Karachi: A Saudi engineering firm Sarh Attqnia Company (SAC) on Sunday (November 14) signed a Memorandum of Understanding (MoU) with Javedan Corporation (a subsidiary of Arif Habib Group) to invest USD 12 billion in River Ravi Urban Development Authority (RUDA)’s project in Lahore, news sources reported.
According to the report, the agreement was struck following Prime Minister (PM) Imran Khan‘s recent visit to the Kingdom of Saudi Arabia (KSA) to enhance bilateral cooperation and strategic collaboration between the two countries.
Speaking at the event, Arif Habib Group Chairman Arif Habib stated that the SAC will invest in the 2,000-acre RUDA project, which is being developed along 46 kilometres of the River Ravi. He stated that the firm will provide its expertise, investment, and real estate development knowledge to the initiative, which will also boost bilateral trade ties.
Furthermore, Arif Habib Group, which holds a majority stake in the RUDA project, stated that the official agreement would be inked within the next two weeks when the internal compliance procedure is completed. On the occasion, SAC chairman Khalid Abdulaziz AlMogbel stated that the investment in Pakistan demonstrates our faith in the country’s rising economy and that they will encourage other Saudi firms to invest in different sectors in Pakistan, including healthcare infrastructure.