Islamabad (GNP): Pakistan has entered into a memorandum of understanding with Saudi and domestic partners to examine the feasibility of developing a maritime business district on strategically located Karachi Port Trust (KPT) waterfront land.
Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry confirmed that the agreement was executed among four parties: KPT, the Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium.
The envisioned development would occupy a 140-acre KPT plot along MT Khan Road in Karachi, with the ambition of converting the site into a thriving commercial and maritime nerve center. Plans call for the construction of contemporary commercial infrastructure designed to draw investment, create employment opportunities, and catalyze broader urban growth in the area.
Minister Junaid Chaudhry described the agreement as a watershed moment for Pakistan’s maritime economy. “This strategic collaboration presents a transformative opportunity to unlock the full potential of KPT’s waterfront assets and establish Pakistan as a regional destination for maritime commerce and investment,” he stated. He also gave assurances that the project would advance only after satisfying all applicable regulatory and legal requirements under Pakistani law.
Members of the visiting Saudi delegation conveyed strong interest in deepening engagement across the maritime sector more broadly, including potential participation in port infrastructure development and associated projects.
The minister framed the visit within the larger context of Pakistan-Saudi efforts to intensify economic cooperation, with ports, logistics, infrastructure development, and trade facilitation all identified as priority areas for collaboration. Pending the necessary regulatory clearances, he suggested the proposed waterfront development could rank among the largest commercial projects of its kind in the entire region.
Prince Mansour expressed gratitude for the hospitality extended by Prime Minister Sharif and communicated the Saudi government’s and business community’s strong appetite for expanded business-to-business engagement with Pakistan. The delegation signaled interest across a broad spectrum of sectors including ports, highways, airport outsourcing, energy, power distribution, and information technology. Prime Minister Sharif welcomed the investment interest and proposed agriculture and food security as additional domains offering strong potential for mutually beneficial cooperation between the two countries.
The Saudi delegation is scheduled to hold further discussions with senior Pakistani government officials and private sector representatives during its visit, with the shared objective of advancing the economic partnership between Islamabad and Riyadh.
