Davos, Switzerland – Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic Forum in Davos. The agreements will focus on collaboration in railways, economic zones, and infrastructure projects.
One of the key agreements involves the establishment of a rail-based dedicated freight corridor (DFC) running from Karachi Port on the Arabian Sea through Karachi to the Pipri Marshalling Yard, aiming to alleviate traffic congestion, enhance road efficiency, reduce transport time, and substantially lower logistic costs.
Federal Minister for Communication, Railways, and Maritime Affairs Shahid Ashraf Tarar and Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation (PCFC) in the Dubai government, were the signatories of these agreements.
The signing ceremony was attended by Caretaker Prime Minister Anwaarul Haq Kakar, who expressed satisfaction with the growing exchanges and cooperation between businesses in Pakistan and the UAE.
During the meeting, PM Kakar welcomed DP World’s interest in expanding its business in Pakistan and assured the company of the government’s continued support. He stressed Pakistan’s commitment to facilitating partner enterprises in realizing its geo-economic vision as a hub of commerce and industry.
The agreements encompass cooperation in the development of a dedicated freight corridor, a multi-model logistics park, and freight terminals.
DP World, acting on behalf of the Dubai government, will undertake infrastructure improvements at Port Qasim International Container Terminal and plans to develop an economic zone near the terminal, strengthening bilateral relations in the marine and logistics sectors.
A second framework agreement was signed with Pakistan’s Ministry of Maritime Affairs for dredging the navigation channel. DP World, representing the government of Dubai, will carry out the capital dredging and develop an economic zone at Port Qasim, aiming to attract over $3 billion in foreign direct investment.
Shahid Tarar highlighted DP World’s longstanding presence in Pakistan, emphasizing that the agreements signify the consolidation of economic cooperation between the two countries through landmark projects. Sultan Ahmed bin Sulayem, CEO of DP World, acknowledged Pakistan as a growing market and an essential trade corridor to Central Asia.
