An official document says that the UAE’s Dhabi Group has signed an agreement with the Punjab Government to invest Rs60 billion in the Pakistani province. According to the document, the UAE’s tallest building will be built on the banks of the River Ravi in Lahore.
Chief Minister Sardar Usman Buzdar, who is in Dubai on a three-day visit, and UAE Minister for Tolerance and Coexistence Sheikh Nahyan bin Mubarak signed a memorandum of understanding (MoU) to build the ‘Mubarak Centre’, a project that will combine commercial, residential, and entertainment facilities.
According to Buzdar, the Punjab government is providing a conducive environment for foreign investors in line with the vision of Pakistani Prime Minister Imran Khan.
“This new project on the bank of River Ravi will usher in a new era of progress in Lahore,” the chief minister said, adding that Central Business District Project has also been launched successfully that will attract foreign investment in the province.
Boost to the construction sector
Sheikh Nahyan welcomed the chief minister warmly and announced mega investments in the construction sector of Punjab.
“A memorandum of understanding had been inked for the revival of construction of Mubarak Centre during a ceremony. Dhabi Group would construct Mubarak Centre in Lahore under the auspices of Taavun (Pvt) Ltd. The Punjab government would provide all possible cooperation with regard to the construction of the center,” according to the handout.
Buzdar said that more than Rs60 billion would be invested in the construction sector of Lahore.
“It would provide accommodation to international cricket teams with the completion of this project. It will be the tallest building in Lahore,” he added.
Having congratulated the head of the Dhabi Group and officials on signing the agreement, the chief minister hoped that the group would leverage its expertise for the completion of the historic mega project.
“Mubarak Centre would prove to be a game-changer in real terms,” Buzdar said.
New special economic zones are being constructed to facilitate local and foreign investors, adding that Punjab, including Lahore, had entered a new phase of sustainable development.
“We have established the CM Facilitation Centre to facilitate the foreign investors,” Buzdar said.