UAE firm to take over KPT’s cargo terminal too

After the transfer of container terminal, the government has decided in principle to hand over the bulk and general cargo terminal at Karachi Port’s East Wharf to Abu Dhabi Ports through a government-to-government deal under the Inter-Governmental Commercial Transaction Act, 2022. To implement the decision, the cabinet committee on inter-governmental commercial transactions (CCoIGCT), led by Finance Minister Ishaq Dar, on Wednesday allowed negotiations on a framework agreement with the UAE and constituted a committee, comprising the secretaries of law and maritime affairs, as well as representatives of the foreign affairs and finance ministries, to finalise a draft framework agreement with the government of UAE. The CCoIGCT meeting was attended, among others, by Minister for Maritime Affairs Faisal Ali Subzwari, Commerce Minister Naveed Qamar, Power Minister Khurram Dastgir Khan, Minister of State for Petroleum Musadik Malik, SAPM on Finance Tariq Bajwa and SAPM on Revenue Tariq Mehmood Pasha briefed the meeting that Ministry of Foreign Affairs (MOFA) had forwarded a draft Framework Agreement and Expression of Interest (EOI) to be signed between the AD Port, Government of the United Arab Emirates and Karachi Port Trust (KPT), Government of the Islamic Republic of Pakistan for the ’Development of Bulk and General Cargo Terminal and developing associated infrastructure at East Wharf Karachi Port.