June 20, 2023
1 min read

Pakistan to hand over Karachi port terminals to UAE

The move may mark the first intergovernmental transaction under a law enacted last year to raise emergency funds…reports Asian Lite News

Pakistan has constituted a negotiation committee to finalise a deal with the United Arab Emirates (UAE) for handing over the Karachi port terminals.

This move may mark the first intergovernmental transaction under a law enacted last year to raise emergency funds, The Express Tribune reported.

Finance Minister Ishaq Dar chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions.

The cabinet committee decided to set up a committee to negotiate a commercial agreement between the Karachi Port Trust (KPT) and the UAE government, according to the decision.

The negotiation committee has also been permitted to finalise a draft operation, maintenance, investment, and development agreement under the government-to-government arrangements with a nominated agency of the UAE for handing over the Karachi port terminals.

The negotiation committee set up to finalise a framework agreement will be headed by the Minister for Maritime Affairs, Faisal Sabzwari.

The committee members include the additional secretaries of Finance and Foreign Affairs, the special assistant to PM Jehanzeb Khan, the Chairman of the Karachi Port Terminal (KPT), and the general managers of the KPT.

Pakistan aims to reach a deal to hand over the terminals to Abu Dhabi Ports (ADP), a subsidiary of the Abu Dhabi Ports Group.

The UAE government had shown interest in acquiring the Karachi port terminals that were under the administrative control of the Pakistan International Containers Terminals (PICT) last year, The Express Tribune reported.

Abu Dhabi Ports, part of AD Ports Group, owns or operates 10 ports and terminals in the UAE.

Last year, the coalition government enacted the Intergovernmental Commercial Transactions Act, aimed at selling state assets on a fast-track basis to raise funds.

The country is in dire need of additional money after its deal with the International Monetary Fund has lapsed.

ALSO READ: Pakistan issues 473 visas to Sikh pilgrims

Previous Story

IndiGo inks historic aircraft deal with Airbus

Next Story

Rashmika extremely excited for ‘Animal’

Latest from -Top News

Modi all set for Japan, China visits

By travelling to both Tokyo and Tianjin within the span of a week, Modi is set to balance strategic partnerships with Japan and cautious engagement with China – two relationships that will

Canada to lift counter-tariffs on US goods

Canadian Prime Minister Mark Carney has announced that Ottawa will remove its counter-tariffs on US goods covered under the Canada-US-Mexico Agreement (CUSMA), beginning 1 September. The move marks a partial easing of
Go toTop

Don't Miss

‘Dream big and never stop learning’

In a speech, which was broadcast in classrooms across the

Foreign hands behind May 9 vandalism?

Latif also alleged that the PTI had been training its