The group will also finance and lay transmission lines to add electricity to the national grid under the terms of the agreement, the Pakistani Dawn news website reported.
The signing ceremony was witnessed by Minister for Water and Power Khawaja Mohammad Asif and Chief Executive Officer of the Al-Aqili Group Mohamed Saeed Al-Aqili.
Asif said that besides making efforts for increasing the country’s power generation capacity, import of power was a viable option.
“We can ensure uninterruptible supply of electricity in the country only by looking at all avenues.”
He expressed the hope that the project would prove to be a major achievement of the government in eliminating the menace of load-shedding and strengthen Pakistan’s economic ties both with Iran and with the United Arab Emirates.
The Al-Aqili Group is rated among the world’s top group of companies and has a number of high-profile partnerships with prominent multinationals.