Photo: Express
Administrative control of two terminals of Karachi Port for 50 years Handed over to Abu Dhabi Port Group.
Abu Dhabi Ports has entered into an agreement with Karachi Port Trust to acquire the management control of Pakistan International Container Terminals in a signing ceremony held in Karachi, Karachi Port Trust Chairman Syed Saidin Raza and Abu Dhabi Group Chief Executive. Officer Juma Shamsi signed.
On this occasion, Minister of Energy and Infrastructure Sohail Muhammad Al Mazrouei, Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zayudi and Consul General of Dubai in Karachi Bakhit Atiq Al Rumiti, Governor of Sindh Kamran Tesori, Chief Minister Murad Ali Shah, Federal Minister of Ports and The relevant officials including Shipping Faisal Sabzwari were present.
Under the agreement, the name of PICT will be changed and the new name will be Karachi Gateway Terminal Limited. The modernization of the terminal will cost 220 million dollars while 1.8 billion dollars will be invested in 10 years, storage and bulk cargo. Along with increasing the capacity of the terminal, the depth of the berths will also be increased.
According to the agreement, Abu Dhabi Ports Group has been given management control of the container terminal at Karachi Port for a period of 50 years. A joint venture consisting of Khalil Terminals will operate the terminal.
Karachi Gateway Terminal Limited consists of Berth No. 6 to 9 of East Wharf Port of Karachi Port, berth depth, quay wall extension and container storage capacity will be increased. The new investment will also enable post-panamax vessels carrying 8,500 containers to anchor.
The container holding capacity will be increased from one and a half million to one million containers. The investment of Abu Dhabi Ports Group will strengthen the position of Karachi in the maritime industry. All the income of the terminal will be in dollars, the current net revenue of the terminal is $55 million annually Yes, the annual net revenue from the terminal is estimated at $30 million.
Abu Dhabi Group Managing Director and Group CEO Captain Muhammad Juma Al-Shamsi expressed his happiness on the agreement and said that he is very happy with the historic agreement with Karachi Port Trust, the contract AD Ports Group’s main maritime hub in the UAE. Trade routes are part of an investment strategy.
He said that the integrated business model will be implemented at Karachi Port in the regions with long-term development potential, the agreement will open new chapters of development and stability for both countries, the rich possibilities of mutual interest will be bright in the future, Captain Juma. Al Shamsi also expressed his commitment to transform the maritime land landscape and increase benefits for stakeholders.
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