KARACHI, Aug 13: A Saudi Kanoozul Watan Group has committed a $100 million investment for low cost housing in Karachi. The group representative in Pakistan, Mohammed Afzal Khan briefed about the group's investment at a high level meeting held under the chairmanship of Sindh Governor Dr Ishrat-ul-Ebad here on Friday.

Also present in the meeting were Federal Communication Minister Babar Ghauri, Sindh Industries Minister Mohammed Adil Siddiqi, Nazim Karachi, Naimatullah Khan, Principal Secretary Brig. (Rtd.) Akhtar Zamin, Group's Chief Engineer Nabil Daaboul, Director, Projects Mohammed Naveed Khan and other officials.

Speaking on the occasion the Governor said that government is encouraging investment in all the sectors including the housing sector. He said that Karachi is an emerging economic hub of the region where vast and attractive investment opportunities exist for investors world over.

The governor said that besides welcoming them at every level, efforts have also been made for provision of necessary infrastructure, protection of investment, lucrative profit and simplification of law and regulations.

He said that on the directive of President Gen. Pervez Musharraf attention is being paid on low cost housing in every district. He told the delegation that besides making Karachi's coastal belt a centre of tourism and recreation, there are bright prospects in other sectors also.

Federal Minister Babar Ghouri said that coordinated measures have been taken to provide all possible facilities to investors. He referred to commercial and tourism projects adjoining the ports.

The Governor, with reference to low cost housing, emphasised upon the construction of houses on 80 and 120 sq yards so that low income people could be benefited. He said that steps be taken to prevent these schemes from becoming slums and also to convert Katchi Abadis into planned residential areas. He, however, insisted on avoiding ad hoc planning and measures and asked the City Government to work under Master Plan.

The meeting was informed that planning in respect of low cost project will be finalized in six months. The governor directed the City Government to make its preparations by September 10 in respect of land allotment and initial planning so that matters related to the project could be settled with the Group by September 20.

The Group officials said that a good number of international investors intend to invest in Pakistan and particularly in Karachi. -APP