Pakistan has formalized a memorandum of understanding (MoU) with Saudi and domestic partners to develop a maritime business district on prime Karachi Port Trust (KPT) waterfront land. Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry announced that the agreement was signed between KPT, Saudi Business Council-NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium.
The project is planned for a 140-acre site located on MT Khan Road in Karachi and aims to transform the area into a significant commercial and maritime hub. The envisioned development will feature modern commercial infrastructure designed to attract investment, create employment opportunities, and support urban growth.
In a significant development, Minister Chaudhry described the partnership as a transformative opportunity to unlock the full potential of KPT’s waterfront assets, positioning Pakistan as a regional center for maritime commerce and investment. He emphasized that all regulatory and legal requirements under Pakistani law will be fulfilled prior to the project’s commencement.
Meanwhile, members of the Saudi delegation expressed strong interest in expanding cooperation within the maritime sector, including potential participation in port infrastructure and related initiatives. This visit aligns with broader efforts by Islamabad and Riyadh to strengthen economic ties and explore investment prospects in ports, logistics, infrastructure, and trade facilitation.
Subject to regulatory approvals, the minister noted that the development could emerge as one of the largest waterfront commercial projects in the region, marking a major milestone in Pakistan’s maritime and economic landscape.
