KARACHI: Marble City Karachi (MCK) will be developed on 300 acres of land in the metropolis. This project is expected to attract an estimated investment of approximately US$50 million.
This was informed by Syed Qasim Naveed Qamar, Special Assistant to CM Sindh, while addressing a road show for Marble City Karachi held here at a local hotel on Wednesday. On this occasion, Abdul Aleem Uqaili, CEO of Sindh Economic Zones Management Company, informed the participants in his briefing that Marble City Karachi on 300 acres would be developed as an industrial estate to uplift the value-added marble and granite sector and allied industries in Sindh.
It is a project through a Public Private Partnership (PPP) framework and will offer state-of-the-art infrastructure, utilities at the doorstep, and easy access to the ports of Karachi. It is ideally located on the Northern Bypass which connects Karachi with the rest of the country.
The project will uplift the value-added marble sector and allied industries in Sindh. This project is expected to attract more than 50 such enterprises and an estimated investment of approximately USD50 million. The project has been launched under the Public Private Partnership mode. RFP for the project was launched through the International Competitive Bidding process on 17th November 2022.
The advertisements were published in Khaleej Times, Dawn, and all leading national dailies. The RFP is available on our website for download. The consortium of consultants comprised EY Ford Rhodes, EA Consulting, and Haidermota are engaged as Transaction Advisors.
The core objectives of the project are: Providing a secure, purpose-built industrial zone for not only the dimension stone (marble and granite) sector but also allied industries in Karachi, and also providing improved facilities for value addition stone sector. Initial land allocation ratio of the saleable area for marble and allied industrial players shall be 70:30 respectively. Developer shall arrange the entire funding for the development.
The project revenues shall be routed through an Escrow account. IE and IA shall verify construction progress and then payments for construction shall be released. Zone enterprise applications that propose value addition for the sector may be given preference.
In this regard, a roadshow for Marble City Karachi was held in Marriott, Karachi today, December 2022. The event highlighted key parameters, benefits, and facilities of the project. More than 500 potential local and international investors attended the event.