Sunday, May 25, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home Headline

Abu Dhabi & Gulf Countries committed $500 million in investment, Faisal Sabzwari.

News Desk
May 27, 2023
Gulf Countries
Share on FacebookShare on Twitter

Karachi: Federal Minister for Maritime Affairs, Faisal Sabzwari, announced that a contract worth $500 million is being negotiated with gulf countries, including Abu Dhabi. The intergovernmental agreement policy has been formulated and will be submitted to the Law Ministry on Monday. If approved, it will pave the way for direct foreign investment as per the conditions set by the International Monetary Fund (IMF). These remarks were made during his speech at an event organized by the Korangi Association of Trade and Industry (KATI).

Prominent personalities present at the event included the President of KATI, Faraz-ur-Rehman, Deputy Patron-in-Chief Zubair Chayya, Senator Abdul Haseeb Khan, Senior Vice President Nighat Awan, Vice President Muslim Mohammadi, Chairman Port Qasim Authority Rear Admiral (Retd.) Nasir Shah, CEO KITE Limited Zahid Saeed, Former President Masood Naqi, Gulzar Feroz, Johat Qandhari, Danish Khan, Sheikh Umar Rehan, Syed Farooq Mazhar, and Administrator Korangi, Muhammad Sharif Khan.

The Federal Minister for Maritime Affairs further stated that Pakistan and the United Arab Emirates are working under the G2G (government-to-government) agreement, and work is underway on three projects, including Bulk Terminals. He said that 1,250 acres of industrial parks would be established in Port Qasim, where foreign investors interested in industrial parks would be provided facilities.

He mentioned that there have been no increases in tariff charges at the port, digitalization has not been implemented, restrictions on leases have been imposed, and a loan of $102 million has been taken from the World Bank, which has significantly limited KPT’s financial resources. He added that terminal charges have now been increased from 60 cents to 80 cents, resulting in a marginal increase of only 1.5% in the cost of production for industrialists.

He also mentioned that all stakeholders, including container operators, have been consulted on the reduction of demurrage charges and other penalties at the port, and as a result, Karachi Port has eliminated all its penalties.

Faisal Sabzwari further stated that the country had an outdated shipping policy that was a hundred years old, and it has now been revised to meet modern requirements. This policy has been sent to the Law Ministry for approval to seek endorsement from the assembly.

He mentioned that a maritime vessel is being added to the Karachi port fleet to transport edible oil. It is desired that KPT should have a better presence with 42 maritime vessels.

The federal minister also announced approval for establishing a beach wall at Karachi Fish Harbor for tourism and recreational purposes. He said that instructions have also been issued to prepare a lab for marine fisheries.

Earlier, President KATI Faraz-ur-Rehman welcomed the Federal Minister to KATI and emphasized the need for regulating shipping companies. He proposed the implementation of a system for demurrage charges and penalties that would be based on the value of the container. He suggested that the demurrage charges system should be made available online, similar to the booking system WEBOC for shipping.

President KATI highlighted that in the past initiatives were taken to improve the infrastructure of Karachi, including the funds provided by railway, steel mills, and other sectors, and called for further funding from the KPT.

Deputy Patron-in-Chief Zubair Chayya stated that Pakistan possesses a 1,400-kilometer-long coastline with the best marine resources, including highly sought-after fish species. He emphasized the need to utilize the coastal belt for tourism, which could lead to significant economic benefits. Chhaya suggested that if the Dubai ferry service from Karachi was not feasible, the government should consider initiating a ferry service to Gwadar.

Senator Abdul Haseeb Khan proposed that the government has offered tax-free zones to attract five industrialists for investment in Faisalabad.

KITE Limited CEO, Zahid Saeed, believes that utilizing the land in Port Qasim for industrial purposes would promote industrial growth. Saeed expressed concern about the skyrocketing land prices in Karachi, which have led investors to explore opportunities in other cities. He also praised the collaborative efforts between KPT Limited and the Sindh government in promoting industrial development in Korangi.

Saeed further stated that if the KATI provides assistance and allocates grants for developmental projects, KITE Limited could further enhance its progress.

Chairman of the Standing Committee and Vice President Muslim Mohammadi emphasized the need for 24-hour scanning operations at the port. He also highlighted the importance of training programs for single-window operations and urged the Ministry of Maritime Affairs to play a proactive role in addressing the challenges faced by the fisheries industry. He acknowledged the high potential of the fisheries sector in Pakistan.

Tags: Federal Minister for Maritime AffairsKATI
News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

The second day of the Arts Council’s Arts Alumni  Festival was dedicated to the martyrs with national enthusiasm
Headline

The second day of the Arts Council’s Arts Alumni Festival was dedicated to the martyrs with national enthusiasm

May 24, 2025
FBR Modernizing Tax System with Automation, Says Chief Commissioner Aftab Imam at Awareness Session in KATI
Headline

FBR Modernizing Tax System with Automation, Says Chief Commissioner Aftab Imam at Awareness Session in KATI

May 24, 2025
North American Investors and Leading Conglomerates Attend High-Level PIA Privatization Presentation
Headline

North American Investors and Leading Conglomerates Attend High-Level PIA Privatization Presentation

May 24, 2025
Orange Tree Foundation Hosts “OTF Changemakers Gathering” to Empower High Merit, Financially Challenged Youth Toward Financial Independence
Headline

Orange Tree Foundation Hosts “OTF Changemakers Gathering” to Empower High Merit, Financially Challenged Youth Toward Financial Independence

May 24, 2025
K-Electric Continues Crackdown Against Power Theft in Manghopir Marble Industrial Area
Headline

NEPRA Approves 7-Year Tariff Plan for K-Electric Amid Consumer Concerns

May 24, 2025
Kuwait Resumes Issuance of Work and Other Visas for Pakistani Citizens
Headline

Kuwait Resumes Issuance of Work and Other Visas for Pakistani Citizens

May 24, 2025
UAE Dirham Holds Steady at PKR 76.44 – Exchange Rate Update for May 23, 2025
Headline

UAE Dirham Steady at 76.44 PKR – Exchange Rate Update for May 24, 2025

May 24, 2025
Australian Dollar Holds Steady at 180.17 PKR – May 24, 2025
Headline

Australian Dollar Holds Steady at 180.17 PKR – May 24, 2025

May 24, 2025
Hafiz Naeem-ur-Rehman announce march for the rights of Karachi
Headline

Hafiz Naeem Urges Tax Exemption for Salaries Up to Rs1.44 Million in FY26 Budget

May 24, 2025
Canadian Dollar Holds Steady at 201.55 PKR – Relief Amid Global Uncertainty
Business

Canadian Dollar Holds Steady at 201.55 PKR – Relief Amid Global Uncertainty

May 24, 2025
Next Post
NKATI rally

NKATI industrialists hold rally to show solidarity with Pak Army.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

Another leak: TikToker Somal Mohsin’s private videos go viral

Sajal Malik Video Leak Sparks Controversy as Fans and Critics Debate

Aga Khan University Celebrates Student Innovation at Concluding Ceremony of President’s Challenge for Climate Solutions

Torino Comics Honors Akira Toriyama, Creator of Dragon Ball and Dr. Slump

Zarnab Shastri’s Private Videos Leaked Amid Manahil Malik’s Controversy

Must Read

Prime Minister Shehbaz Sharif’s announcement of big relief for traders, people
PAKISTAN

Analyzing Prime Minister Shehbaz Sharif’s Recent Visit to China

June 11, 2024
Xiaomi and Leica Camera
Headline

Xiaomi and Leica Camera announce long-term strategic cooperation

May 24, 2022
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.