The United Arab Emirates (UAE) is keen to invest in Karachi port terminal operations, sources said on Wednesday. Sources further said UAE wants to equip Karachi port terminals with the latest technology for the smooth handling of shipments. The sources claimed that the agreement regarding terminal handling with the UAE will be inked before June 30.Finance Minister Ishaq Dar and Maritime Affairs Minister Faisal Sabzwari are finalizing the conditions of the agreement with the UAE. Sources said, the panel has been permitted to finalise a draft operation, maintenance, investment, and development agreement under the government-to-government arrangements with a nominated agency of the UAE for handing over the Karachi port terminals.

Earlier this year, the federal government formed an eight-member committee to begin outsourcing three major airports in Pakistan, Islamabad, Karachi and Lahore. The committee wrote a letter to managers of all three major airports and directed them to provide data of the airports aviation ministry. Pakistan is in a financial crisis amid uncertainty over the revival of the $6.5 billion deal with the International Monetary Fund (IMF).

Credit : Independent News Pakistan-INP