CBD opens Rs12b tenders for IT City
The Punjab Central Business District Development Authority (PCBDDA), commonly known as CBD Punjab, has opened tenders worth Rs12 billion for the development of the Nawaz Sharif IT City (NSITC) - a landmark infrastructure initiative aimed at accelerating Punjab's digital economy.
To fast-track the construction process, the project has been divided into three packages.
Following the earlier evaluation of technical bids, the PCBDDA on Monday opened the financial proposals for all segments.
Maaksons Construction Company submitted the lowest bid of Rs4 billion for Package One.
Habib Construction Services offered the lowest bid of Rs3.6 billion for Package II, while Package Three saw a joint lowest bid of Rs3.9 billion from Habib Construction Services and IKAN Engineering Services.
The authority has now started the financial evaluation process, after which contracts will be formally awarded to the successful bidders.
Punjab Chief Minister Maryam Nawaz has described the NSITC as Pakistan's first project of its kind.
She stated that the twin towers planned within the IT City, along with a "plug and play" call centre hub, are expected to be completed within the year. The hub is designed to offer IT education and employment opportunities to young people across the province.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
19 minutes ago
- Business Recorder
Gold price per tola surges Rs4,300 in Pakistan
Gold prices in Pakistan increased on Thursday in line with their rise in the international market. In the local market, gold price per tola reached Rs358,400 after a surge of Rs4,300 during the day. Similarly, 10-gram gold was sold at Rs307,270 after it gained Rs3,687, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola remained stable at Rs354,100. The international rate of gold also gained on Thursday. The rate was at $3,400 per ounce (with a premium of $20), an increase of $43, as per APGJSA. Meanwhile, silver price per tola increased by Rs159 to settle at Rs3,745.
Business Recorder
10 hours ago
- Business Recorder
LCCI demands cut in DC rates, curbs on sealing of industries
LAHORE: The Lahore Chamber of Commerce and Industry has raised serious concerns about the plight of industrial units operating in Saggian Lahore and surrounding areas under the jurisdiction of Ravi Urban Development Authority (RUDA). In an emergency meeting held at LCCI, industrialists unanimously appealed to Punjab Chief Minister Maryam Nawaz to take immediate notice of the crisis. LCCI Acting President Engneer Khalid Usman, former LCCI President Muhammad Ali Mian, Convener of Standing Committee Ali Sheraz, Zafar iqbal, Akram dewan, Muhammad Ameen, Muhammad Hanan, Muhammad Yonus, Tanveer Hussain, Muhammad Adeel and Advocate M Waqar also spoke on the occasion. Engineer Khalid Usman and Muhammad Ali Mian highlighted that major issue is imposition of DC rate that is 10 times higher than standard rates in the jurisdiction of RUDA. They said that over 1,000 industrial units, ranging from small workshops to large factories, are facing existential threats due to these inflated charges. Usman emphasized that these industries employ more than 10,000 workers directly and support thousands of families indirectly. If RUDA continues with this unfair taxation, we will see massive job losses and industrial collapse. While painting a grim picture of the potential consequences, they said that forcing industries to pay unaffordable DC rates will lead to shut downs. When factories close, workers lose livelihoods, and that creates social unrest and law-and-order problems. They demanded immediate reduction in DC rates to reasonable levels, restriction on sealing or eviction of industrial units and consultation with stakeholders before finalizing new rates. Participants of the meeting said that industrialists have pinned their hopes on CM Maryam Nawaz's intervention. 'We believe the Chief Minister, who has prioritized economic development, will understand our plight and take necessary action. They warned that destabilizing this industrial hub could have ripple effects across Punjab's economy. These industries feed into larger supply chains. Copyright Business Recorder, 2025
Express Tribune
11 hours ago
- Express Tribune
PTC urges tax on cigarette paper
Listen to article The Pakistan Tobacco Company (PTC) has urged the government to impose an adjustable tax on cigarette paper in a bid to ensure full documentation of the cigarette industry and combat the rapidly growing illicit trade, which it says has now become the market leader. At a pre-budget media briefing, PTC Director Asad Shah expressed serious concern over the rise in untaxed cigarettes, calling for uniform implementation of the track-and-trace tax stamp policy. Without uniform enforcement, he argued, the policy is ineffective. Shah also proposed reducing the adjustable tax on cigarette filter material acetate tow from Rs44,000 per kilogram to Rs4,000 per kilogram to discourage smuggling. Authorities seized 450 metric tonnes of smuggled acetate tow this year alone, he added. Shah also proposed that adjustable tax should be imposed on cigarette paper to ensure complete documentation. He noted that illicit cigarettes now account for 58% of the total market, with Pakistan's annual cigare tte consumption estimated at 82 billion sticks. Shah claimed that the sector has the potential to generate Rs570 billion in tax revenue annually, but only Rs292 billion was collected in FY2023-24 and Rs223 billion so far in the first 11 months of the current fiscal year. "It is impossible to collect the remaining Rs50 billion in a single month," he said, pointing to widespread tax evasion and the alleged involvement of some non-governmental organisations (NGOs) pursuing specific agendas. Shah recalled that 12 years ago, the government taxed 67 billion sticks annually. That number has now dropped to just 34 billion, despite consistent or growing demand. He criticised the 2023 tax policy, saying it led to the second decline in government revenue from the sector in a decade. Despite holding only a 42% market share, the legal tobacco sector still contributes 98% of the revenue, Shah said. He urged authorities to enforce documentation requirements across the board, stressing that 18 billion sticks are being sold at or below Rs150 per packbelow the official minimum price of Rs162.25 — without any penalties for violators. He pointed out that no one has ever been penalised for violating the minimum price law and instead recommended raising the minimum price per pack to counter the perception of cigarettes being cheap in Pakistan. "No policy can succeed without non-discriminatory implementation," he said, adding that untaxed, locally manufactured cigarettes are still openly sold.
