The United Arab Emirates has offered to acquire Karachi Port Terminals on lease for 50 years. The negotiated deal is considered to be the first foreign businesses deal without any competitive bidding process.
The Abu Dhabi Ports Company, UAE said that Pakistan will get the payment of $50 million upfront for the infrastructure and fixed equipment.
The offer also states that the Abu Dhabi Ports Company will pay $3.21 per square meter fee and $18 per cross berth royalty free. However, these charges will only become official once the federal cabinet approves them.
According to the deal, the Karachi Port Trust will get $23-$24 million annually at the current projected traffic.
The agreement between Karachi Port Trust and The Abu Dhabi Ports Company is expected to be signed today.
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