AD Ports Group and Karachi Port Trust (KPT) have signed a Memorandum of Understanding (MoU) to develop port and terminal infrastructure at Karachi Port.
The MoU signing between AD Ports Group and Karachi Port Trust represents a shared vision to drive sustainable growth, promote trade diversification, and strengthen bilateral ties between the UAE and Pakistan.
Furthermore, it paves the way for enhancing bilateral cooperation and increasing efforts in the development, expansion, and digitalisation of port projects within Pakistan, according to the partners.
The collaboration encompasses a wide range of initiatives and projects aimed at enhancing port infrastructure, optimising operational efficiencies, and embracing digitalisation. AD Ports Group will use its technical knowledge to conduct feasibility studies and analysis, to ensure commercial success of the project.
“This partnership with AD Ports Group is a significant milestone for Karachi Port Trust. By combining our strengths and expertise, we are poised to unlock unprecedented growth opportunities for our port and the wider trade community,” Syed Syedain Raza Zaidi , Chairman Karachi Port Trust stated.
“In line with our wise leaderships’ vision for economic diversification, we anticipate that this collaboration will propel Karachi Port towards 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,” Mohamed Juma Al Shamisi , CEO and Managing Director of AD Ports Group, said.
To remind, the port group signed a General Corporate Facility agreement with a syndicate of 13 regional and international banks worth approximately $2 billion last month.
The funding is being announced in the wake of the company’s recent concession agreement to develop and operate a multi-purpose port in Safaga in Egypt, and two 15-year agreements, a Memorandum of Understanding (MoU) and three Head of Terms (HoT) concerning ports located in Egypt’s Red Sea region and the Mediterranean Sea, enabling a major expansion of the group’s activities into Egypt.