Ravi City Project Attracted Over USD 8b Investment: RUDA Member

LAHORE, (UrduPoint / Pakistan Point News - 17th Jan, 2021 ) :Ravi Riverfront Urban Development Project, in a short span of time, attracted over US$ 8 billion foreign investment to develop modern city on the pattern of Dubai.

Ravi Urban Development Authority (RUDA) Member Iftikhar Ali Malik disclosed this to APP after a meeting with a delegation of builders and developers jointly led by Zain Zubair Khalid Mirza and Shehroz Hassan here on Sunday.

He added that after completion, it would be the largest riverfront modern city of the world. He mentioned that Chinese government and companies were keen to initially invest three billion US Dollar in this mega project which did not include any kind of loan.

To a question, he said that ANGCC- a global investment consortium, has also offered to invest five billion US dollar on partnership basis. Another two Chinese companies, China Road and Bridging Company (CRBC) a member company of 4C conglomerate from China and Gezhouba Group Company Limited (CGGC) have also inked MoUs with RUDA for multi-billion Dollars investment in this project of national importance, he added.

The RUDA Member said these both Chinese companies were already engaged in Pakistan and executing various infrastructure projects successfully.

To another question, Malik said Lahore was a regional urban centre of key commercial, financial, industrial and socio-cultural significance was faced with a number of challenges as growing metropolis, unplanned growth, competing land uses, congestion and population. The Ravi city being the first of its kind gigantic project would address the ever increasing multiple problems of Lahore whose population was crossing 110 million.

He said that Prime Minister Imran Khan was 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 PTI government to investors.

Iftikhar Ali Malik also urged the local investors to must avail this opportunity and play their due role in nation building.

Other members of the builders and developers delegations included Chaudhry Khalid Pervaiz. Ahmad Waqar, Kamran Shafique Chaudhry, Imran Mughal, Athar Aziz, Dawood Khalid, Junaid Iftikhar, Atiqur Rehman and Azeem Pervaiz.