervaiz.
Published in The Express Tribune, January 18th, 2021.