ISLAMABAD, JUN 6: Pakistan has signed a memorandum of understanding (MoU) with Saudi and local partners to explore the development of a maritime business district on prime Karachi Port Trust (KPT) waterfront land.

Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry said the MoU was signed between KPT, Saudi Business Council-NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium, according to a press release issued on Saturday.

The proposed project would be built on a 140-acre KPT site on MT Khan Road in Karachi and is intended to transform the area into a major commercial and maritime hub.

The development is envisaged to include modern commercial infrastructure aimed at attracting investment, generating employment, and supporting urban development.

“This strategic collaboration is a transformative opportunity to unlock the full potential of Karachi Port Trust’s waterfront assets and position Pakistan as a regional hub for maritime commerce and investment,” Minister Chaudhry said in a statement.

He said that all regulatory and legal requirements under Pakistani law will be met before the project proceeds.

Members of the Saudi delegation showed keen interest in broader cooperation in the maritime sector, including potential involvement in port infrastructure and related projects.

Chaudhry said the visit is part of wider efforts by Islamabad and Riyadh to deepen economic ties and explore investment opportunities in ports, logistics, infrastructure and trade facilitation.

Subject to regulatory approvals, the minister said, the development could become one of the largest waterfront commercial projects in the region.