Karachi Port Terminals leased out for 50 years
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According to the minutes released by the Senate Standing Committee on Maritime Affairs, the United Arab Emirates has committed to investing $102 million over a span of five years to establish and run a bulk and general cargo terminal at Karachi Port.
Abu Dhabi Ports (AD Ports), a prominent port operator from the UAE, entered into a 50-year concession agreement with Karachi Port Trust (KPT) back in June. This agreement involved the transfer of the Pakistan International Container Terminal (PICT) to a joint venture between AD Ports Group, the majority stakeholder, and Kaheel Terminals, a UAE-based company.
Their purpose is to oversee, operate, and enhance the Karachi Gateway Terminal Limited (KGTL) situated at berths 6-9 in Karachi Port's East Wharf.
Over the initial decade, this joint venture is set to inject $220 million into Pakistan's infrastructure. The Senate Standing Committee on Maritime Affairs convened on Thursday to receive a briefing on this concession agreement with Abu Dhabi Port.
