Business, News

Lahore all set to get $70 million skyscraper

An agreement worth $70 million has been inked for the construction of a cutting-edge technology tower in Lahore, in collaboration with STZA. Named ‘The Mark’ and developed under the auspices of CODE Science and Technology Park (CODE STP), it aims to be a beacon of innovation and progress. Hamza Saeed Orakzai, Chief Market Development Officer at STZA, emphasized the project’s focus on supporting export-oriented tech firms, leveraging Pakistan’s competitive technical labor to attract global tech 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.

With an investment size of Rs. 20 billion, ‘The Mark’ is slated to be operational by 2026, poised to become the tallest technology tower in Johar Town, Lahore. It will offer specialized ecosystems to accommodate large tech firms, providing space for 7,000 to 8,000 people during a single shift. Aligning with STZA’s 48 notified technology segments, companies within the facility are expected to drive innovation and economic revitalization.

“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.

Aamer Saleemi, STZA official, expressed support for this transformative endeavor, while Akbar Shaukat, Board Member at CODE STP, hailed the Zone Developer license as a significant step. Abid Hussain of CODE STP underscored the project’s role in sustainable economic growth, noting the pivotal role of private sector-government collaboration. ‘The Mark’ project symbolizes Pakistan’s commitment to technological advancement and innovation, poised to redefine the nation’s technological landscape.

“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.

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