Lahore: Sarh Attqnia Company (SAC), a Saudi engineering firm, signed a Memorandum of Understanding (MoU) with Javedan Corporation (a subsidiary of Arif Habib Group) on Sunday (November 14) to invest USD 12 billion in the River Ravi Urban Development Authority (RUDA) project in Lahore, according to news reports.

Read More: RUDA invites applications from land providers

The agreement was reached after Prime Minister (PM) Imran Khan’s recent visit to the Kingdom of Saudi Arabia (KSA) to strengthen bilateral cooperation and strategic partnership between the two countries, according to the report.

The SAC will invest in the 2,000-acre RUDA project, which is being developed along 46 kilometres of the River Ravi, according to Arif Habib Group Chairman Arif Habib. He noted that the company will contribute its expertise, investment, and real estate development skills to the effort, which he believes will help strengthen bilateral commercial connections.

Read More: RUDA, CBD projects in Lahore crucial for attracting foreign investment

Furthermore, the Arif Habib Group, which owns a majority stake in the RUDA project, claimed that after the internal compliance procedure is completed, the official agreement will be signed within the next two weeks. SAC Chairman Khalid Abdulaziz AlMogbel said at the event that the investment in Pakistan “demonstrates our faith in the country’s expanding economy” and that the company will urge other Saudi companies to invest in Pakistan’s many sectors, including healthcare infrastructure.

Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City or Blue World City Islamabad.