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UAE to build cargo terminal at Karachi port in major boost for trade ties

01:42 PM | 25 Jul, 2023
UAE to build cargo terminal at Karachi port in major boost for trade ties

KARACHI – Pakistani authorities gave a nod for the proposed deal with the United Arab Emirates (UAE) to build a bulk and general cargo terminal at port city of Karachi.

The decision was made by Federal Minister for Finance Ishaq Dar who chaired the meeting of the Cabinet Committee on Intergovernmental Commercial Transactions (CCoIGCT).

Earlier, Islamabad formed a committee including law and justice, maritime affairs, and foreign affairs officials to form a draft framework agreement with Abu Dhabi.

In a statement, Finance Ministry said the committee approved G2G draft Framework Agreement for ratification of Cabinet.

Earlier, Abu Dhabi Port inked a 50-year agreement with the Karachi Port Trust (KPT) for handling of one of its port terminals in Karachi, under the terminal, Pakistan International Container Terminal (PICT) has been handed over to AD Ports Group, and Kaheel Terminals to manage operate and develop Gateway Terminal.

Pakistan is expected to see over $200 million in over the first 10 years while it will boost Pakistan-UAE bilateral relations and strengthen trade ties with other nations as well.

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
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 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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