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AD Ports Group seeks ‘economic growth’ with key MoUs

2023-06-02 Alex Russo

02062023 // karachi_port_cropped.png (538 K)

Photo Credit: Karachi Port Trust (KPT)

AD Ports Group has signed the latest in a series of major Memorandums of Understanding (MoU) with the Karachi Port Trust (KPT), which signals their wider goals for “strengthening bilateral ties and economic diversification”.

The leading port operator signed the MoU with KPT on the 18th of May which seeks to boost economic growth in Pakistan by focusing on the development, expansion, and digitalisation of port projects. The MoU outlines a range of initiatives to improve port infrastructure, optimise operational efficiencies, and embrace digital advancements. 

Capain Mohamed Juma Al Shamisi, CEO of AD Ports Group, stated, “We aim to leverage our Group’s extensive experience and capabilities to transform Karachi Port’s Container Terminal into a premier hub for transshipment as well as imported and exported cargo.”

Al Shamisi said the MoU is in line with AD Ports Group leadership’s “vision for economic diversification” and enhancing bilateral cooperation. The group will conduct feasibility studies and analysis to ensure the success of the various port projects.

As AD Ports Group continues to grow, through “prudent investment and the development of world-class infrastructure” they have issued a clear roadmap for growth. Over the next five years, the company is set to invest AED 15 billion in capital expenditure, aimed at expanding its maritime infrastructure, economic zones and logistics assets. AD Ports Group expressed hopes that this long-term strategy will provide opportunities for sustainable returns.

The strategy looks to have been driving the increase in MoUs, as well as a significant focus on Egypt. A previous agreement with the Egyptian Group for Multipurpose Terminals gives way to the development and operation of a multi-purpose port in Safaga, Egypt, alongside two 15-year agreements for ports in Egypt’s Red Sea region and the Mediterranean Sea.

Meanwhile, in April, the port group also signed a General Corporate Facility agreement with a syndicate of 13 regional and international banks worth approximately GBP 1.6 billion.

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