Monday, October 2, 2023

Pakistan May Hand Over Karachi Port Terminals to UAE for Funds

According to a media report, the Pakistan government is considering handing over control of its Karachi port terminals to the UAE as a means to raise funds. The finance minister, Ishaq Dar, chaired a meeting to discuss this matter, and a panel will be formed to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government.

The panel, led by Faisal Sabzwari, the minister for maritime affairs, will be responsible for finalizing a draft agreement that covers the operation, maintenance, investment, and development of the Karachi port terminals. The UAE government had shown interest in acquiring these terminals last year when they were under the administration of the Pakistan International Containers Terminals (PICT).

This move is part of Pakistan’s efforts to generate emergency funds by utilizing the Intergovernmental Commercial Transactions Act, which enables the expedited sale of state assets.

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