According to a statement issued on Saturday, the agreement was signed between Karachi Port Trust, Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium.
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said the proposed project would be developed on a 140-acre site along MT Khan Road in Karachi and aims to transform the area into a modern commercial and maritime hub.
He described the initiative as a “transformative opportunity” to unlock the value of Karachi Port Trust waterfront assets and position Pakistan as a regional centre for maritime commerce, investment, and logistics.
The planned development is expected to include commercial infrastructure designed to attract domestic and foreign investment, generate employment opportunities, and support broader urban development in Karachi.
The minister stressed that all regulatory and legal requirements under Pakistani law will be fully observed before any construction or implementation begins.
Representatives of the Saudi delegation reportedly expressed interest in expanding cooperation in Pakistan’s maritime sector, including potential investments in port infrastructure and related development projects.
Chaudhry added that the initiative forms part of wider efforts between Pakistan and Saudi Arabia to strengthen economic ties and explore joint opportunities in ports, logistics, infrastructure, and trade facilitation.
He said that, subject to approvals, the project could emerge as one of the largest waterfront commercial developments in the region.
