Karachi: Pakistan has signed a memorandum of understanding with Saudi and local partners to explore the development of a maritime business district on the Karachi Port Trust waterfront. The agreement is aimed at transforming a 140-acre site on MT Khan Road into a major commercial and maritime hub.
According to Radio Pakistan, the MoU was signed between the Karachi Port Trust, Saudi Business Council-NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited, and the Pakistan Corporate Consortium. Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry announced the partnership in a statement, highlighting the collaboration’s potential to enhance the region’s economic landscape.
The proposed project is part of a broader strategy to leverage Karachi’s strategic position and boost maritime and commercial activities in the area. The development aligns with efforts to strengthen economic ties between Pakistan and Saudi Arabia while involving local stakeholders in the process.