MONITORING REPORT DUBAI:
As part of the strategy to attract more foreign investment especially in Punjab, the Punjab Board of Investment and Trade (PBIT) has signed 11 Memorandum of Understandings (MoUs) with various UAE companies especially in the field of alternate energy resources including coal and solar energy.
The MoUs, involving $1.3 billion, include two Expressions of Interest, or EoI. These agreements were signed by PBIT Vice-Chairman Rizwan Ullah Khan and executives of the UAE companies during the one-day Pakistan Business and Investment Conference 2010 held in Dubai last week. Punjab Chief Minister Shahbaz Sharif was also present on the occasion.
Under the agreements, 10 Star Group will invest $ 100 million for the establishment of solar thermal and coal-based power plants; Getronics will invest $ 100 million for enhancing the quality of governance in the province through the use of advanced IT infrastructure; Arif Habib Group will invest $80 million in the real estate sector; BF Biosciences will invest $50 million in vaccine manufacturing facility for foot and mouth disease; Big Bird Group will invest $27 million in ready to eat and ready to cook food products in the poultry sector; Nirala will invest $3 million in slaughterhouse; Commit will invest $1 million in the dairy sector; while Microsoft will install its Live@edu free hosted, co-branded communication and collaboration services for students, faculty, and alumni at all-boys’ schools.
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