Skip to content Skip to Search
Skip navigation

UAE and Pakistan to develop cargo terminal in Karachi  

Port karachi Reuters/Akhtar Soomro
Israel is looking at the possibility of expanding exports to Europe, either through Egyptian plants or building local facilities

The UAE and Pakistan will sign an agreement to develop a bulk and general cargo terminal at East Wharf, Karachi Port.

Pakistan has set up a negotiation committee last week to finalise a deal with the UAE, giving Dubai 85 percent control over the East Wharf of the seaport, The Express Tribune reported.

The cabinet committee on intergovernmental commercial transactions decided to go for a government-to-government deal as it dropped plans for a competitive bidding process, it said.

The Pakistani government will set up a price negotiation committee once the draft framework agreement is finalised.

The agreement is expected to be signed by the first week of August, the newspaper quoted an unnamed senior government official as saying.

In June, Abu Dhabi Ports Group said it would invest $220 million over the next decade to upgrade infrastructure at Karachi Port after signing a 50-year concession agreement with Pakistan’s Karachi Port Trust.

AD Ports Group and UAE-based Kaheel Terminals have formed a joint venture to manage, operate and develop the Karachi Gateway Terminal at Karachi Port’s East Wharf. 

Earlier this month, the UAE deposited $1 billion in Pakistan’s central bank, finance minister Ishaq Dar said.

“This inflow has further increased forex reserves held by State Bank of Pakistan and will accordingly be reflected in the forex reserves position for the week ending,” he said in a tweet.

The IMF’s board recently approved a $3 billion bailout programme for Pakistan and will immediately disburse the first tranche of $1.2 billion.

Latest articles

WTO director general Ngozi Okonjo-Iweala said Iraq and Lebanon both want to resume talks and the organisation will 'try to go as fast as possible'

Iraq and Lebanon face long wait to join WTO

Iraq and Lebanon have indicated a desire to resume talks aimed at joining the World Trade Organization (WTO), but history suggests the two could be in for a long wait. To join the WTO, a government has to bring its economic and trade policies into line with the organisation’s rules and principles and negotiate with […]

PIF enlists global banks for second debt market issue

Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year. The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings […]

Gulf bidders want to develop land for tourist resorts in the Ras Ghamila area of Sharm El-Sheikh, Egypt

Saudi and Qatari funds bid for new Egyptian project

Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Eygpt, a local Egyptian media outlet reported. The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing […]

A cafe in Dubai Mall. Consumers' tastes are changing, according to food producer Agthia Video length: 05:02

Made in UAE: consumers turn to local food brands

UAE consumers are increasingly turning to locally produced products, according to the head of a multi-billion-dirham food and beverage conglomerate.  Consumption patterns in the region are changing rapidly, prioritising healthy lifestyles, time-saving and convenience while maintaining authentic tastes.  “If you can produce something locally, give them good value for money, they are much more open […]