Islamabad: On Wednesday, the Privatisation Commission announced that 12 major real estate developers have prequalified to buy the Jinnah Convention Centre. According to the committee, the privatisation of the Jinnah Convention Centre will be a key example of the government’s privatisation strategy.

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The Islamabad Capital Territory’s Zone-1 includes the Convention Centre. Mohammadmian Soomro, the Minister for Privatisation, stated in a statement that real estate developers’ interest in the Jinnah Convention Centre was promising. This investment demonstrates investors’ faith in the building industry, he added.

The Jinnah Convention Centre in Islamabad is located on the Srinagar Highway and is easily accessible from other sections of the city. It was built in 1997, and the Capital Development Authority (CDA) is in charge of its administration.

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CDA has already given the land to the ministry of the interior on a 33-year lease that may be extended for two more 33-year terms. The Privatisation Commission has received permission from the federal cabinet as well as a certificate of no objection from the CDA.

The convention centre land will have a commercial status with a total plot size of 7.59 acres, including the built-up building on 4.13 acres, according to the terms of the deal. The convention centre, hotel, in-house retail, office space, and residences will all be permitted to use the property in a variety of ways.

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