UAE firm to operate Karachi Terminal

Skipping the normal process of inviting competitive bids, the Karachi Port Trust (KPT) has entered into a 50-year concession agreement with the Abu Dhabi Ports Group (ADPG) of the UAE government to operate the Karachi Gateway Terminal Ltd (KGTL). Sindh Governor Kamran Khan Tessori inaugurated the gateway by unveiling the plaque in a ceremony held at KPT. The UAE’s ADPG would manage, operate and develop KGTL with an investment of $1 billion. The 50-year concession agreement would attract a much-needed investment of over $2bn to expand and modernise shipment facilities and establish a special economic zone and rail connectivity between KPT and Port Qasim. Chief Executive Officer ADPG Captain Juma Shamsi and Chairman KPT Syed Sayedain Raza signed the agreement. Mr Tessori said that the terminal would strengthen economic ties between the UAE and Pakistan besides helping in modernising the terminal with the induction of state-of-the-art facilities. He lauded the UAE’s investment in key port operations which would also help in stabilising the economy.