KARACHI, Feb 3: The Qatar-American Group plans to invest $700 million in various commercial projects within the vicinities of Karachi and Lahore airports.

This was stated by the director-general, Civil Aviation Authority (CAA), Air Marshall Saleem Arshad, in a meeting presided over by Adviser to the Prime Minister on Privatization and Investment Dr Abdul Hafeez Shaikh here on Monday.

Director-General Board of Investment Arif Elahi, Yousuf A. Haroon of the Qatar-American Group, Akbar Ali Hashwani and Sarfraz H. Rizvi also attended the meeting, which reviewed prospects of commercial projects in and around airports in the country.

The CAA chief said his organization wanted to encourage joint venture projects of international standards in the vicinities of airports.

He said negotiations with the Qatar-American Group were continuing to capitalize the opportunities and soon a memorandum of understanding would be signed with the group.

Air Marshall Arshad pointed out that sufficient land was available with the CAA around airports for commercial projects and a master plan had been prepared in this regard.

Dr Shaikh asked the CAA to make necessary changes to its procedures and bylaws to encourage local and foreign investments within airports areas.—APP