Skip to main content

UAE signs agreement with Pakistan’s Karachi Port Trust

The Abu Dhabi Ports Group joint venture will invest heavily in the infrastructure development of the Port of Karachi over the next 10 years, with the bulk of it planned for 2026.
Fishing boats are moored at Karachi port as a part of precautionary measures before the due onset of cyclone, in Karachi on June 14, 2023. More than 40,000 people have been evacuated across India and Pakistan as a cyclone approaches their coast, officials said on June 13, with gales of up to 150 kilometres per hour predicted. (Photo by ASIF HASSAN / AFP) (Photo by ASIF HASSAN/AFP via Getty Images)

DUBAI — Pakistan signed over terminal operations of the Karachi Gateway Terminal Limited (KGTL), better known as the Port of Karachi, in a 50-year concession agreement with the United Arab Emirates' Abu Dhabi (AD) Ports Group on Thursday in an effort by the debt-stricken country to raise critically needed funds and pay back the International Monetary Fund (IMF).  

The agreement came through a joint venture (JV) between AD Ports Group, which is the majority stakeholder, and UAE-based Kaheel Terminals, a company created to manage the logistics and operations, according to the announcement by AD Ports Group on Thursday. The two members of the JV signed the agreement with the Pakistan federal government agency Karachi Port Trust (KPT), which oversees operations at the Port of Karachi. 

Syed Syedain Raza Zaidi, chairman of the Karachi Port Trust, said the landmark agreement holds “big potential” for the growth of the Port of Karachi. 

“By joining forces, we are paving the way for a thriving container terminal that will enhance efficiency, attract investment and stimulate the economy,” he said in a written press statement. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.