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UAE group commits over $2 billion direct foreign investment in Pakistan

06:39 PM | 18 May, 2023
UAE group commits over $2 billion direct foreign investment in Pakistan

KARACHI — A high powered delegation from United Arab Emirates (UAE) visited Karachi and met with Faisal Sabzwari, Federal Minister For Maritime Affairs, Government of Pakistan, to sign a strategic Memorandum of Understanding (MOU) which will see a total investment of over $ 2 billion USD as direct foreign investment into Pakistan.

The Abu Dhabi Ports Group (AD Ports) delegation was led by H.E. Captain Mohamed Juma Al Shamisi, CEO and Managing Director of AD Ports Group along with his senior team. The AD ports have committed to invest in port infrastructure, special economic zone, run cargo rail and inland ports with a total investment of over 2 billion USD as direct foreign investment into Pakistan. 

AD Ports Group is a UAE Government owned entity and the leading maritime and logistics provider from the Middle East. The Group has taken a significant step towards enhancing regional connectivity and fostering economic growth in Pakistan by signing a Memorandum of Understanding (MOU) with the Karachi Port Trust (KPT). The MOU paves the way for enhancing bilateral cooperation and increasing efforts in the development, expansion, and digitalization of port projects within Pakistan.

The MOU signing between Abu Dhabi Ports and Karachi Port Trust represents a shared vision to drive sustainable growth, promote trade diversification, and strengthen bilateral ties between the UAE and Pakistan. The collaboration encompasses a wide range of initiatives and projects aimed at enhancing port infrastructure, optimizing operational efficiencies, and embracing digitalization. The Group will also attract foreign direct investment and leverage its technical expertise to conduct feasibility studies and analysis, to ensure commercial success of the project.

Captain Mohamed Juma Al Shamisi, CEO and Managing Director of AD Ports Group, stated: “We aim to leverage our Group’s extensive experience and strong relationships with major shipping lines, to transform Karachi Port’s Container Terminal into a premier hub for transshipment as well as imported and exported cargo. In line with our wise leaderships’ vision for economic diversification, we anticipate that this collaboration will propel Karachi Port towards becoming a global hub of global trade and reinforce its significance as a key player in the trade and maritime industries, further stimulating economic prosperity in the region.”

Chairman KPT stated: "This partnership with Abu Dhabi Ports is a significant milestone for Karachi Port Trust. By combining our strengths and expertise, we are poised to unlock unprecedented growth opportunities for our port and the wider trade community. Together, we will work towards transforming Karachi Port into a world-class maritime hub that can effectively meet the demands of the evolving global trade landscape."

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

On Saturday, Euro stands at 302  for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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