UAE to Build Advanced Skyscraper in Lahore
According to press reports, the United Arab Emirates have agreed to invest Rs60 billion in the building industry of the Punjab province in Pakistan.
The statement was made by Sheikh Nahyan Bin Mubarak, UAE Minister of Culture, Youth, and Social Development, during a recent meeting in Dubai with Punjab Chief Minister Usman Buzdar.
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In addition, the Emirati official revealed plans to construct a futuristic skyscraper on the banks of the Ravi River in Lahore. The multistory building will be called “Mubarak Centre.”
According to a Punjab government spokesperson, the chief minister has pledged his full support for the UAE’s investment efforts.
He claimed that the Mubarak Center would be constructed by the Dhabi Group under the supervision of TAAVUN Pvt. Ltd. and that further special economic zones would be constructed around the province.
A UAE-based company will invest $15 million in the Faisalabad Special Economic Zone (SEZ), which is part of the China Pakistan Economic Corridor (CPEC).
Dawood claimed on Twitter that Brothers Gas, a major provider of liquid gas services, will make the investment. The construction of an Aerosol Propellant Gas (APG) plant will be the initial phase of the three-phase investment, according to him. Pakistan’s reliance on imported APG will decrease as a result of domestic production.
He stated that the factory will be able to produce refrigerant gases and ADNOC lubricants for the first time. The actualization of foreign investments, he added, is evidence of a favorable economic climate reinforced by pro-business government policies.
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The consultant also lauded the Board of Investment’s (BOI) role in investor facilitation.
Last year, the Faisalabad Special Economic Zone (SEZ) was established with the objective of creating 70,000 new jobs per year and absorbing 400,000 skilled workers within four years.
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