Cash-Strapped Pakistan To Lease Part Of Karachi Port To UAE For $220 Million
NDTV
Karachi Port is Pakistan's oldest and busiest, with 33 berths, and the UAE deal will see the joint venture lease four of them for the next 50 years.
AD Ports Group of the United Arab Emirates (UAE) signed an agreement Thursday to take over the running of part of Pakistan's main Karachi docking facility in a deal worth an immediate $220 million, the company said.
The deal will come as a shot in the arm for Pakistan, with the economy on the brink of collapse and the government desperate for big-ticket foreign investment to help service crippling debt.
AD Ports Group has formed a joint venture with another UAE company, Kaheel Terminals, to take over berths from Karachi Port Trust (KPT), the state-owned handling agency.
Karachi Port is Pakistan's oldest and busiest, with 33 berths, and the UAE deal will see the joint venture lease four of them for the next 50 years.
