Dubai company will invest in Ravi riverfront project, for the establishment of echo system, innovation city and other environment-friendly scheme.
The Ravi Urban Development Authority (Ruda) has signed a Memorandum of Understanding with a Dubai-based company for the establishment of echo system, innovation city and other environment-friendly schemes at Pakistan’s first high-tech city — Ravi Riverfront Urban Development Project (RRUDP).
The company has agreed to invest $500 million on various schemes under the MoU. However, a formal agreement will be signed at a later stage.
“We have recently signed various MoUs worth $1.4 billion — the first mega foreign investment pledged for the project. The MoUs include the $500 million — the biggest among others — under which the company would launch various schemes related to echo system, innovation city etc,” Ruda CEO.
“All MoUs were recently signed at Dubai Expo-2020, which is under way these days. I think it reflects trust of foreign investors on Pakistan,” he added.
The other MoUs signed, according to the Ruda chief, included construction of a theme park and promotion of tourist activities besides establishment of an industrial zone. “The industrial zone would be established over a land measuring 600 acres,” he said.
He said Pakistan pavilion in Dubai expo continued to attract foreign businesspersons for investing in the Ravi project as well as other sectors.
He further said the construction activities on various schemes (barrages, lake etc) in Ravi project would start soon.