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 remains largely stable against the US dollar, and other currencies in the open market on Sunday.
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)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
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.
|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|