Dubai company to invest in Ravi riverfront project

Published November 29, 2021
A mock-up of the Dubai-like future Ravi City. Picture courtesy: Ruda
A mock-up of the Dubai-like future Ravi City. Picture courtesy: Ruda

LAHORE: 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 told Dawn on Sunday.

Plan includes a theme park and promotion of tourist activities

“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.

PR INSPECTION: Various teams of the Pakistan Railways (Lahore division) carried out inspections of passenger trains on Sunday.

During inspections the teams captured several passengers travelling without tickets. The teams also imposed fines of more than Rs90,000, according to a spokesman.

Published in Dawn, November 29th, 2021

Opinion

Editorial

Under pressure
Updated 25 Jan, 2022

Under pressure

It is fairly obvious that PM is cognisant of the trouble that his government is in from a political and economic perspective.
25 Jan, 2022

Ukraine tensions

TENSIONS between Nato and Russia over Ukraine have reached a critical pass, and there are genuine fears of a fresh...
25 Jan, 2022

Defeating polio

WITH Pakistan in the decisive stage of the battle against polio, every vaccination campaign is of significance as it...
24 Jan, 2022

Anti-extremism policy

HAD there been more far-sighted policymaking on the part of the state and an understanding of how religious ...
Government’s silence
Updated 24 Jan, 2022

Government’s silence

A MAJOR trial is underway in London during which Pakistan has repeatedly been mentioned as the place where payment...
24 Jan, 2022

Cutting mangroves

FOR Karachi, the mangrove cover along its coastline is a thin line of defence against potential oceanic and climatic...