Lahore to Get $70 Million Skyscraper

According to a recent report by Business Recorder, an agreement has been signed to construct a 36-story technology tower valued at approximately $70 million in Lahore, in collaboration with the Special Technology Zones Authority (STZA).

The CODE Science and Technology Park (CODE STP), a privately managed technology zone company based in Pakistan, has signed a zone development agreement for their flagship project, ‘The Mark.’

Hamza Saeed Orakzai, the Chief Market Development Officer at STZA, stated that the project aims to support export-oriented technology firms in services, research and development (R&D), as well as product markets.

“Pakistan is quickly becoming a supply-side market to the global technology sector due to the availability of highly competitive technical labor at a fraction of the cost elsewhere,” Orakzai told Business Recorder.

He further stated that the investment size for the project amounts to Rs. 20 billion (approximately $70 million) and it is expected to be operational by 2026. Upon completion, it is set to become the tallest technology tower in Johar Town, Lahore.

“There are foreign and local technology companies that need big spaces with specialized ecosystems, for instance for 1000 people which can’t be accommodated at present. This project will facilitate those companies and also enable local companies to scale,” Orakzai said.

According to the STZA official, the mega project will have the capacity to accommodate between 7,000 to 8,000 people to work during a single shift.

He outlined that the companies permitted to operate within the facility will align with STZA’s notified 48 segments of the technology sector, encompassing areas such as R&D, IT, and ITeS, Internet of Things (IoT), artificial intelligence, agri-tech, biotech, semiconductor, robotics, blockchain, and other emerging technology segments.

“The establishment of The Mark is a testament to our commitment to supporting visionary projects that can redefine the technological landscape of Pakistan. We stand ready to provide our full support to CODE STP in this transformative endeavor,” Aamer Saleemi, another STZA official, said.

Akbar Shaukat, a Board Member at CODE STP, described the Zone Developer license from STZA to the project as a “momentous step towards elevating Pakistan’s Tech sector to new heights”.

According to Abid Hussain of CODE STP, “The development of The Mark is more than just a construction endeavor; it’s about establishing a dynamic interface that melds private sector dynamism with government initiatives to ignite sustainable economic revitalization.”

Via: Business Recorder

Published by
Arsalan Khattak