7 people, including children and women, were killed in an Israeli aerial assault that struck a dwellings in the Mezzah region in Damascus. On Tuesday, Israel launched several missiles at a residential apartment in Damascus' heavily populated Mezzah district. The source added that efforts are underway to rescue people beneath the rubble. Israel has been committing war crimes against the Sovereign states for a long time. On September 1, 2024, Israel carried out direct strikes on the Iranian consulate building in Damascus, killing a large number of innocents, including diplomats and military generals, according to Syrian Foreign Minister Faisal Mekdad, who was seen visiting the site alongside Syria's Interior Minister. Scores of Syrians, Iranians and Lebanese have been killed as a result of Israel's airstrikes against Syria and Lebanon since 2011.
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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