KP govt inks MoUs with 44 foreign firms at Dubai Expo

Published January 17, 2022
The Khyber Pakhtunkhwa pavilion at Dubai Expo.
The Khyber Pakhtunkhwa pavilion at Dubai Expo.

PESHAWAR: The Khyber Pakhtunkhwa government has signed memorandums of understanding (MoUs) with 44 foreign investment companies at Dubai International Expo-2020 that would bring more than $8 billion investment in different sectors.

Foreign investors showed great interest to invest in integrated tourism zones, water sports in Hund area of Swabi district, energy and power, food processing, livestock and infrastructure. The investors also included some of the United Arab Emirates-based Pakistanis, said an official statement issued here on Sunday.

Under of the MoUs, the Kuwait-based Enertech-Kuwait Investment Authority (KIA) would invest $120 million in installation of hydrogen power plant. The company will produce hydrogen from the water that will be transmitted through containers for producing energy from it. Similarly, KIA signed another MoU worth $2700 million investment in the sustainable development in Khanpur area.

Companies will make over $8 billion investment in KP

In another major development, the Korea Hydro and Nuclear Power Company would invest $1200 million in the Lower Spath Gah project. The company is the subsidiary of Korea Electric Power Corporation.

Addressing the MoU signing ceremonies at the expo, Finance Minister Taimur Saleem Jhagra said that KP government was also replicating the UEA model to promote international tourism in the province. He said that projects were already designed for presenting at the expo. He said that KP had huge potential for investment in the tourism sector.

The minister said that objective of the integrated tourism zones was to bring international tourism to the province. He said that KP was the only province in Pakistan that built the country’s first motorway to Swat through public-private partnership.

Speaking on the occasion, Additional Chief Secretary Shahab Ali Shah said that government was ready to provide all possible support to the investors. He said that only those projects had been showcased in the expo whose feasibility reports had been completed and were ready for investment.

He said that investors could make investment in tourism sector, power and energy, agriculture and livestock. He said that government was ready to provide one-window and other allied facilities to the investors.

Mr Shah said that Bank of Khyber would launch its own mobile App through which UAE-based Pakistani workers and investors could open their bank accounts. He said that BOK would canalise remittances through that App.

According to the statement, Private Office of Sheikh Ahmed Dalmook-Al-Maktoum would invest $165 million in the Swat transmission line. Similarly, Samara Group agreed to make $100 million investment in food processing unit.

SE Alphine Group, a private company, would investment $150 million to build ski resort in Kalam through public-private partnership. Similarly, Gezhouba Group Corporation would invest $250 million in transmission line from Chitral to Chakdara, Lower Dir.

Another private firm Zonergy made $300 million investment for solarisation of government buildings across the province and establishment of PV manufacturing facility in the province.

The statement said that Al Raee Group of Companies would invest in tourism sector. The firm would establish a four-star resort at Bahrain in Swat with a cost of $10 million.

Another group SC Alpine Resort Private and Parties signed MoU worth $200 million to build ski resort in Kalam. Tulip Hotels would invest $90 million while Virtual Smart System agreed to make $50 million investment in solar park development.

Published in Dawn, January 17th, 2022

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