Monday, July 22, 2024

Pakistan Leases Karachi Port Terminals to UAE for 50 Years

The AD Ports Group, a prominent port operator from the UAE, has made a significant investment deal with Pakistan’s Karachi Port Trust (KPT). This agreement will last for 50 years. According to the deal, a partnership between the AD Ports Group and a UAE-based company called Kaheel Terminals will take charge of managing and improving the Karachi Gateway Terminal Limited (KGTL) at Karachi Port.

To enhance the terminal’s capabilities, there will be substantial investments in various aspects such as infrastructure, including making the berths deeper, extending quay walls, and expanding container storage areas. As the majority shareholder, the AD Ports Group plans to invest $220 million in the initial ten years for the concession and growth of the terminal.

The main goal of this agreement is to strengthen the ties between the maritime industries of the UAE and Pakistan while promoting economic growth for both countries.

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