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Karachi Port leased to Abu Dhabi for 50 years

The New Port Terminal in Karachi won the "Container Terminal of the Year" award in 2019.

The Abu Dhabi Ports Group joint venture will spend significantly on the Port of Karachi's infrastructure development over the following decade, with the majority of the investment scheduled for 2026.

 



Abu Dhabi-based AD Ports Group announced on Thursday that it had signed a 50-year concession deal with Pakistan's Karachi Port Trust.

Under the terms of the agreement, AD Ports Group, as the largest shareholder, and Kaheel Terminals, a company based in the UAE, have formed a joint venture to manage, operate and develop Karachi Gateway Terminal Ltd (KGTL), Berths 6-9 the port's east wharf Karachi.

Over the next ten years, the joint venture will invest heavily in infrastructure and modernization, most of which is planned for 2026. 

The development includes additional container storage areas, deepening of the wharf, and widening of the wharf walls. 

This will increase the terminal's container capacity from 750,000 to 1 million TEUs per year and accommodate post-Panamax class ships of up to 8,500 TEUs (20 ft units). 

The status of the port and Karachi as a major player in the maritime sector will be further consolidated with its development and upgrading. 

All terminal operations are conducted in US dollars without the exchange rate risk associated with the Pakistani rupee. Historically, the terminal has generated an annual revenue of around $55 million and an EBIDTA of around $30 million.

 “AD Ports Group is pleased to have entered into this important concession agreement with Karachi Port Trust, which clarifies AD Ports Group's strategy to invest in key maritime trade routes for the UAE and to replicate our successful integrated business model in the region offering long-term and sustainable growth prospects,” said Captain Mohammed Juma Al Shamisi, Managing Director and CEO of AD Ports Group.

"This agreement has the potential to open a new chapter of growth and progress for Pakistan and the UAE, allowing us to strengthen ties with important trading nations and fostering greater economic growth and prosperity." 

In accordance with our vision of smart leadership, we will reshape the maritime environment and generate wealth for all stakeholders because we see great opportunities for a shared future.

 As stated by Pakistan's Minister of Maritime Affairs, Faisal SuzBari, the UAE and Pakistan have a strong and long-standing relationship that is expanding in the commerce and business sectors as a result of our governments' resolve to improve ties. 

The signing of this agreement highlighted our country's big common purpose of constructing port infrastructure and laying the groundwork for a vibrant global marine ecosystem."

 This important agreement between AD Ports Group and KPT is an important milestone and has significant potential for the growth and development of the Port of Karachi," said Syed Sayedin Raza Zaidi, Chairman of the Karachi Port Trust. 

By joining forces, we are paving the way for a dynamic container terminal that improves efficiency, attracts investment, and boosts the economy.



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