UAE to invest in Karachi port terminal

UAE to invest in Karachi port terminal

The United Arab Emirates (UAE) is interested in investing in Karachi port terminal operations. The sources claimed that final deal between Pakistan and UAE is expected to be inked before June 30.

The deal is ensure smooth handling of shipments on port by using latest tachnology. Finance Minister Ishaq Dar and Maritime Affairs Minister Faisal Sabzwari are finalizing the conditions of the agreement with UAE.

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Operations under the deal

The deal will include a draft operation, maintenance, investment, and development agreement under the government-to-government arrangements with the nominated agency of UAE.

Earlier, the Federal government also formed an eight-member committee to begin outsourcing of three Pakistani airports, Karachi, Lahore and Islamabad.

The committee collected the data from all three major airports and directed them to provide all the details of airports. Aviation ministry helped the committee for collection of data.

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The outsourcing of airports and signing a deal with UAE, is all the result of financial crises Pakistan is currently facing over the revival of $6.5 billion deal with the International Monetary Fund (IMF).

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