KARACHI: Pakistan has signed a Memorandum of Understanding (MoU) with Saudi Arabia and local partners to explore the development of a 140-acre waterfront project at Karachi Port Trust (KPT), aiming to transform the area into a major maritime and commercial hub.
According to officials, the agreement was signed between Karachi Port Trust, Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited, and the Pakistan Corporate Consortium.
The proposed project will be developed on prime KPT land located on MT Khan Road, Karachi. The initiative is expected to include modern commercial infrastructure designed to attract foreign investment, create employment opportunities, and support urban development in the city.
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry described the collaboration as a “transformative opportunity” that could unlock the economic potential of Karachi’s waterfront assets and strengthen Pakistan’s position as a regional maritime trade hub.
Officials added that the project is part of broader efforts by Pakistan and Saudi Arabia to enhance economic cooperation in sectors including ports, logistics, infrastructure, and trade facilitation. Subject to regulatory approvals, the development could become one of the region’s largest waterfront commercial projects.
