Karachi: Sindh Governor Kamran Tessori inaugurated Karachi Gateway Terminal Limited (KGTL). In ceremony held at Karachi Port Trust, an agreement was signed between Abu Dhabi Ports Group and Karachi Port Trust. Signed by CEO Juma Shamsi and Chairman KPT Syed Saidin Raza. Minister of Maritime Affairs Faisal Sabzwari, Sindh Chief Minister Syed Murad Ali Shah and UAE Ambassador, Consul General, UAE Minister of Energy/Infrastructure Suhail Mohamed Al Mazrouei, Investment Minister Dr. Thani bin Al-Zeyoudi, Ambassador Ahamed Damook Maktoum, Chairman of Karachi Port Trust Syed Syedin Raza, Chief Executive Officer of Abu Dhabi Group Juma Shamsi and others were present.

Addressing ceremony, Governor said that Karachi Gateway Terminal Limited Abu Zahabi Ports Group will operate and develop this free, UAE bilateral relationship will further strengthen while this agreement will help to adapt Karachi Gateway Terminal to contemporary requirements. UAE’s investment is important in stabilizing Port activities. Faisal Sabzwari said that no employee would be retrenched. He said that Abu Dhabi Ports Group will manage, operate and develop it. He said that royalty of Port is expected to increase by 12.5 percent. Juma Shamsi said that this terminal will prove to be important not only for regional but also for regional and global business. He added that Pak-UAE mutual trade was 9.3 billion dollars in 2022. This terminal will further increase it. He said that currently UAE is Pakistan’s biggest partner. He said that they will invest in railways and digital network.

Statement noted that terminal’s operations are all dollarised with no foreign exchange exposure to Pakistani Rupee. Historically, terminal has been generating revenue of around $ 55 million and EBIDTA or around $ 30 million annually, it said.“This agreement has potential to unlock new chapter of growth and progress for both UAE and Pakistan,” said Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group. Al Sahmisi was of view that agreement would strengthen ties with key trading nations and leading to increased economic growth and prosperity. Meanwhile, Faisal Subzwari Minister for Maritime Affairs said, “Signing of this agreement underscores both our great nation’s shared vision for development of port infrastructure and sets stage for prosperous global maritime ecosystem.”

Published in The Daily National Courier, June, 23 2023

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