Saudi invest in Pakistan

Riyadh-based SAC will sign the agreement for investment in 2,000 acre land in Pakistan

Saudi invest in Pakistan

A Saudi Arabia company is set to sign the final agreement today (Thursday) that would see it become part of the 10-company Pakistani consortium for investment in a real estate project in Punjab – a development being seen as an extension of the relation-enhancing exercise that saw Prime Minister Imran Khan visit the kingdom last month.

Riyadh-based Sarh Attqnia Company (SAC), an engineering and construction company, will sign the agreement with the consortium – led by Javedan Corp that is part of the Arif Habib Group – to develop ‘Sapphire Bay’, a 2,000-acre parcel of land meant for commercial and residential units, said an official privy to the matter.

Meanwhile, the Rs100-billion Sapphire Bay project shall be built under developmental real estate investment trust (REIT), with its listing expected within the next three years, confirmed Arif Habib Dolmen REIT Management Limited CEO Muhammad Ejaz.

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