KARACHI TERMINAL GROUNDBREAKING CEREMONY

Officials from Pakistan and the United Arab Emirates performed the groundbreaking of a US $175 million bulk and general cargo terminal in the port of Karachi, following a new 25-year concession agreement signed between AD Ports Group and Karachi Port Trust (KPT) in in February this year.

Under the terms of the agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company, will develop, operate and manage the terminal at Berths 11 to 17 at Karachi Port’s East Wharf. 

At the groundbreaking ceremony, Khurram Khan, CEO of Karachi Gateway Terminal, highlighted the fact that AD Ports Group’s significant investment in Karachi Port underscores a “steadfast commitment to Pakistan’s future”. He said, “With the signing of two concession agreements, AD Ports Group demonstrates unwavering confidence in Pakistan’s economic trajectory, signalling a new era of growth and prosperity in the maritime sector.”

Also present was CEO Fujairah Terminals, AD Ports Group, Abdulaziz Albalooshi, who said the group planned to further expand its footprint in Pakistan through investments in the ports, logistics and supply chain sectors.

At the ceremony AD Ports Group presented Pakistan’s Ministry for Maritime Affairs a cheque for US$ 50m million as an upfront fee payment as set out in the terms outlined in the agreement for outsourcing operations at Karachi Port’s East Wharf.

source : themaritimestandard