Privatization Minister, Chairman CDA Discuss Convention Center’s Sale

The Ministry of Privatisation will put together a revised transaction structure for the privatization of the Jinnah Convention Centre (JCC) in consultation with Capital Development Authority (CDA) through Privatization Commission Transaction Committee. This was discussed during a meeting between Federal Minister for Privatisation Abid Hussain Bhayo and CDA Chairman Amer Ali Ahmed. It was agreed that the environmental effects and other possibilities for turning around the JCC into a profitable body would also be considered during the consultations. The minister urged that both the parties should ensure transparency as well as provide viable options to the potential investors. The meeting was held in the backdrop of the CDA Board’s reservations regarding the transaction structure for privatization of JCC and to find a way forward to convert it into a profitable entity through consultations. It was discussed that in 2020, the federal cabinet had approved the transaction structure of 7.59 acres of JCC’s land to a private owner. This step allowed the property status to be converted to commercial from amenity. After redefining the plot structure, CDA also moved to issue a no-objection certificate favoring the privatization. As a result, the Privatization Commission issued an Expression of Interest and 12 parties were prequalified. However, some of the CDA Board members had reservations regarding the conversion of the entire property from amenity to commercial. Hence, the process of privatization did not move ahead.