ISLAMABAD: The government on Thursday decided to formulate a revised transaction structure for the privitisation of Jinnah Convention Center (JCC) in consultation with CDA through the PC Transaction Committee while considering the environmental effects and other possibilities for turning around the loss-making entity into a profitable one.
In this regard, Federal Minister for Privatisation Abid Hussain Bhayo on Thursday discussed the issues pertaining to the privatisation of JCC with Chairman CDA Amer Ali Ahmed.
The meeting was held in the backdrop of the CDA Board’s reservations regarding few aspects of the transaction structure for the privatisation of JCC and a way forward to convert the loss-making entity into a profit making entity through a consultative process.
Earlier in March 2021, the Privatisation Commission had published an advertisement inviting expressions of interest for the purchase of Jinnah Convention Centre. The advertisement stated that the plot measuring 7.59 acres, including the built-up-structure on 4.13 acres, would have a commercial status.
The JCC is located at one end of the Constitution Avenue and is used as a venue for exhibitions and summits by private and public sector organisations.
The centre’s privitisation has been in limbo due to differences between the Priviatisation Commission and the CDA. While the CDA board has raised an objection that parking or amenity area spreading over 3.46 acres should not be converted from amenity to commercial, the Privatisation Commission is of the view that that the government under a section of the CDA Ordinance 1960 had the authority to decide the change of land use.
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 FAR (1:10).
It may be recalled that CDA also issued an NOC in favor of JCC’s privatisation in October 2020 stating that there were no building bylaws formulated for the area wherein the JCC falls. Consequently, the commission 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 few CDA board members.
Bhayo stressed that the government must move in a manner that ensures transparency and also provides viable options for potential investors.
Chairman CDA Amer Ali Ahmed endorsed the output from the Privatisation Commission and committed to provide its assistance in all matters for the early resolution of issues delaying the privatisation of JCC.
