Abu Dhabi Ports signed an agreement with Karachi Port Trust. According to the Emirates News Agency, the United Arab Emirates (UAE) and Pakistan signed a 50-year concession agreement on port surveillance.
Under the agreement, the Abu Dhabi group will invest in the infrastructure and superstructure of Karachi Port over a period of 10 years. The development works include deepening the ports berth and increasing the space for ships.
According to Emirates News Agency, the container storage area will also be increased. All terminal operations are denominated in US dollars.
According to Emirates News Agency, Karachi Port Terminal generates an annual income of 55 million dollars. Under the deal, Abu Dhabi Ports Group will be the majority shareholder.
According to the Emirates News Agency, Emirates Group will provide management and development services and will operate the system from berths 6 to 9 at Karachi Port’s East Wharf.
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