KARACHI: Javedan Corporation signed an investment agreement in a $12 billion real estate project with a Riyadh-based engineering and construction firm in Lahore, Arab News reported.

A memorandum of understanding (MoU) between Sarh Attqnia Company (SAC) and Javedan Corporation, was signed in Karachi on Sunday for the construction and development of the first phase of the upcoming ‘Ravi City’ project to be built on 2,000 acres of land along the banks of the river Ravi.

It is not yet clear what the investment contribution of SAC will be. The total project value, according to Ravi Urban Development Authority (RUDA), is approximately $12 billion.

The agreement comes hot on the heels of the recently held Riyadh investment conference during the three-day visit of Prime Minister Imran Khan to Saudi Arabia last month.

“Investment conference was held in Riyadh where large Saudi companies participated. Fortunately, we got in touch with one of the big developers’ company Sarh Attqnia, which was looking for some opportunities for development here (in Pakistan) as a partner,” Arif Habib, chairman of Arif Habib Group of which the Javedan Corporation is a subsidiary, said at the signing ceremony of the agreement.

Habib said the Saudi company would contribute “financially and technically as well.”

The new project will be developed on both banks of the Ravi alongside a 46 km stretch contiguous to Lahore district’s northern and western boundaries through RUDA.

Speaking at the signing event on Sunday, SAC chairman Khalid Abdulaziz AlMogbel expressed his confidence in Pakistan’s economy and vowed to invite other Saudi investors to Pakistan.