LAHORE – The United Arab Emirates has agreed to make investment worth Rs60 billion in Pakistani province of Punjab with key focus on construction sector.
UAE Minister for Culture, Youth and Social Development Sheikh Nahyan Bin Mubarak made the announcement during a recent meeting with Punjab Chief Minister Usman Buzdar in Dubai.
The Emirati official also announced to construct a state-of-the-art skyscraper at the bank of River Ravi in Lahore. The multi-storey building will be named as “Mubarak Centre”.
A spokesperson of the Punjab government said that the chief minister has assured complete cooperation to UAE in its investment ventures.
The Mubarak Center will be built by Dhabi Group under the auspices of TAAVUN Pvt Ltd, he said, adding that new special economic zones were also being constructed across the province.
Last year in December, Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood announced that a UAE-based company will make investment worth $15 million in Faisalabad Special Economic Zone (SEZ), a part of the China Pakistan Economic Corridor (CPEC).
Taking to Twitter, Dawood said that the investment will be made by Brothers Gas, a leading company in the field of liquid gas services.
“The first of the three phase investment will include installation of an Aerosol Propellant Gas (APG) plant. The local manufacturing will help reduce Pakistan’s reliance on imported APG,” he added.
The plant will also enable the manufacturing of refrigerant gasses and ADNOC lubes for the first time, he highlighted.
“The actualization of foreign investments is showing of a conducive business environment which is supported by friendly government policies,” he wrote.
The adviser also appreciated Board of Investment’s (BOI) role in investor facilitation.
The Faisalabad SEZ was launched last year, with hopes that it would create around 70,000 new jobs within a year while it will also absorb as many as 400,000 skilled workers in four years.