The Capital Development Authority (CDA) is yearning for foreign investment in the federal capital to handle financial crisis confronting it owing to world-wide financial meltdown, and execute mega projects planned for upcoming years. “We need the foreign business giants to invest their capital in the real estate sector and other mega projects, planned for the federal capital,” said a senior CDA official here.

He said the city fathers are strategizing various ways and means to overcome the crunch and we are also mulling to hold a real estate exposition in Dubai in which the CDA would advertise its real estate assets and would apprise them about the scope in Islamabad’s market.

The official said as the annual budget for the fiscal year 2009-10 is just one-month away, but the civic body is yet to meet its liabilities mounting billions of rupees but the downing real estate market is adding to the worries of CDA bosses.

The Authority presented annual budget 2008-09 with outlay of Rs 25 billion but meeting the budget targets has become cumbersome task as investors are scared to invest in deteriorating real estate market, the only major source of revenue generation, due to one or the other reason. Moreover, the official said the CDA high ups are also planning to make business visits abroad to publicise the scope in real estate sector and invite foreign investors.

“We are planning to visit United States, United Kingdom, Dubai and Malaysia to offer land assets of Islamabad to foreign investors for development,” said the official. He said the Authority is running short of funds to meet its liabilities while it has yet to execute several mega projects announced in the fiscal budget 2008-09 besides non-development expenditures.

Source: APP