Pakistan and Dubai recently finalized a substantial investment pactexceeding $3 billion during the World Economic Forum in Davos. Theagreement, signed by Minister Shahid Ashraf Tarar and Chairman Sultan Ahmedbin Sulayem, encompasses various sectors such as railways, economic zones,and infrastructure development.
The collaboration focuses on projects including a dedicated freightcorridor, multi-modal logistics park, and freight terminals. Dubai Port(DP) World is set to contribute to the infrastructure development at QasimInternational Container Terminal, a vital trade gateway in Pakistan, andalso intends to establish an economic zone nearby.
Notably, two Inter-Governmental Framework Agreements were signed toreinforce relations between both governments in the marine and logisticssectors. These agreements include the potential establishment of aDedicated Freight Corridor and Economic Zone near Karachi.
The rail-based Dedicated Freight Corridor, planned to run from Karachi Portto the Pipri Marshalling Yard, aims to alleviate congestion in Karachi,enhance road safety, and significantly improve efficiency and transporttimes. Pakistan Railways and Port Qasim Authority will collaborate with DPWorld for the development of these projects.
Read Top Stories
Additionally, a framework agreement with Pakistan’s Ministry of MaritimeAffairs was signed for dredging the navigation channel at QasimInternational Container Terminal. DP World, acting on behalf of theGovernment of Dubai, will carry out capital dredging and contribute to thedevelopment of an economic zone at Port Qasim, with a target of attractingover $3 billion in foreign direct investment.
During the signing ceremony, Minister Shahid Ashraf emphasized the enduringpartnership between DP World and Pakistan, expressing confidence in themutually beneficial engagement and the consolidation of economiccooperation through these landmark projects.