UAE’s AD Ports Group JV to invest $220mln in Port of Karachi

UAE’s AD Ports Group JV to invest $220mln in Port of Karachi

AD Ports Group has signed a 50-year concession agreement with Karachi Port Trust (KPT), which oversees Port of Karachi, Southern Pakistan, and will invest $220 million over the first 10 years in a joint venture with UAE-based Kaheel Terminals. The company said the JV will manage, operate and develop the Karachi Gateway Terminal Limited (KGTL), berths 6-9 at Karachi Port’s East Wharf. The AD Ports Group is the exclusive developer and regulator of ports and related infrastructure in Abu Dhabi. The development will include significant investments in infrastructure and superstructure over the next 10 years, including deepening of berths, extension of quay walls, and an increase in container storage area, a bourse filing said. The terminal will then be able to handle larger 8,500 20 ft equivalent (TEU) vessels, increasing capacity from 750,000 to 1 million TEUs per year. The UAE was Pakistan’s biggest regional trading partner in 2021, accounting for more than 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly $1.3 billion in 2022, according to Pakistan’s Ministry of State for Foreign Affairs. (Reporting by Imogen Lillywhite; editing by Daniel Luiz) [email protected]