22 C
Friday, December 8, 2023

UAE ‘keen’ to invest in Karachi port terminal operations


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).


Source link

Related Articles

Best Christmas Markets and Free Santa Meet & Greet in Dubai and Abu Dhabi-1

Christmas Markets As December arrives, the UAE transforms into a festive wonderland, reminiscent of Andy Williams' timeless holiday song. Explore the enchanting Winter Gardens...

Launch of 2024 Heat Alert in the UAE Amid Worsening Climate Change

Heat Alert In response to a series of unprecedented heat waves in recent years, the Abu Dhabi government is taking decisive action, planning to...

Dubai Authorities Locate Missing Grade 7 Boy Within 8 Hours

Authorities The family of a Grade 7 student, missing since yesterday afternoon in Dubai, has conveyed heartfelt thanks to Dubai Police and the community....

New UAE Insurance Legislation Requires Minimum Claim Value of Dh50,000 for Appeals Against Dispute Committee Decisions

The new UAE insurance laws usher in the Banking and Insurance Dispute Resolution Unit (Bidru), replacing the Insurance Settlement Dispute Committee (IDC). Bidru, an...

Geminids Meteor Shower: Anticipate 120 Shooting Stars Per Hour Illuminating the UAE Sky

Next week, the UAE is set to witness a celestial spectacle as the Geminids meteor shower reaches its peak, showcasing more than 100 shooting...

Latest Articles