UAE keen to invest in Karachi port terminal operations

The UAE is eager to invest in Karachi port terminal operations.

According to sources, the UAE intends to outfit Karachi port terminals with cutting-edge technology to ensure smooth freight management. According to the sources, the terminal handling deal with the UAE would be signed by June 30.

The terms of the agreement with the UAE are being finalised by Finance Minister Ishaq Dar and Maritime Affairs Minister Faisal Sabzwari.

According to sources, the panel has been given permission to finalize a draught operation, maintenance, investment, and development agreement under government-to-government arrangements with a UAE-nominated agency for the handover of the Karachi port facilities.

Earlier this year, the federal government formed an eight-member committee to begin outsourcing three major airports in Pakistan – Islamabad, Karachi and Lahore.

The committee wrote a letter to managers of all three major airports and directed them to provide data of the airports’ aviation ministry.

Pakistan is in a financial crisis amid uncertainty over the revival of the $6.5 billion deal with the International Monetary Fund (IMF).