Islamabad: Pakistan has signed a memorandum of understanding with Saudi and local partners to explore the development of a maritime business district on Karachi Port Trust waterfront land. According to Press Information Department, Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry announced that the MoU involves the Karachi Port Trust, Saudi Business Council-NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited, and the Pakistan Corporate Consortium.

The proposed project is planned on a 140-acre site on MT Khan Road, Karachi, intended to transform the area into a commercial and maritime hub. The development aims to include commercial infrastructure to attract investment, create employment, and support urban growth.

Minister Junaid Chaudhry emphasized the strategic collaboration’s potential to enhance Karachi Port Trust’s assets and establish Pakistan as a regional maritime commerce hub. He assured that all regulatory and legal requirements under Pakistani law will be fulfilled before the project’s commencement.

Saudi delegates expressed interest in wider cooperation in the maritime sector, including potential port infrastructure projects. Chaudhry noted the visit is part of broader efforts by Islamabad and Riyadh to strengthen economic ties and explore investment opportunities in ports, logistics, infrastructure, and trade facilitation. Subject to regulatory approvals, the development could become one of the region’s largest waterfront commercial projects.