RUDA gets cabinet’s nod on Saudi investment

Cabinet committee has approved investment in the Ravi Urban Development Authority (RUDA) and allowed the authority to enter into an agreement with Saudi investors.

The approval was made during a meeting of the Cabinet Committee on Legislative Business chaired by Punjab Minister for Law and Parliamentary Affairs Muhammad Basharat Raja on Thursday.

Following the go-ahead for investment, the RUDA has been empowered to enter into an agreement with Saudi investors for investment in Industrial Zone 2A and 3A being developed under the control of the authority.

Read: "SC suspends LHC ruling in Ravi riverfront project case"

The authority has already given approval for the development of industrial zone in the biggest riverfront project of the Pakistan. It would be the Pakistan’s first industrial zone based on renewable energy with an aim to promote renewable energy practices in the country.

It will not only generate new employment opportunities for local population but will also help in reducing carbon footprint and environmental pollution from the city.

Published in The Express Tribune, February 4^th, 2022.