Emirates’ AD Ports Group has announced that it has signed four memorandums of understanding with the government of Pakistan in the field of sea, air and rail transportation, logistics and digital services.
Publish dateSunday 10 November 2024 - 01:27
According to Amac News: Based on the AD Ports Group's announcement, these contracts were signed in Islamabad between Shahbaz Sharif, the Prime Minister of Pakistan, and Thani bin Ahmed Al-Zoudi, the Minister of the UAE Government for Foreign Trade, and with the presence of a number of other officials from the two countries and senior AD officials.
Based on these agreements, the parties will explore possible cooperation in the fields of customs, rail infrastructure, airport infrastructure and maritime transport and logistics, which, if implemented, will expand AD Ports Group's activities in Pakistan.
AD Ports Group has said that the focus of these collaborations will be on a wide range of basic transport and trade areas, including the improvement of digital customs controls, the development of freight rail corridors, the upgrading of the marine fleet and maritime services, as well as cooperation in improving logistics and transport services.
AD Ports Group is one of the major investors in Pakistan, which is known as a strategic business gateway to Central Asia and Russia.
In collaboration with Emirati partner Caheel Terminals, AD Ports Group is developing, operating and managing container, general and bulk cargo operations at Karachi Port, Pakistan's largest port, where it has agreed to invest approximately $400 million over 15 years.
The UAE is one of Pakistan's largest trading partners and a major source of foreign investment, which has reached more than $10 billion over the past 20 years. The volume of trade between the UAE and Pakistan has also increased to 7.9 billion dollars in 2023 according to the statistics of the UAE government, which shows a 12% increase compared to 2022.
In February 2024, AD Ports Group signed a 25-year concession agreement with the Federal Authority of Pakistan, which oversees Karachi Port, to develop, operate and manage bulk and general cargo at berths 11-17 of Karachi Port.
As a major shareholder in a joint venture with Emirates Cahill Terminals, the company has agreed to invest $75 million in infrastructure and equipment over the next two years, followed by $100 million over the next five years to increase productivity and capacity by 75 percent.
Based on these agreements, the parties will explore possible cooperation in the fields of customs, rail infrastructure, airport infrastructure and maritime transport and logistics, which, if implemented, will expand AD Ports Group's activities in Pakistan.
AD Ports Group has said that the focus of these collaborations will be on a wide range of basic transport and trade areas, including the improvement of digital customs controls, the development of freight rail corridors, the upgrading of the marine fleet and maritime services, as well as cooperation in improving logistics and transport services.
AD Ports Group is one of the major investors in Pakistan, which is known as a strategic business gateway to Central Asia and Russia.
In collaboration with Emirati partner Caheel Terminals, AD Ports Group is developing, operating and managing container, general and bulk cargo operations at Karachi Port, Pakistan's largest port, where it has agreed to invest approximately $400 million over 15 years.
The UAE is one of Pakistan's largest trading partners and a major source of foreign investment, which has reached more than $10 billion over the past 20 years. The volume of trade between the UAE and Pakistan has also increased to 7.9 billion dollars in 2023 according to the statistics of the UAE government, which shows a 12% increase compared to 2022.
In February 2024, AD Ports Group signed a 25-year concession agreement with the Federal Authority of Pakistan, which oversees Karachi Port, to develop, operate and manage bulk and general cargo at berths 11-17 of Karachi Port.
As a major shareholder in a joint venture with Emirates Cahill Terminals, the company has agreed to invest $75 million in infrastructure and equipment over the next two years, followed by $100 million over the next five years to increase productivity and capacity by 75 percent.
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Source : news agency wam
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