Earlier this week, NUST signed an agreement with a multinational consortium led by International Consulting Associates (ICA) for the development and expansion of National Science & Technology Park (NSTP), Pakistan’s first STP, at NUST Islamabad campus. The consortium led by International Consulting Associates includes ABS & Co as the legal advisors. The legal team is being led by Barrister Shahrukh Iftikhar from the Islamabad office.
The Transaction Advisory Services agreement between NUST and the multinational consortium led by iConsult, will augment NUST’s plans to develop NSTP by constructing 8 towers in 4 phases over the next 10-12 years on Public-Private Partnership basis, over close to 60 acres of land. Special Economic Zone status – availing income tax and import duty exemptions for 10 years – has already been conferred on the project to provide incentive support by the government.
The signing ceremony took place at Tech Sanctum – NSTP auditorium. The ceremony was graced by the presence of Mr Shibli Faraz (Federal Minister for Science & Technology) as chief guest. Prominent amongst others present at the occasion were Engr Javed Mahmood Bukhari (Rector NUST) Mr Shahid Ahmad Khan (Senior Partner International Consulting Associates) Mr Ahmer Bilal Sufi (Senior Managing Partner ABS & Co) and Mr Farid Alam (CEO AKD Securities Ltd).
It is important to note that in December 2019, NUST established NSTP to serve as an internationally proven vehicle for the promotion of S&T and innovation by facilitating cooperation amongst research centres, industry, communities & government to create stronger knowledge-based activity in Pakistan’s economy. The pilot building is already home to a mix of anchor tenants, hi-tech SMEs and startups doing cutting edge research and innovation in select thematic verticals of national and international significance.