Pakistan, Dubai ink $3 billion pacts at Davos

Pakistan and Dubai on Thursday inked two agreements worth over $3 billion on cooperation in railways, economic zones and infrastructure projects. According to an official press release, the inter-governmental framework agreements were signed to strengthen relations in the marine and logistics sectors, including the establishment of a dedicated freight corridor and economic zone near Karachi. “The rail-based dedicated freight corridor (DFC) was planned to run from Karachi Port on the Arabian Sea, passing through Karachi to the Pipri Marshalling Yard, approximately 50 kilometres away. This will reduce traffic congestion in Karachi, improve road efficiency and transport time besides drastically reducing logistic costs,” the press release said.