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RUDA Attracts USD 12 Billion Investment From KSA

According to news sources, the Saudi engineering firm Sarh Attqnia Company (SAC) and Javedan Corporation (a subsidiary of Arif Habib Group) inked a Memorandum of Understanding (MoU) in Karachi to spend USD 12 billion in the River Ravi Urban Development Authority (RUDA) project in Lahore.

According to the report, the agreement was reached following the recent visit of Prime Minister (PM) Imran Khan to the Kingdom of Saudi Arabia (KSA) to strengthen bilateral cooperation and strategic partnership between the two countries.

Read: Why Savings and Investments Are Becoming Important in 2023?

In addition, Arif Habib Group, which maintains a majority share in the RUDA project, claimed that the official agreement would be signed within the next two weeks once the internal compliance procedure has been finished.

Khalid Abdulaziz AlMogbel, chairman of the SAC, claimed that the investment in Pakistan reflects our confidence in the country’s burgeoning economy and that they will encourage other Saudi corporations to engage in other industries in Pakistan, including healthcare infrastructure.

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