ISLAMABAD: The Abu Dhabi Ports Group will develop advanced infrastructure at Karachi Port, transforming it into a “premier hub” for transshipment and imported and exported cargo, a joint statement from the two companies said on Thursday.
The UAE is Pakistan’s third-largest trading partner after China and the United States. It is also an ideal export destination for the South Asian nation as the short distance between the two countries limits transportation costs and facilitates commercial exchanges.
On Thursday, the AD Ports Group, a leading maritime and logistics provider in the Middle East, signed a Memorandum of Understanding (MoU) with the Karachi Port Trust (KPT).
“We aim to leverage our group’s extensive experience and strong relationships with major shipping lines to transform Karachi Port into a premier hub for transshipment as well as imported and exported cargo,” the joint statement said, quoting the CEO of AD Ports Group, Captain Mohamed Juma Al Shamisi, who is visiting Karachi this week along with a senior team.
“In line with our wise leadership’s vision for economic diversification, we anticipate that this collaboration will propel Karachi Port toward becoming a global hub of global trade and reinforce its significance as a key player in the trade and maritime industries, further stimulating economic prosperity in the region.”
The agreement between Abu Dhabi Ports and Karachi Port Trust represents a “shared vision” to drive sustainable growth, promote trade diversification, and strengthen bilateral ties between the UAE and Pakistan, the statement said.
“The MoU paves the way for enhancing bilateral cooperation and increasing efforts in the development, expansion, and digitalization of port projects within Pakistan,” the statement said.
“The Group will also attract foreign direct investment and leverage its technical expertise to conduct feasibility studies and analysis, to ensure commercial success of the project.”
The chairman of KPT, Syed Syedain Raza Zaidi, said the partnership with Abu Dhabi Ports would combine the two companies’ strengths and expertise and “unlock unprecedented growth opportunities for our port and the wider trade community.”
“Together, we will work toward transforming Karachi Port into a world-class maritime hub,” he added, “that can effectively meet the demands of the evolving global trade landscape.”