A distinguished delegation from the United Arab Emirates (UAE), led by H.E. Captain Mohamed Juma Al Shamisi, CEO and Managing Director of Abu Dhabi Ports Group (AD Ports), embarked on a visit to Karachi, Pakistan, where they formalized a strategic Memorandum of Understanding (MOU) with Faisal Sabzwari, the Federal Minister for Maritime Affairs. This MOU encompasses a substantial investment of over $2 billion USD as direct foreign investment into Pakistan.
The agreement solidifies the commitment of AD Ports, a prominent maritime and logistics provider in the Middle East and a government-owned entity of the UAE, to invest in port infrastructure, establish a special economic zone, operate cargo rail services, and develop inland ports within Pakistan. This extensive investment endeavor aims to strengthen regional connectivity, foster economic growth, and fortify the bilateral relationship between the UAE and Pakistan.
The MOU signed between Abu Dhabi Ports and Karachi Port Trust (KPT) signifies a shared vision to drive sustainable growth, expand trade diversification, and embrace digitalization. The collaboration encompasses a range of initiatives focused on enhancing port infrastructure, optimizing operational efficiency, and harnessing the potential of digital technologies. AD Ports will also facilitate foreign direct investment, conduct comprehensive feasibility studies, and provide technical expertise to ensure the commercial success of the projects.
Captain Mohamed Juma Al Shamisi expressed the intention to elevate Karachi Port’s Container Terminal into a leading transshipment hub, elevating its role in global trade. This collaboration aligns with the economic diversification vision of the leadership of both countries, with the overarching goal of establishing Karachi Port as a prominent global trade hub and driving economic prosperity throughout the region.
The Chairman of Karachi Port Trust emphasized the significance of this partnership and highlighted the vast growth opportunities it will unlock for the port and the wider trade community. Together, they aim to transform Karachi Port into a world-class maritime hub capable of meeting the evolving demands of the global trade landscape.