FM Privatisation discussed privatisation of Jinnah Convention Center with chairman CDA

ISLAMABAD, July 28 (SABAH): Federal Minister for Privatisation Abid Hussain Bhayo held a meeting with the Chairman CDA regarding the privatisation of Jinnah Convention Center (JCC). Federal Secretary Privatisation Dr. Iram A. Khan and senior officials were also present.

The meeting held in the backdrop of reservations of CDA Board regarding few aspects of the transaction structure for the privatisation of JCC and a way forward to convert this loss-making entity into profit making through a consultative process.

It was discussed that the Federal Cabinet approved the transaction structure of 7.59 acres (built up structure 4.13acre) of its land to a private owner in 2020 allowing the property status to be converted from amenity to commercial along with NOC from CAA for proposed height and FAT (1:10), CDA also issued NOC in favor of privatisation after redefining JCC plot structure.

Consequent upon PC moved with the issuance of EOI and 12 parties were pre-qualified, but the process could not move ahead on account of reservations of a couple of CDA Board members on the conversion of entire property from amenity to commercial.

After detailed deliberations it was agreed that a revised transaction structure is to be formulatedin consultation with CDA through PC Transaction Committee and also considering the environmental effects and other possibilities for turning around this loss-making entity into profit making one.

Federal Minister Abid Hussain Bhayo stressed that we must move in manner to ensure transparency on the one hand and providing viableoptions for the potential investors on the other. Chairman CDA Amer Ali endorsed the output from Privatisation Commission and committed to assist in all matters for the early resolution of issues delaying the privatisation of JCC.