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Progress on the Karachi front: Officials from the UAE and Pakistan broke ground at a USD 175 mn bulk and general cargo terminal at Karachi Port following an agreement inked in February, Arab News reports.
ICYMI- Under the agreement, the Karachi Gateway Terminal Multipurpose Limited (KGTML) JC — formed by majority shareholder AD Ports and UAE-based Kaheel Terminals — will develop, operate, and manage a bulk and general cargo terminal at berths 11 to 17 at Karachi Port’s East Wharf.
We have more details: The multi-purpose terminal will handle grains, fertilizers and other dirty or clean export and import cargoes, KGTML CEO Khurram Aziz Khan told Arab News. KGTML plans to invest some USD 175 mn at the port’s multipurpose bulk terminal and another USD 220 mn in investments is slated for a container terminal, according to Khan.
AD expansion plans: AD Ports group also presented Karachi Port Trust with an upfront USD 50 mn payment, as per the agreement’s terms. AD Ports subsidiary Fujairah Terminals also plans to expand its operations to the new site, Arab News reports.
And there’s more to come: Pakistan is expecting further investments from shipping giant Maersk after conducting talks with the shipping giant tomorrow, Pakistani Minister of Maritime Affairs Qaiser Ahmed Sheikh told Arab News.
Expanded partnership: February’s agreement builds upon a June 2023 50-year concession agreement that saw AD Ports acquire the rights to develop, operate, and manage a container terminal at the same wharf, following several rounds of talks with Pakistan’s government.
The UAE is doubling down on Pakistan: The government of Dubai signed two investment framework agreements with Pakistan to collaborate on railways, economic zones, and infrastructure in January, with the accords looking to develop a dedicated freight corridor, a multi-modal logistics park, and freight terminals at Pakistan’s Qasim Port. The UAE and Pakistan also inked a slew of MoUs worth USD multi-bns in November of last year, which include investments in logistics and ports.
