9 March 2004 – A consortium of Gulf entrepreneurs plans to invest $1.2bn in the 1000 MW Neelum-Jhelum Hydroelectric Power Generation Project in the area of Azad Jammu and Kashmir, Pakistan.
According to the Pakistan’s Ministry of Water and Power sources the government has decided to start construction of the Neelum-Jhelum power project on a fast track.
The Consortium headed by Yousuf Mohamed Yousuf Al-Najibi has finalised this plan for investment in Water and Power Sector of Pakistan especially in Neelum-Jhelum Hydroelectric Power Generation Project.
This project will create about five thousand jobs in the country as the biggest single, self-financing investment in the history of Pakistan. Consensus has been mutually arrived at between the Water and Power Development Authority (Wapda) and Coastal to finalise technical and legal matters of the project.
Yousuf Al-Najibi discussed various aspects of the Project with senior officials of the Ministry of Water and Power during his recent visit to Pakistan.
He also held detailed meetings with Chairman Senate, Mohammedmian Soomro and relevant Ministries regarding this mega project in power sector.