Pakistan, Saudi Arabia and local partners have signed a memorandum of understanding (MoU) to explore the development of a maritime business district on prime Karachi Port Trust’s (KPT) waterfront land, the maritime affairs ministry said on Saturday.

In a statement, Maritime Affairs Minister Junaid Anwar Chaudhry said the MoU was signed between KPT, Saudi Business Council–Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Limited (AHDRML), and the Pakistan Corporate Consortium.

The proposed project would be built on a 140‑acre KPT site on Karachi’s MT Khan Road and is intended to transform the area into a major commercial and maritime hub, the minister said.

The development is envisaged to include modern commercial infrastructure aimed at attracting investment, generating employment, and supporting urban development, he added.

“This strategic collaboration is a transformative opportunity to unlock the full potential of KPT’s waterfront assets and position Pakistan as a regional hub for maritime commerce and investment,” Chaudhry was quoted as saying.

The minister affirmed that all regulatory and legal requirements under the Pakistani law would be met before the project proceeds.

Members of the Saudi delegation showed keen interest in broader cooperation in the maritime sector, including potential involvement in port infrastructure and related projects, he added.

The minister noted that the visit was part of wider efforts by Islamabad and Riyadh to deepen economic ties and explore investment opportunities in ports, logistics, infrastructure and trade facilitation.

“Subject to regulatory approvals, the development could become one of the largest waterfront commercial projects in the region,” the minister added.

In November last year, the ministry had invited proposals from the business community for the development of 140 acres of KPT land, proposing a joint venture model where the port acts as a strategic partner to establish an industrial park.

Chaudhry had also said the government planned to expand the Pakistan National Shipping Corporation’s (PNSC) fleet by 50 per cent. He said the PNSC’s target of 30 vessels, initially planned for three years, should now be achieved within a year.