According to the minutes released by the Senate Standing Committee onMaritime Affairs, the United Arab Emirates has committed to investing $102million over a span of five years to establish and run a bulk and generalcargo terminal at Karachi Port.
Abu Dhabi Ports (AD Ports), a prominent port operator from the UAE, enteredinto a 50-year concession agreement with Karachi Port Trust (KPT) back inJune. This agreement involved the transfer of the Pakistan InternationalContainer Terminal (PICT) to a joint venture between AD Ports Group, themajority stakeholder, and Kaheel Terminals, a UAE-based company.
Their purpose is to oversee, operate, and enhance the Karachi GatewayTerminal Limited (KGTL) situated at berths 6-9 in Karachi Port’s EastWharf.
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Over the initial decade, this joint venture is set to inject $220 millioninto Pakistan’s infrastructure. The Senate Standing Committee on MaritimeAffairs convened on Thursday to receive a briefing on this concessionagreement with Abu Dhabi Port.