Pakistan and Dubai sign maritime and logistics agreements

DP World will be a major beneficiary of the agreements as it has been nominated by Dubai as its representative in the pact. State-controlled Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistan Government. DP World has had an operating presence in Port Qasim since 1997 and it operates the port’s Qasim International Container Terminal.

The various agreements comprise:

•  Dredging of the main navigation channel at Port Qasim – signed between Pakistan’s Ministry of    Maritime Affairs and the Dubai Government, with DP World responsible for its execution
•           Development of an economic zone at Port Qasim, which aims to attract more than US$3B in foreign direct investment. DP World will also be responsible for this project
•           Construction of a DFC rail link connecting the port of Karachi with the city’s Pipri Marshalling Yard, a distance of about 45Km. It will reduce the amount of truck traffic having to move through city streets, improving delivery times, cutting emissions and reducing transports costs for importers and exporters. This project will be undertaken by Pakistan Railways.

Speaking at the signing ceremony, Sultan Ahmed bin Sulayem, chairman of Ports, Customs and Free Zone Corporation and group chairman and CEO of DP World, said: “Pakistan is a growing market, and an important trade corridor to Central Asia. We are proud to have contributed to its trading ability through our operations at Qasim International Container Terminal and are honoured to work with various Pakistani government organizations to develop new freight systems and with Port Qasim Authority to enhance port connectivity and investment. These will help serve Pakistan’s growing population, forecast to approach 300M in the coming decade, and integrate it further into the wider region.”

Commenting on behalf of the Pakistan Government, HE Shahid Ashraf Tarar, Federal Minister of Communication, Railways and Maritime Affairs, said: “DP World has a long standing proud presence in Pakistan witnessed by mutually rewarding engagements. Building on the unwavering trust and partnership, the two brotherly countries have decided to further consolidate the economic cooperation through landmark projects. The signing of Investment Framework Agreements highlights the importance of Pakistan as gateway to Asia and commercial dividends associated with its strategic location.”