KARACHI – The United Arab Emirates (UAE) is “keen” about investing in the Karachi port terminal business, sources said on Wednesday.
The source further said that the UAE wants to equip Karachi port terminals with the latest technology to handle cargo smoothly. The terminal handling agreement with the UAE will be signed by June 30, the source said.
Finance Minister Ishaq Dar and Maritime Minister Faisal Subzwari are finalizing the terms of the agreement with the UAE.
The group has been given the green light to finalize a draft operation, maintenance, investment and development agreement with designated UAE agencies under an intergovernmental arrangement for the handover of the Karachi port terminal, the sources said.
Earlier this year, the federal government formed an eight-member committee to start outsourcing Pakistan’s three main airports — Islamabad, Karachi and Lahore.
The council wrote a letter to managers at all three major airports and directed them to provide data from the airport’s aviation department.
Pakistan has been plunged into financial crisis amid uncertainty over the resumption of a $6.5 billion agreement with the International Monetary Fund (IMF).