Thursday, June 1, 2023

UAE Group Commits Over $2 Billion Direct Foreign Investment in Pakistan

A high-level delegation from the UAE, led by H.E. Captain Mohamed Juma Al Shamisi, CEO and Managing Director of Abu Dhabi Ports Group (AD Ports), visited Karachi, Pakistan to sign a strategic Memorandum of Understanding (MOU) with Faisal Sabzwari, the Federal Minister for Maritime Affairs. The MOU entails a total investment of over $2 billion USD as direct foreign investment into Pakistan.

Under the agreement, AD Ports, a leading maritime and logistics provider in the Middle East and a UAE government-owned entity, has committed to investing in port infrastructure, establishing a special economic zone, operating cargo rail services, and developing inland ports in Pakistan. This significant investment aims to enhance regional connectivity, promote economic growth, and strengthen bilateral ties between the UAE and Pakistan.

The MOU between Abu Dhabi Ports and Karachi Port Trust (KPT) signifies a shared vision to drive sustainable growth, diversify trade, and embrace digitalization. The collaboration encompasses various initiatives to enhance port infrastructure, optimize operational efficiency, and leverage digital technologies. AD Ports will also attract foreign direct investment, conduct feasibility studies, and provide technical expertise to ensure the commercial success of the projects.

Captain Mohamed Juma Al Shamisi expressed the intention to transform Karachi Port’s Container Terminal into a premier transshipment hub and elevate its role in global trade. The collaboration aligns with the economic diversification vision of both countries’ leadership, with the goal of establishing Karachi Port as a global trade hub and driving economic prosperity in the region.

The Chairman of Karachi Port Trust highlighted the partnership’s significance and emphasized that it will unlock unprecedented growth opportunities for the port and the broader 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.

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