Pak, China ink deal for two mega housing projects in Gwadar
ISLAMABAD: The China Pakistan Investment Corporation (CPIC) inked a construction agreement with China’s state-owned construction conglomerate, BIDR, to initiate working on two mega residential and commercial projects in Gawadar city.
The agreement was signed between CPIC Global Founding Board member Syed Zeeshaan Shah and BIDR Deputy Director and Chief Design Engineer Liu Bochun at a event in the federal capital.
The agreement comprises CPIC’s mega projects in Gwadar which spread across 10 million square feet of prime residential and commercial real estate outfits, the International Port City and China Pak Golf Estates.
The Gwadar Development Authority (GDA) has approved these two projects.
Addressing at the ceremony, Shah said: “This is a momentous occasion for us. We are setting a new standard for community development in Pakistan and working with a global leader like BIDR will enable us to deliver our projects on time and on budget.”
“The port and economic free zone are both fully operational now and 30 companies from Pakistan and China have committed to investing almost $500 million to develop their industries there. The dream of a Gwadar becoming a key economic hub of Asia is not far away now,” he added.
Commenting on Prime Minister Imran Khan’s recent visit to China, CPIC founding member said, “The trip was particularly encouraging for Gwadar with both sides reiterating the significance of Gwadar as the central pillar of CPEC and agreeing to further expedite development of the port and its auxiliary projects.”