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, officials said on Monday.
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- 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.
Habib said the Saudi company would contribute “financially and technically as well.”
