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KARACHI: A number of foreign companies and members of the Association of Builders and Developers of Pakistan (ABAD) have signed memoranda of understanding (MoUs) for $500 million investment during the second three-day ABAD International Expo that concluded on Sunday.

Various residential and commercial projects worth Rs100 billion were also launched during the event, ABAD Patron-in-Chief Mohsin Sheikhani claimed in a statement on Monday.

He said the United Arab Emirates based Pakistan Business Council (Dubai) signed an MoU for collaboration in construction industry with ABAD worth $100 million.

A UK-based company Khalid Choksi and Sons has also signed an MoU for $150 million to take up various construction projects with ABAD.

Feroz Saasi of Saasi Builders has inked into an agreement with the ABAD worth $100 million for re-entering into the construction business of the country after gap of 20 years. Moreover, $150 million of MoU was also signed with a Lebanese company, he said.

Apart from these MoUs, various agreements with allied industries of construction sector including tiles, steel and other construction materials worth Rs50bn were also signed during the event.

Published in Dawn, August 16th, 2016