Pakistan approves deal to hand over two more Karachi terminals to UAE

09:05 PM | 10 Aug, 2023
Pakistan approves deal to hand over two more Karachi terminals to UAE
Source: File Photo

KARACHI – The United Arab Emirates (UAE) would receive two more seaport terminals under a commercial arrangement that Pakistan has approved.

According to a late-night statement from the finance ministry, "the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) recommended the Federal Cabinet for approval of the amended commercial agreement." It is typical for the cabinet to offer the UAE two additional terminals after receiving the nod from its subcommittee, which is chaired by Finance Minister Ishaq Dar.

The UAE government-owned company will pay an additional US$25 million upfront, adjustable against revenue sharing over the course of the following seven years, with US$3 million each year for the first five years and US$5 million annually for the following two.

With the new decision, 85% of the east wharf of the Karachi port would be exclusively available for operations and development by the Abu Dhabi (AD) Ports of the United Arab Emirates.

The concessioner will begin construction in September 2023 to upgrade the facility.

Prior to that, the CCoIGCT examined the suggestions made by the negotiating committee for the construction of the bulk and general cargo terminal at Karachi Port, which met twice on August 8, 2023. 

The meeting was attended by Syed Faisal Ali Sabzwari, Syed Naveed Qamar, Khurram Dastgir Khan, SAPM on finance Tariq Bajwa, SAPM on revenue Tariq Mehmood Pasha, secretary for maritime affairs, secretary for law and justice, and chairman of the KPT.

It is important to note that the Price Negotiation Committee (PNC) was instructed to seek a higher price by the same cabinet committee just two days prior after it had declined to approve these terms.


Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 10 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.

Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.4 285.95
Euro EUR 307 310
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 741.76
Qatari Riyal ‎QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold price drops in Pakistan; Check out today gold rates here

Gold prices decreased in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 10 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.

Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.

In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 216,300 PKR 2,486
Karachi PKR 216,300 PKR 2,486
Islamabad PKR 216,300 PKR 2,486
Peshawar PKR 216,300 PKR 2,486
Quetta PKR 216,300 PKR 2,486
Sialkot PKR 216,300 PKR 2,486
Attock PKR 216,300 PKR 2,486
Gujranwala PKR 216,300 PKR 2,486
Jehlum PKR 216,300 PKR 2,486
Multan PKR 216,300 PKR 2,486
Bahawalpur PKR 216,300 PKR 2,486
Gujrat PKR 216,300 PKR 2,486
Nawabshah PKR 216,300 PKR 2,486
Chakwal PKR 216,300 PKR 2,486
Hyderabad PKR 216,300 PKR 2,486
Nowshehra PKR 216,300 PKR 2,486
Sargodha PKR 216,300 PKR 2,486
Faisalabad PKR 216,300 PKR 2,486
Mirpur PKR 216,300 PKR 2,486


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