Karachi waterfront plan aims to boost investment, jobs, and regional trade hub ambitions
KARACHI: Pakistan has signed a Memorandum of Understanding (MoU) with Saudi Arabia and local partners to develop a 140-acre maritime land parcel in Karachi, in a major step aimed at boosting investment, employment, and port-led economic growth.
The agreement was signed between the Karachi Port Trust, the Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited, and the Pakistan Corporate Consortium, according to an official statement issued on Saturday.
The proposed development will be carried out on a prime 140-acre site located along MT Khan Road at Karachi Port Trust waterfront, with plans to transform the area into a modern maritime business district.
Plan to Build a Regional Maritime Hub
Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said the initiative represents a “transformative opportunity” to unlock the full economic potential of Karachi’s waterfront assets.
He added that the project is designed to position Pakistan as a regional hub for maritime commerce and investment by developing modern commercial infrastructure that can attract both domestic and foreign investors.
Investment, Jobs and Urban Growth Focus
The development concept includes large-scale commercial and business infrastructure aimed at supporting trade, logistics, and maritime-related services. Officials say the project is expected to generate employment opportunities and contribute to wider urban development in Karachi.
Authorities emphasised that all regulatory and legal requirements under Pakistani law will be fulfilled before the project moves into the implementation phase.
Strengthening Pakistan–Saudi Economic Ties
Members of the Saudi delegation reportedly expressed strong interest in expanding cooperation within Pakistan’s maritime sector, including potential investments in port infrastructure and related logistics projects.
The minister said the initiative forms part of broader efforts by Islamabad and Riyadh to deepen economic cooperation and explore joint ventures in ports, infrastructure, trade facilitation, and logistics.
He further noted that, subject to approvals, the waterfront development could become one of the largest commercial maritime projects in the region, marking a significant milestone in Pakistan’s infrastructure and investment landscape.
The project is expected to play a key role in enhancing the commercial utilisation of Karachi Port Trust assets while strengthening long-term economic collaboration between Pakistan and Saudi Arabia.
