Mr. Abid Hussain Bhayo, Federal Minister for Privatization, met with the Chairman of CDA to discuss privatizing the Jinnah Convention Center (JCC). Dr. Iram A. Khan, Federal Secretary for Privatization, and other high-ranking officials were also present.
The purpose of the meeting was to discuss how to turn the JCC around from a money-losing operation into a profitable one through a collaborative effort, in light of the CDA Board’s concerns about certain details of the transaction structure for the privatisation of the centre.
The CDA issued a no objection to privatization, and the Federal Cabinet approved the transaction structure for the sale of 7.59 acres (built-up structure of 4.13acres) of its land to a private owner in 2020, changing the property’s status from amenity to commercial
As a result, PC moved forward with the release of EOI, and 12 parties were pre-qualified. However, the process was halted due to the misgivings of a few CDA Board members on the conversion of the entire land from amenity to commercial.
After much consideration, it was decided that a new transaction structure would be developed in conjunction with CDA via the PC Transaction Committee, taking into account potential environmental impacts and other factors, with the ultimate goal of turning this money-losing enterprise around.
Mr. Abid Hussain Bhayo, a federal minister, stressed the importance of taking steps to promote openness and, at the same time, provide feasible options for potential investors. Mr. Amer Ali Ahmed, chairman of the CDA, approved the commission’s findings and pledged his support for expediting the privatization of JCC.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
