Strategic Partnership for Maritime Business District
ISLAMABAD: Pakistan has signed a memorandum of understanding (MoU) with Saudi and local partners to explore the development of a major maritime business district on Karachi Port Trust (KPT) waterfront land.
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said the agreement includes KPT, Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium.
140-Acre Commercial Hub Planned
The proposed project will be developed on 140 acres of prime KPT land located on MT Khan Road in Karachi. The initiative aims to transform the waterfront into a modern commercial and maritime hub.
The planned development will feature advanced commercial infrastructure designed to attract investment, boost business activity, and support urban growth.
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Investment and Employment Opportunities
According to the minister, the project is expected to generate significant investment and create new employment opportunities. It will also strengthen Karachi’s position as a key economic center.
Junaid Anwar Chaudhry described the initiative as a major opportunity to unlock the value of KPT’s waterfront assets and enhance Pakistan’s maritime economy.
Compliance with Legal Requirements
The minister emphasized that the project will move forward only after fulfilling all legal and regulatory requirements under Pakistani law.
He assured stakeholders that authorities will complete the necessary approval process before starting development work.
Saudi Interest in Maritime Sector
During the meetings, the Saudi delegation expressed strong interest in expanding cooperation in Pakistan’s maritime sector. Discussions also covered potential collaboration in port infrastructure and related development projects.
Strengthening Pakistan-Saudi Economic Ties
The minister said the visit reflects ongoing efforts by Islamabad and Riyadh to deepen economic relations. Both countries are exploring new opportunities in ports, logistics, infrastructure, and trade facilitation.
Subject to regulatory approvals, the proposed development could become one of the largest waterfront commercial projects in the region.
