KARACHI: AD Ports Group presented Federal Minister Maritime Affairs with a cheque marking the upfront fees payment amounting to $50 million payable to KPT as per the terms outlined in the ‘agreement for outsourcing of operations of bulk and general cargo terminal’.
The ceremony was held at Karachi Port Trust East Wharf here on Monday.
Minister for Maritime Affairs, Qaiser Ahmed Shaikh said it is a great moment that investors from brotherly country UAE have come to invest in Pakistan.
“This signifies the importance of the partnership between AD Ports Group and KPT in advancing the maritime industry in the country,” he added.
Under the Government-to-Government (G2G) agreement between the government of the United Arab Emirates (UAE) and the government of Pakistan, a new 25-year concession agreement was signed between AD Ports Group and Karachi Port Trust (KPT) in February 2024 for the outsourcing of operations of bulk and general cargo terminal.
Under the terms, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, will develop, operate and manage the Bulk and General Cargo Terminal, berths 11 to 17 at Karachi Port’s East Wharf, further enhancing Karachi’s position as a key player in the maritime industry.
This agreement builds upon the concession agreement secured by AD Ports Group to develop, operate and manage Karachi Gateway Terminal Limited (KGTL) container terminal berths 6-10 at Karachi Port’s East Wharf in June 2023.
The KGTL welcomed esteemed members of the trade community and stakeholders to their terminal premises. The event served as a platform to delve into AD Ports Group’s latest investments in Karachi Port, offering insights into future development plans and unveiling forthcoming infrastructural enhancements within its container terminal and multipurpose terminal.
Moreover, the occasion witnessed the unveiling of the KGTML plaque by Federal Minister Maritime Affairs.
Khurram Aziz Khan – CEO KGTL Abdulaziz Al Balooshi – CEO Fujairah Terminals, Syed Syedain Raza Zaidi – Chairman KPT, Zubair Motiwala – Chairman BMG & CE TDAP, Bakheet Ateeq Al Remeithi – Consul General UAE in Karachi also spoke on the occasion.
AD Ports Group’s significant investment in Karachi Port underscores a steadfast commitment to Pakistan’s future. With the signing of two concession agreements, AD Ports Group demonstrates unwavering confidence in Pakistan’s economic trajectory, signaling a new dawn of growth and prosperity in the maritime sector.
Moreover, it clearly defines AD Ports Group intention to create a strong footprint in Pakistan, this signifies a new era of growth and development in the maritime sector, with Karachi Port poised to emerge as a regional hub for global trade. AD Ports Group will undertake significant expansion and development projects in Karachi Port that encompasses a multifaceted approach. This is a catalyst for advancing Pakistan’s ‘Blue Economy’ with the intention of increasing transshipment volumes in the country.
Copyright Business Recorder, 2024