Pakistan: Marble City To Be Developed On 300 Acres Of Land

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Marble City Karachi (MCK) is to be developed on 300 acres of land and this project is expected to attract an estimated investment of approximately US$ 50 million.

This was stated by Syed Qasim Naveed Qamar, Special Assistant to Sindh Chief Minister, while addressing a roadshow of Marble City Karachi held here on Wednesday.

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Abdul Aleem Uqaili, CEO of Sindh Economic Zones Management Company, informed the participants in his briefing that Marble City Karachi (MCK) would be constructed on 300 acres to be developed as an Industrial Estate to uplift the marble and granite sector and allied industries in Sindh. “The project is a Design, Build, Finance, Operate, Maintain and Transfer project through a PPP framework”, he added.

“The project will offer modern infrastructure, utilities at the doorstep, and easy access to the ports of Karachi and is ideally located on the Northern Bypass which connects Karachi with the rest of the country.

“RFP for the project was launched through the International Competitive Bidding process on November 17 this year.

The advertisements were published in Khaleej Times, Dawn, and all leading national dailies. The RFP is available on our website for download”, he said.

The consortium of consultants comprised of EY Ford Rhodes, EA Consulting, and Haidermota are engaged as Transaction Advisors.

The core objectives of the project include providing a secure, purpose-built industrial zone not only for the marble and granite sector, but also the allied industries in Karachi.

Initial land allocation ratio of the saleable area for marble and allied industrial players shall be 70:30 respectively.

The land allocated for marble players will be offered on a first right of refusal basis for 12 months.

Developer shall arrange the entire funding for the development. Project revenues shall be routed through an Escrow account.

More than 500 potential local and international investors attended the event.