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Pakistan Tourism Development Corporation (PTDC) in its move to promote tourism has planned to develop a 'Tourist Village' at 25 acres of land in Federal Capital with a modern three-star hotel, restaurants, conference halls, theatre facilities, gymnasium, health club, indoor sports facilities, corporate offices, tourist handling and promotional offices.
Besides, it will develop a Corporate Complex to facilitate tourism related business community. The tourist village will be constructed on Shahrah-e-Kashmir adjacent to Islamabad Club, while the Corporate Complex will be built in F-5.
The PTDC has signed two memorandums of understanding (MoUs) with Infrastructure Project Development Facility (IPDF), which will extend multiple assistance to the PTDC in developing these projects.
The MoUs were signed here by Advisor, IPDF Ghulam Murtaza Satti and Managing Director PTDC Brigadier Aman Ullah (Retd) in the presence of Acting CEO, IPDF Adil Anwar and Ali Arif, Secretary Ministry of Tourism.
The Tourist Village will be constructed on 25 acres of land while the Corporate Complex will be constructed on an area measuring 7544.44 square yards. The Complex will house the PTDC's head office and corporate offices, auditorium, areas for displays, audio/visual centre and tourism facilitation centre. The project would be built under the PPP modality with the private party given a concession to operate the facility on a revenue sharing formula.
Both the projects will be conceived in a manner whereby the private sector will be responsible for designing (based on the concept developed by PTDC), financing, and building, operating and maintaining the building. The ownership of these projects will always remain with the PTDC, however, their development and operational rights will be given to private parties for a prescribed period.
Under the agreement, IPDF would provide technical support to PTDC including provision of qualified advisory firms to assist PTDC in structuring the development of the Corporate Complex. The advisory team, comprising financial, legal and technical experts, will help PTDC in structuring the best option to implement the project.

Copyright Business Recorder, 2008

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