Rawalpindi Ring Road to End Traffic Congestion & Boost Economic Activity
Image Credits: Mariner Property Services Islamabad
RAWALPINDI, Jan 18 (APP): An Investors Conference on Rawalpindi Ring Road Project was held here on Monday at Rawalpindi Gymkhana in which more than 80 representatives of over 20 local and foreign construction companies and investment institutions participated.
The participating construction companies have a wide experience of completing mega projects in the country. Addressing the conference, Commissioner Rawalpindi Captain (Retd) Muhammad Mehmood said that the Ring Road project has a special attraction for investors as there was no major obstacle in the project, most of its track passes through arid and barren lands therefore no major issue in land acquisition, and the provincial and federal governments and all political and social circles were keen to see the work on the project starts and completed at the fast track.
He said that the Ring Road project would not only solve the traffic problem but also increase the economic activities in Rawalpindi and Islamabad which would prove to be a game changer for the city . The meeting was attended by Director General Rawalpindi Development Authority Muhammad Maqbool, Chief Engineer Lahore Ring Road Authority Javed Sulehri, Member PP Cell Muhammad Masood and Deputy Project Director Muhammad Abdullah along with officials of Nespak and other concerned agencies.
The commissioner said that the purpose of holding the Investors Conference was to inform the investors about the project before the bidding process started and get their feedback and their suggestions. He said that the Ring Road would directly connect the three cities of Rawalpindi, Islamabad and Attock while the residents of Chakwal and Jhelum would also benefit from it while the importance of the project would be multiplied once it becomes part of the CPEC route.
He said that the construction period of the 66.3 kms long project was two years while the revenue generated from the project for a period of 25 years would go to the investor while it’s maintenance and operation would also be responsible of the investor. The commissioner said that the investment made in this scheme would be exempt from Punjab Revenue Authority tax. He informed the investors that the feasibility report of the project had been prepared, NOCs had been obtained from other agencies including the Environment Department, land had been demarcated, Rs 6.2 billion had been allocated by the government for land acquisition.
The project is in the final stages of approval by the Public Private Partnership Authority. All the investment institutions expressed keen interest in the project and discussed the details of the investment agreement, traffic and its annual increase, details of government taxes and other important issues. The briefing given at the Investors Conference will soon be available on the website of Rawalpindi Development Authority.
The companies which participated in the conference include: China Road and Bridge Corporation, China Construction and Engineering, China Shandong International, NLC & China Gezhouba Group, Habib Rafique pvt Limited, FWO, Habib Construction Services, ZKB Engineers and Contractors, China Railways Construction Corporation, French company VINCI, Norinco International Corporation Ltd, China State Construction Engineering Corporation, Syno Hydro (Power China), SKB Construction and Pak-China Investment Company.
Representatives of chambers of commerce and industry of Rawalpindi and Islamabad also participated.
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