Pakistan today signed a landmark agreement with Saudi and local partners to explore the development of a maritime business district on a prime waterfront site owned by Karachi Port Trust (KPT).
The Memorandum of Understanding (MoU) was signed between KPT, Saudi Business Council – NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML) and Pakistan Corporate Consortium, as announced by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry.
The ambitious project is set to transform a 140-acre site on MT Khan Road, Karachi, into a major commercial and maritime hub. This development aims to include state-of-the-art commercial infrastructure designed to attract investment, create jobs, and bolster urban growth.
‘This strategic collaboration is a transformative opportunity to unlock the full potential of Karachi Port Trust’s waterfront assets and position Pakistan as a regional hub for maritime commerce and investment,’ Minister Chaudhry stated.
Chaudhry assured that all necessary regulatory and legal prerequisites under Pakistani law would be satisfied before advancing with the project.
Members of the Saudi delegation expressed a strong interest in further cooperation within the maritime sector, exploring potential involvement in port infrastructure and related initiatives.
This visit marks part of broader efforts by Islamabad and Riyadh to strengthen economic ties and investigate investment opportunities in ports, logistics, infrastructure, and trade facilitation. Subject to regulatory clearances, the minister noted, this development could evolve into one of the largest waterfront commercial projects in the region.