*LAHORE: *
In a short span of time, Ravi Riverfront Urban Development Project hasattracted over $8 billion foreign investment to develop a modern city onthe pattern of Dubai.
Ravi Urban Development Authority (RUDA) Member Iftikhar Ali Malik disclosedthis after meeting a delegation of builders and developers jointly led byZain Zubair Khalid Mirza and Shehroz Hassan on Sunday.
Malik explained, “It would be the largest riverfront modern city of theworld. Chinese government and companies were keen to initially invest $3billion in this mega project, which does not include any kind of loan.ANGCC, a global investment consortium, has also offered to invest $5billion on a partnership basis.”
Another two Chinese companies, China Road and Bridging Company (CRBC), amember company of 4C conglomerate, and China Gezhouba Group Company Limited(CGGC) have also inked MoUs with RUDA for multi-billion dollars investmentin the project of national importance. The RUDA member said both theChinese companies were already engaged in successfully executing variousinfrastructure projects in Pakistan.
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Answering a question, he elaborated that Lahore was a regional urban centreof key commercial, financial, industrial and socio-cultural significance.The city faced a number of challenges as a growing metropolis withunplanned growth, competing land uses, congestion and rising population.The Ravi city being the first gigantic project of its kind will address theever increasing multiple problems of Lahore with the province’s populationcrossing 110 million.
He said, “Prime Minister Imran Khan is well-known globally and hispersonality does matter, that’s why a number of foreign investors havereposed full confidence in the historic package of incentives offered bythe PTI government to investors.”
Malik also urged the local investors that they must avail the opportunityand play their due role. Other members of the builders’ delegation includedChaudhry Khalid Pervaiz, Ahmad Waqar, Kamran Shafique Chaudhry, ImranMughal, Athar Aziz, Dawood Khalid, Junaid Iftikhar, Atiqur Rehman and AzeemPervaiz.
