KARACHI: Pak Brunei Investment Company Ltd and its wholly-owned subsidiary, Awwal Modaraba Management Limited entered into a Memorandum of Understanding with Associated Constructors Limited for the purpose of jointly working on real estate development projects, with focus on affordable housing projects.

Ayesha Aziz, Managing Director from Pak Brunei, Abid Naqvi, Director ACL, and Karim Hatim, CEO Awwal Modaraba signed the agreement on behalf of their respective institutions.

The MOU underscores the interest of the three parties in ownership, construction, financing and management of affordable housing schemes. The parties bring unique strengths to collaborate together.

The Modaraba Fund will own the project creating a new financing structure and removing many hurdles in provision of mortgage finance for ultimate users.

Abid Naqvi expressed his sentiments on this occasion: “As one of Pakistan’s leading construction company’s ACL is committed to the development of mid to high rise quality affordable housing to serve the needs of the country’s middle-income strata. ACL is delighted to be able to partner with one of Pakistan’s leading DFI’s in jointly pursuing this objective. We look forward to launching a

residential project in collaboration with PBICL Group at the earliest.”—PR