KARACHI: Pakistan has signed a memorandum of understanding (MoU) with Saudi and local firms to explore the development of a maritime business district on the Karachi Port Trust’s (KPT) waterfront land, the maritime ministry said on Saturday.
The 140-acre maritime business district project, featuring modern commercial infrastructure, will be developed at the KPT to transform the area into a major commercial and maritime hub, the maritime affairs ministry said. It would aim to attract investment, create jobs and support urban development.
The MoU was signed between the KPT, the Saudi Business Council-NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited, and the Pakistan Corporate Consortium, the maritime affairs ministry said.
“This strategic collaboration is a transformative opportunity to unlock the full potential of Karachi Port Trust’s waterfront assets and position Pakistan as a regional hub for maritime commerce and investment,” Pakistan Maritime Affairs Minister Junaid Anwar Chaudhry said.
He said the project, subject to regulatory approvals, could become one of the largest waterfront commercial ones in the region.
Members of the Saudi delegation expressed interest in broader maritime cooperation, including potential involvement in port infrastructure and related projects, the ministry’s statement said.
The agreement was signed as a high-powered Saudi delegation, led by the chairman of the Saudi-Pak Joint Business Council Prince Mansour bin Mohammad Al Saud, arrived in Islamabad earlier this week.
Chaudhry added that the Saudi delegation’s visit was part of broader efforts by Islamabad and Riyadh to deepen economic ties and explore investment opportunities in ports, logistics, infrastructure and trade facilitation.
The agreement is in line with Pakistan’s efforts to promote its ports as gateways for trade with landlocked Central Asian states. Islamabad has pursued partnerships with foreign investors to expand port capacity, logistics networks and related infrastructure in recent months.
Saudi Arabia has been one of Pakistan’s key economic partners, with both countries exploring investment opportunities across mining, energy, infrastructure and logistics sectors over the past couple of years.
