Pakistani companies secure 7 deals at International Property Show

Pakistani companies have signed seven memorandum of understandings (MoUs) with leading UAE and international companies at the International Property Show, which concluded on a positive note on Tuesday.

Ravi Urban Development Authority (Ruda) and Central Business District (CBD) Punjab signed major agreements with the Dubai-based groups and international companies to attract foreign direct investment in their residential, commercial and hospitality projects.

"Ruda has signed three MoUs while CBD Punjab secured four deals at the property show. In all, seven major agreements worth $500 million approximately are signed at the event," Mansoor Ahmed Janjua, head of Pakistan delegation, told Khaleej Times on Tuesday.

The three-day event, which held under the patronage of Dubai Land Department, attracted over 120 exhibitors from more than 40 countries, including the UAE, the US, the UK, Turkey, Cyprus, Portugal, Pakistan, and India, among many more countries, providing incentives to interested investors.

Ruda and CBD Punjab presented their flagship projects, which attracted international investors, Pakistani expatriates, regional and local visitors.

The multi-billion-dollar Ravi River Urban Development project is being developed in Pakistan's second-largest populous city of Lahore. The work on $9 billion-plus projecthas already been initiated to develop a 46km-long world's largest riverfront development.

"We have signed deals with world renowned real estate groups and an internationally reputed brokerage firm," Janjua said.

He said an international hospitality group has shown interest to introduce a chain of international hotels in Pakistan. "We have discussed the plan in details and will finalise details in due course of time," he said.

For the construction of low-cost houses under Ruda's different projects, he said an international finance group has agreed to invest millions of dollars to construct prefabricated green houses.

About the CBD Pubjab, he said four major deals signed to secure a substantive investment in the business district.

"A group of 50 Pakistani expats, who are based in Dubai, visited the Pakistani pavilion on Tuesday and showed their interest to finance part of the development projects in Ruda and CBD," said Janjua, who is also chief operating officer of Ruda.

In reply to a question, he said the government of Punjab is committed facilitate foreign investors to ensure prosperity of people by providing affordable housing options to them.

— muzaffarrizvi@khaleejtimes.com

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