Lahore: The Ravi Urban Development Authority (RUDA) has inked an MOU with a Dubai-based business to build an echo system, an innovation city, and other environmentally friendly initiatives at Pakistan’s first high-tech metropolis, the Ravi Riverfront Urban Development Project (RRUDP).
Under the terms of the MoU, the business has promised to invest $500 million in a variety of projects. A formal agreement, however, will be inked at a later date.
“We recently signed a series of memorandums of understanding for $1.4 billion – the project’s first major foreign investment pledge.” The largest of the MoUs is for $500 million, under which the company will develop several schemes connected to echo systems, innovation cities, and so on,” Ruda CEO said on Sunday.
“All Memorandums of Understanding were recently signed at the Dubai Expo-2020, which is currently underway. “I believe it demonstrates foreign investors’ confidence in Pakistan,” he added.
According to the Ruda leader, the other MoUs signed included the construction of a theme park and the promotion of tourist activities, as well as the formation of an industrial zone. “The industrial zone would be developed across 600 acres of land,” he explained.
He claimed that the Pakistan pavilion at the Dubai Expo continued to attract foreign investors interested in the Ravi project and other areas. He also stated that work on other projects (barrages, lakes, etc.) in the Ravi project would begin soon.