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Friday, May 17, 2024

Ravi City project will bring in Rs. 400 billion in revenue in its first phase

Ravi city, it has been estimated, will bring in Rs 400 billion in revenue for the Pakistani government in its first phase

The government is expected to earn an estimated revenue of Rs. 400 billion from phase one of the Ravi City comprising 5000 acres. The construction of the city is expected to begin soon.

It has been revealed through a review meeting of the Ravi Urban Development Project chaired by Prime Minister Imran Khan himself.

Federal Ministers Senator Shibli Faraz and Ali Haider Zaidi, Chairman Naya Pakistan Housing Authority Lt. General (retd) Anwar Ali Haider, and Chairman of Pakistan Islands Development Authority (PIDA) Imran Amin were also present during the meeting.

Ravi Urban Development Authority present at the meeting

Meanwhile, Governor Sindh Imran Ismail, Advisor to Punjab Chief Minister Dr. Salman Shah, Special Assistant to CM Dr. Firdous Ashiq Awan, Chairman of Ravi Urban Development Authority (RUDA) Rashid Aziz, and other senior officers participated in the meeting through a video link.

During the meeting, Chairman RUDA explained to the premier that 3,000 out of the 5,000 acres of phase-I are going to be utilized for protection against floods and the remaining will be used for construction.

Read more: Chinese companies including ANGCC show keen interest in investing in Ravi City project

Rashid Aziz said that phase-I of the Ravi City has been named ‘Sapphire Bay.’

He added that the development of the road for phase-I was started on 29 December 2020. RUDA will issue RFPs for investors and developers by next week, concluded Chairman RUDA.

Satisfied with the progress the Ravi City project has made so far, PM Imran Khan directed Chairman RUDA to ensure the timely completion of Sapphire Bay.

Prime Minister Imran Khan in December 2020 was informed that the Chinese government and companies were keen to invest $ 3 billion in the Ravi City project in Lahore. The investment did not include any loan.

Read more: PM Khan: Ravi City, Bundle Islands projects to ameliorate economic conditions of people

The Ravi Riverfront Urban Development Project (RRUDP) is an approved urban development megaproject in Lahore District, Punjab, Pakistan, that runs along the Ravi River in a northeast to southwest direction.

It includes constructing a 40,000-hectare (100,000-acre) planned city and the rehabilitation of the Ravi River into a perennial freshwater body. The project is to be completed in three phases.

GVS News Desk