Pakistan has signed an MoU with Saudi Arabia for developing 140 acres of prime land into a maritime business district on the Karachi Port Trust waterfront, which will also help expand the national fleet by 50%, a federal minister said Sunday.The memorandum of understanding (MOU) was signed between Karachi Port Trust (KPT), the Saudi Business Council–Najd Gateway Holding Company and Arif Habib Dolmen REIT Management Limited (AHDRML) on Saturday, Minister of Maritime Affairs Junaid Anwar Chaudhry told the media here.
The KPT has designated 140 acres of prime land for the business district, which would transform the area into a major commercial and maritime hub, he said.
“The main purpose is to unlock the vast potential of the KPT and develop a modern infrastructure that would create employment opportunities and lead to urban development,” Chaudhry said.This is why the Ministry is also looking at expanding the fleet of the Pakistan National Shipping Corporation by 50%.
The minister also affirmed that all regulatory and legal requirements under the Pakistani law would be met before the project proceeds ahead.
