The Capital Development Authority (CDA) has expressed reservations about the privatization of the Jinnah Convention Centre (JCC), stating that it could lead to a violation of its by-laws.
Briefing the Senate Standing Committee on Privatization, chaired by Senator Shammim Afridi, CDA Chairman Captain (Retd) Muhammad Usman Younis said that the authority fears the building will be demolished and turned into a “concrete jungle,” violating CDA’s by-laws.
The Privatization Commission told the committee that the Convention Centre was initially approved for inclusion in the privatization list in October 2018, the transaction structure was completed in August 2021, and afterward, 12 parties expressed interest.
The committee recommended removing the Convention Centre from the privatization list.
The committee was further informed that between 1991 and 2021, the Privatization Commission completed 178 privatization transactions, generating privatization proceeds of Rs. 649 billion. These entities belong to the banking, fertilizers, automobile, engineering, cement, chemical, energy, telecom, textile, real estate, properties, and other sectors.
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