KARACHI: Maritime Affairs Minister Faisal Subzwari has rejected the baseless impression created by former PTI minister and analysts that the Karachi Port has been sold out to the UAE government for $50 million.

Addressing a press conference at Karachi Port Trust (KPT) on Friday, the minister said the port had not been handed over or sold to any country. “This is totally wrong. We will not give the port to any country.”

He said all the container terminals at twin ports have been constructed by the foreign companies. “Concession Agreements do not mean the transfer of property or selling off berths,” he stressed.

Various foreign government departments and companies are taking a keen interest in investing in Karachi Port which would further raise more revenues through rising business.

Hammad Azhar of PTI had tweeted that Karachi Port, the most profitable entity, leased out for $50m and profits would now be repatriated out of the country.

Muzzamil Aslam commented that handing over the port for $50m does not make sense at all. The government can impose royalty by itself. There will be more profit outflows than this meagre $50m.

Mr Sabzwari said Mr Hammad does not know that this is not the first time that a concession agreement has been signed.

He said the agreement between the Abu Dhabi Ports Group and KPT will generate about $5-7 million in revenue for the KPT and pave the way for the fresh investment of around $2bn in the maritime sector.

Mr Sabzwari was of the view that the presence of an international player suggests its confidence in Pakistan’s economy and that the arrival of ADP would improve the financial health of KPT through revenue generation.

Published in Dawn, June 24th, 2023