Pakistan has signed a memorandum of understanding with Saudi and local partners to explore development of a maritime business district on prime Karachi Port Trust waterfront land.

Federal Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry, in a statement, said the MoU was signed between KPT, Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited and the Pakistan Corporate Consortium.

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