Signs deal with Punjab province to invest Rs60 billion in construction sector of Lahore.

Lahore will get its tallest building at the bank of River Ravi as the Dhabi Group of the UAE signed an agreement with Punjab Government to invest Rs60 billion in the Pakistani province, according to an official handout.

Punjab Chief Minister Sardar Usman Buzdar, who is in Dubai on a three-day visit, and the UAE Minister for Tolerance and Coexistence Sheikh Nahyan bin Mubarak witnessed the signing of a memorandum of understanding (MoU) for the construction of 'Mubarak Centre' that will be an iconic project with commercial, residential and entertainment facilities.

Buzdar informed the UAE minister that Punjab government is providing a conducive environment to foreign investors as envisioned by Pakistan 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 construction sector

Sheikh Nahyan accorded a warm reception to the chief minister and announced making mega investment 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 centre," according to the handout.

Speaking at the event, Buzdar said that more than Rs60 billion investment would be made 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.

While congratulating the head of Dhabi Group and officials on signing the agreement, the chief minister hoped that Dhabi Group would leverage upon it's professional expertise in order to complete the historical mega project.

"Mubarak Centre would prove to be a game changer in real terms," Buzdar said.

The chief minister said that new special economic zones were being constructed to facilitate local and foreign investors, adding that Punjab including Lahore had entered into a new phase of sustainable development.

"We have established the CM Facilitation Centre to facilitate the foreign investors," Buzdar said.