At Expo 2020 Dubai, the Punjab government will sign a $1 billion memorandum of understanding to speed up a multibillion-dollar development project in Lahore.
Chief executive officer Ravi of Urban Development Authority, Imran Amin commented on Expo 2020 Dubai presenting immense business potentials of participating nations.
Further added that Ravi urban development authority would team up with Dubai sustainable City, to construct a similar infrastructure for sustainability at Ruda.
The desire is to clone Dubai’s successful business model in Pakistan. As Pakistan is currently at the same stage Dubai was 15 to 20 years ago. Ruda is also working on Maskar sustainable business model to incorporate its key features in development.
Ruda and Central Business District
Ruda and the Central business district project are the vision of prime minister Imran Khan. This flagship project of the Punjab government is a game changer contributing significantly to economy and job creations.
The aim is to create a vertical City in the Central business district for the first time with buildings of 120 mid to high-rise in coming 3 to 5 years. The complete multi-billion development will be completed in three phases by timeline 2035. Lahore will have the world’s longest river front of 46 km with a total area of 102000 acres.
Development in 3 Phases
With completion of the phase 1 by 2025 six cities residential, commercial, mixed use, downtown medical and urban farms will be developed. Phase 2 is divided into two stages which will be completed by 2030. Stage 1 includes governmental and financial City development, stage 2 involves innovating the city comprising five zones. Phase 3 includes completion of three major cities, sports city, eco city and knowledge city by year 2035.
No More Financial Issue
The government has a comprehensive strategy to complete projects as per schedule, with local and international investors as a part of the flagship projects. Few already signed at Expo 2020 Dubai.
Vital Role of Overseas Pakistani
Pakistanis across the world are the biggest assets of the country playing a vital role in the development of the country. Special packages and incentives are offered to them as they prove to be the backbone of the national economy. Majority of Pakistani investors in Dubai, Europe and US will bring International brands in the country.
Private Equity Funds worth $10 billion
The government plans to set up a private equity fund of $10 billion for further investment in the mega projects. Funds to be used for CBD, renewable energy and Ravi front development
Amin further added immense investment opportunities Pakistan offers in various sectors of information Technology housing construction and real estate.