$1.2b LOIs show investors confidence in KP, says senator

PESHAWAR: Senator-elect Mohsin Aziz has said the interest shown by investors during the Dubai Investment Road Show by signing letters of interest (LOIs) worth $1.2 billion is a testament to their confidence in the strategy of the incumbent government in Khyber Pakhtunkhwa to change the economic complexion of the militancy-hit province.
In an interview to The News, he said the Dubai event would prove a turning point in the economic history of the province that showcased projects in its potentially promising sectors of energy and power, housing, tourism, minerals and agriculture.
Mohsin Aziz, who is vice-chairman of the Khyber Pakhtunkhwa Board of Investment and Trade (KPBOIT) and was recently elected Senator on the ticket of Pakistan Tehreek-e-Insaf (PTI), said investors from Congo, Saudi Arabia, Ukraine, US, United Kingdom and certain other European countries turned up at the Dubai show.
According to the document he shared with The News, around 20 projects were marketed to the investors at the Dubai Investment Road Show that was inaugurated by Pakistan Tehreek-i-Insaf (PTI) Chairman Imran Khan on February 25.
He said the housing sector project Peshawar Model Town (Sports City) and energy and power sector’s mega project of an oil refinery proved to be hot cakes in the show that was held as part of the interventions of the Economic Revitalisation Khyber Pakhtunkhwa and Fata (ERKF), which is a $20 million Multi-Donor Trust Fund project being managed by World Bank.
“Peshawar Model Town (Sports City) attracted four investors including Enshaa PSC Dubai, UAE, which signed $600 million LoI for the project, Copper Stones Limited, London, UK, that came up with the LoI of $500 million and GSS Gulf LLC, Dubai, UAE. The maximum offer of $956 million offer for the project came from the Fatima International Dubai, UAE,” he added.
In the Energy and Power sector, which also includes the $800 million project of oil refinery, the government offered hydropower projects of 20 megawatts (MW) to 144MW capacity and projects in oil and gas exploration and production, and establishment of gas turbine combined cycle power of 400MW at the show.
The Spec Energy, UAE signed LoIs for oil refinery and the hydropower plant, solar power plant development and LoI has been signed with the Transtec Pakistan, while LoI with the Fortune Energy was also signed in the power and energy sector.
The projects offered in the Dubai event in mines and minerals sector included establishment of cement plants, exploration of metallic and non-metallic minerals (blocks), and marble and granite quarrying and processing plant.
For marble and granite mining and processing, DSS Group, Dubai signed LoI of $10 million, while two other LoIs were also inked with the ETC Group, Dubai, and Enshaa, Dubai, in the sector.
Mohsin Aziz, said tourism sector remained the centre of attraction for the investors, who showed immense interest to invest in the chairlift resort from Naran to Lake Saiful Maluk, Theme Adventure Park at Galliyat, Modernisation of Ayubia Chairlift Resort, tourist recreation, sports facilities and theme park at Hund, Swabi, tourist recreation, sports facilities and theme parks at Kheshgi, Nowshera, outsourcing of government rest-houses and tourism resort at Takhtbhai archaeological ruins.
The Samsons Group showing interest in building chairlift resort at Naran-Saiful Maluk signed $10 million LoI for the project and another LoI of Rs500 million for tourist recreation, sports facilities and theme Park at Hund, Swabi along with four other LoIs for various projects in the sector.
The CES Group of Companies Dubai, GHM Group Dubai, SR Group of Companies, Dubai, Al Ali Group, Coding Training Systems (CTS), Creek Networks (Dubai Internet City) Dubai, RAK Property Services and Vienna Tourism LLC Dubai, also signed LoIs with the provincial government to run the affairs of rest-houses and other projects in the tourism sector.
“Agriculture remained another sought-after sector in which five LoIs were received for date farming and processing unit at Dera Ismail Khan and sheep farming at Jaba, Mansehra, which would be a wool, mutton production and processing project,” Mohsin Aziz explained.
He said the government received three LoIs for date farming and processing unit, which include two LoIs of $15 million each from MKATS International, Dubai, and Citylink Group, Jeddah while, Zultec Group, Jeddah, also signed an LoI of $10 million for the project.
For sheep farming, he said the Citylink Group signed LoI for $5 million, while the Zultec Group showed interest in the project with its LoI of $10 million.