Novacare Hospitals (Private) Limited has achieved financial close on a Rs 17 billion syndicated Islamic project finance facility for the development of a 250-bed tertiary care hospital and an associated feeder clinic in Islamabad. The financing arrangement, led by the Bank of Punjab (BOP), was formally marked at a signing ceremony on October 20, 2026, attended by the project's sponsors, management and representatives of participating financial institutions. The hospital project has an estimated total cost of Rs 28.5 billion, comprising Rs 17 billion in syndicated Islamic financing and Rs 11.5 billion in equity contributions from its sponsors. BOP arranged and structured the financing facility, serving as Intercreditor Agent and Joint Mandated Lead Advisor and Arranger alongside United Bank Limited and Habib Bank Limited.

Pak China Investment Company Limited participated as Co-Arranger, while PAIR Investment Company Limited and Pak Libya Holding Company Limited joined the financing syndicate as lenders. The Bank of Punjab has committed Rs 5.8 billion of its own financing to the facility. According to the bank, the transaction represents Pakistan's first greenfield hospital project financed through a syndicated Islamic project finance arrangement. The financing structure is intended to mobilise long-term capital for healthcare infrastructure, providing an example of how Islamic financing can support large-scale hospital developments. The Novacare project is being developed in DHA Phase V, Islamabad, and will provide 250 beds for tertiary care services alongside an associated feeder clinic. Novacare Hospitals is affiliated with Imperial College Healthcare NHS Trust in the United Kingdom, an arrangement intended to support the hospital's clinical governance and healthcare service standards.

Speaking at the ceremony, BOP President and Chief Executive Officer Zafar Masud described the financing as an investment in healthcare rather than simply a banking transaction.

He said the agreement had required close cooperation between the project's sponsors and six participating financial institutions. Masud expressed hope that the financing framework would make it easier for future healthcare infrastructure projects in Pakistan to secure long-term funding. Novacare Hospitals Chief Executive Officer Hans Kedzierski thanked the participating institutions and outlined the company's plans to provide healthcare services aligned with international standards, with a focus on patient care. The financial close marks a significant step in securing the funding required for construction and development of the hospital and its associated facilities.

However, the financing announcement did not specify a final construction completion date, hospital opening date or timetable for admitting patients. The project's operational launch will depend on the completion of construction, commissioning and other necessary arrangements.

Islamabad | ReNews National Desk

The National Highway Authority (NHA), the Privatisation Commission and the Public-Private Partnership Authority (P3A) have begun evaluating private investment opportunities for four proposed motorway and expressway projects across Pakistan. The proposals include the Mansehra–Naran–Jalkhad–Chilas Motorway, a possible extension of the Murree Expressway towards Azad Jammu and Kashmir (AJK), a 169-kilometre section of the M-10 Motorway and the proposed Guru Nanak Expressway.

The projects were discussed at a high-level meeting held in Islamabad on October 21, 2026, jointly chaired by Federal Minister for Communications Abdul Aleem Khan and Adviser to the Prime Minister on Privatisation Muhammad Ali. Officials examined the financial feasibility, commercial prospects and potential private sector participation in the proposed road developments. The government is considering the public-private partnership (PPP) model to reduce dependence on federal development funding. Among the projects under review is a 169-kilometre section of the M-10 Motorway proposed for development through private sector participation. However, the detailed financing arrangement and commercial structure have not been announced.

The proposed Mansehra–Naran–Jalkhad–Chilas Motorway was also discussed as a potential road connection towards Chilas and the Chinese border. The route could improve connectivity to northern Pakistan and the Karakoram Highway corridor while potentially reducing pressure on existing roads during peak tourism periods. However, construction through mountainous terrain would require extensive technical assessments. The final alignment, land acquisition requirements, construction costs and financing arrangements remain to be determined.

Another proposal involves extending the Murree Expressway towards Azad Jammu and Kashmir. Officials believe improved road connectivity could support tourism, trade and travel between the Islamabad–Rawalpindi region and adjoining areas of AJK.

No final route alignment or construction commencement date has been announced for the proposed extension.The Guru Nanak Expressway was discussed as a potential infrastructure project aimed at facilitating Sikh religious tourism. The government is examining opportunities for private investment, although no investor or construction contract has been confirmed. Federal Minister Abdul Aleem Khan directed NHA officials to prepare formal business plans and identify commercially viable projects suitable for private investment.

Referring to the Sialkot–Kharian Motorway (M-12), which is being developed under a PPP arrangement, the minister said the government wanted to strengthen NHA's financial independence and reduce its reliance on the federal Public Sector Development Programme. He outlined a vision to transform NHA into a financially self-sustaining entity valued between Rs 500 billion and Rs 1 trillion. Adviser to the Prime Minister Muhammad Ali assured support from the Privatisation Commission and P3A in evaluating the proposed infrastructure investments and facilitating private sector participation. The meeting agreed to complete preliminary technical work and hold a follow-up session within one week to review progress.However, the four projects remain under preliminary technical and financial evaluation. No final investment agreements, construction contracts, toll rates, project costs or completion dates have been announced.

Lahore | ReNews National Desk

The Water and Power Development Authority (WAPDA) has signed a Rs 133.18 billion contract with the PowerChina–IKAN joint venture for hydro-mechanical works at the Diamer-Basha Dam Project. The agreement, signed on October 24, 2026, at WAPDA House in Lahore, covers the HM-1 package, which includes equipment and steel structures required to regulate water flows through the dam and its associated facilities.

Diamer-Basha Dam Chief Engineer and Project Director Arif Ali signed the agreement on behalf of WAPDA, while Ling Jianke represented the PowerChina–IKAN joint venture. Under the contract, the joint venture will manufacture, supply and install hydro-mechanical equipment, including water-control gates, hydraulic steel structures, steel lining, hoisting systems, pumping systems and associated electrical equipment.

According to WAPDA, the equipment will be installed at flushing tunnels on both banks of the dam, power intakes and outlets. These components will regulate water movement and support the operational systems of the project.

The signing ceremony was attended by WAPDA Chairman Lt Gen Muhammad Saeed (Retd), members responsible for finance, water and power, the chief executive officer of Diamer Basha Development Company, representatives of project consultants and a delegation led by the chairman of PowerChina International Group Limited. The Diamer-Basha Dam is under construction across the River Indus, approximately 40 kilometres downstream of Chilas. According to WAPDA, the dam will have a gross water-storage capacity of 8.1 million acre-feet and an installed electricity-generation capacity of 4,500 megawatts upon completion. The authority describes the project as a federal priority intended to strengthen Pakistan's water, food and energy security.

The HM-1 agreement places a major package of hydro-mechanical works under a confirmed contract, covering the manufacture, delivery and installation of equipment essential to the dam's operations. However, the signing does not establish a revised completion date for the overall project or confirm when electricity generation will begin. The contract represents a defined stage in the project's implementation, with equipment installation requiring coordination with the dam's ongoing civil construction works.