Lahore: The Ravi Urban Development Authority (RUDA) and a Dubai-based company have signed several Memorandum of Understandings (MoUs), under which the company will invest USD 1.4 billion for the development of Ravi Riverfront Urban Development Project (RRUDP)– Pakistan’s first high-tech city, according to news published today (November 29).
Reportedly, the mega foreign investment for the project includes USD 500 million for the development of eco-system, innovation city and other environment-friendly projects. The said MoUs were signed at Dubai Expo 2020, which demonstrates the trust and interest of foreign investors in Pakistan. A formal agreement for the same project is planned to be signed later.
Moreover, RUDA Chief Executive Officer (CEO) Imran Amin stated that other MoUs signed were for the construction of a theme park, the development of an industrial zone, and the promotion of tourist activities. As per the details, the industrial zone will be established on 600 acres of land. The RUDA CEO also disclosed that the construction work on different schemes including lakes and barrages of the project will start soon.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
