Friday October 07, 2022

Letters of intent issued: Kuwaiti firm to boost KP tourism, undertake other projects

By Bureau report
June 08, 2022

PESHAWAR: The Khyber Pakhtunkhwa government on Tuesday issued three letters of intent (LOIs) to a state-owned Kuwaiti entity to develop integrated tourism zones (ITZs) and undertake two other projects.

It joined hands with EnerTech Holding in a quest to boost tourism and promote new avenues of renewable energy, alternative fuels sources and achieve sustainable urban growth in the province.

The signing ceremony was arranged at the Chief Minister’s House. EnerTech Holding had signed multiple Memorandum of Understanding (MoUs) with the KP government at the Dubai Expo 2020.

These pertained to (ITZs) development, development and implementation of green hydrogen, urban development and food processing.

Chief Minister Mahmood Khan was present as the chief guest. Cabinet members Taimur Salim Jhagara, Barrister Muhammad Ali Saif, Abdul Karim, Additional Chief Secretary Shahab Ali Shah, Chief Executive Officer of KP Board of Investment and Trade Hassan Daud Butt, CEO EnerTech Holding Abdullah Al-Mutairi, Chairman Pak-Kuwait Investment Company Mohammad A.M. Al-Fares and other relevant officials attended the ceremony.

The Kuwaiti company will invest $250 million on establishing two green hydrogen projects on run-of-the-river hydel plants of Pakhtunkhwa Energy Development Organization (PEDO) to produce green hydrogen and green ammonia.

The proposed project sites include 84 MW Matiltan Hydropower Project and 69 MW Lawi Hydropower Project.

The company will also invest $750 million to build a Satellite and Smart City at Khanpur by taking into account a range of aspects relevant to well-being, including affordability, environmental and economic impacts.

The project on completion is expected to bring huge investment and generate economic activities in the province.

Speaking on the occasion, the chief minister said that the KP government had signed 44 MoUs worth eight billion dollars with foreign investment companies at the Dubai Expo 2020.

He added that, in pursuance of MoUs, investment of Kuwait investment company in the province was laudable.

Mahmood Khan appreciated the administration of Ener Tech Holding for making a huge investment in the province and said that the provincial government would extend all-out support to the company. He hoped the Kuwaiti investment would open new avenues of foreign investment.

Mahmood Khan said that green hydrogen plants projects would prove to be a milestone in promoting environment friendly energy while establishment of satellite and Smart city would provide base for sustainable urban development.

The chief minister said the KP government was ensuring the provision of all facilities and services to foreign investors under the same roof, adding that there was a complete investment-friendly environment in the province. “The provincial government is working under a well-devised strategy to create job opportunities for people by promoting foreign investment in the province”, he remarked.