Government is Selling Islamabad’s Jinnah Convention Center
According to the official statement sent by the ministry’s publication arm, the Ministry of Privatization has formally issued tenders for the privatisation of the Jinnah Convention Center (JCC).
The convention centre has been on the active list of privatisation for more than ten years; upon acquisition, interested bidders would receive 100% of the shares.
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The reports further state that the proceeds from its sale will be used to fund possible Capital Development Authority development projects (CDA).
According to the official announcement, reputable local and foreign businessmen have been asked to participate in a competitive bidding process to buy the Convention Center.
Due to its significant losses, which were believed to be between Rs 56 and Rs 60 million annually while Nawaz Sharif was the prime minister, the Jinnah Convention Center has been on the list of properties to be privatised for a long time.
The federal government must have possession of the land in order to start the privatisation process; the CDA owns the property on which the convention centre was built.
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