Islamabad: The Privatisation Commission (PC) and the Capital Development Authority (CDA) on Thursday (July 28) agreed to revise the transaction structure for the privatisation of the Jinnah Convention Centre (JCC), news sources reported. The amended transaction structure will be developed in collaboration with the civic agency for the final auction.
Reportedly, the agreement on the much-awaited transaction model was finalised in a meeting held between the Minister for Privatisation Abid Hussain Bhayo and CDA Chairman Amer Ali Ahmad. As per the agreed terms, CDA would conduct new feasibility studies that will consider key factors given the centre’s location and will also include an environmental impact assessment of the project. Moreover, both members have agreed that the project’s revised transaction structure will be designed to uphold transparency while maintaining ease for the investors.
It is important to mention that JCC is one of the largest state-owned real estate entities in Islamabad that the government has put up for auction. It spans an area of 7.59 acres, including the built-up structure on 4.13 acres. It is among the list of many state-owned entities (SOEs) that will be auctioned to raise funds for government operations and reduce losses incurred by maintaining these SOEs.
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