A Riyadh-based engineering and construction firm has signed an investment agreement in a $12 billion real estate project in the eastern city of Lahore with a Pakistani business consortium.
An MOU between Sarh Attqnia Company (SAC) and the Pakistani party, Javedan Corporation, was signed in Karachi on Sunday for the construction and development of the first phase of upcoming ‘Ravi City’ project to be built on 2,000 acres of land along the banks of the historic river Ravi.
The agreement comes hot on the heels of the recently held Riyadh investment conference during the three-day visit of Pakistani Prime Minister Imran Khan to Saudi Arabia last month.
“Investment conference was held in Riyadh where large Saudi companies participated… Fortunately, we got in touch with one of the big developers’ company- Sarh Attqnia Company (SAC) – which was looking for some opportunities for development here (in Pakistan) as a partner,” Arif Habib, Chairman of Arif Habib Group of which the Javedan Corporation is a subsidiary, said at the signing ceremony of the agreement.
The new project will be developed on both banks of the Ravi alongside a 46 km stretch contiguous to Lahore district’s northern and western boundaries through RUDA.
In May this year, RUDA had auctioned the first phase of the project, Sapphire Bay, to a consortium of 10 business partners consisting of large corporate groups of Pakistan. Habib group owns majority shares in the project, and is responsible for the land’s development and marketing.
“The definite agreement will be signed in two weeks’ time after completion of their (SAC’s) internal process,” Habib said.
Speaking at the signing event on Sunday, SAC chairman Khalid Abdulaziz AlMogbel expressed his confidence in Pakistan’s economy and vowed to invite other Saudi investors to Pakistan.
AlMogbel said his company was also looking for other investment opportunities in sectors including health care.
The Saudi company is active in fields of infrastructure projects, building projects, manufacturing, and real estate development. The company has also commenced projects in the energy sector including oil services and gas projects both on and offshore.
Javedan Corporation Limited (JCL) owns land measuring over 1300 acres at Manghopir, near SITE, North Nazimabad, North Karachi and New Karachi.
The Arif Habib Group has a significant stake in the project and is developing a project that offers families not only housing but complete lifestyle needs, ranging from homes to educational facilities, medi-care facilities, sports and entertainment, as well as shopping facilities. The project, Naya Nazimabad, is in fact a city within a city with all basic and high-end amenities.