Roadshow for project held: ‘Marble city’ likely to attract investment of $50m: CM’s aide

KARACHI: The Marble City Karachi (MCK) will be developed on 300 acres of land and the project is expected to attract an investment of approximately $50 million.

This was stated by Syed Qasim Naveed Qamar, special assistant to the Sindh chief minister, while addressing a roadshow for the MCK on Wednesday.

In his briefing at the event, Abdul Aleem Uqaili, the CEO of Sindh Economic Zones Management Company, said that the MCK will be developed as an industrial estate to uplift the value-added marble and granite sector and allied industries in Sindh.

The scheme is a Design, Build, Finance, Operate, Maintain and Transfer project that will be executed through a Public-Private Partnership (PPP) framework.

The project will offer state-of-the-art infrastructure, utilities at the doorstep, and easy access to the ports of Karachi as it is ideally located along the Northern Bypass, which connects Karachi with the rest of the country.

The project aimed to uplift the value-added marble sector and allied industries in Sindh is expected to attract more than 50 enterprises.

The RFP for the project was launched through an international competitive bidding process on 17th November, 2022. The consortium of consultants comprised EY Ford Rhodes, and EA Consulting, with Haidermota engaged as Transaction Advisers.

The core objectives of the project are: providing a secure, purpose-built industrial zone for not only the dimension stone (marble & granite) sector but also the allied industries in Karachi; and providing improved facilities for value-added stone sector.

The initial land allocation ratio of the saleable area for marble and allied industrial players shall be 70:30, respectively. The land allocated for marble players will be offered on a first right of refusal basis for 12 months.

The developer shall arrange the entire funding for the development work. Project revenues shall be routed through an escrow account.

The IE and IA shall verify progress and then payments for construction shall be released. Zone enterprise applications that propose value addition for the sector may be given preference.

Representatives of more than 500 potential local and international investors attended the event.

Copyright Business Recorder, 2022