ISLAMABAD: Saudi Arabia is considering several major investment projects in Pakistan, including the development of a crypto and block chain zone in Karachi.
The proposal is part of broader efforts to strengthen economic and technology cooperation between the two countries. Pakistan is currently working on regulating crypto currency trading and digital finance.
At the same time, the government has signed a Memorandum of Understanding (MoU) with Saudi and local partners to study the development of a large maritime business district at Karachi Port.
Saudi delegation is currently visiting Pakistan to explore investment opportunities. Discussions have also included a proposal for an oil refinery at Gwadar Port. Pakistan has further suggested the establishment of strategic oil reserves with Saudi support.
In recent years, Gulf countries have shown growing interest in investing in Pakistan. The UAE has already secured a long term agreement to operate a port terminal in Karachi. Saudi Arabia is now exploring similar opportunities in different sectors.
Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said the MoU was signed between the Karachi Port Trust, Saudi Business Council Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Ltd, and the Pakistan Corporate Consortium.
The proposed project will cover 140 acres of land at Karachi Port on MT Khan Road. The plan aims to turn the area into a modern business and maritime center.
The project may also include a marine technology and logistics zone. In addition, authorities are considering smart port systems, digital customs services, and maritime software research projects to improve port operations.
Pakistan has also proposed international hospitals, a medical university, and a maritime and trade law school. Other planned developments include luxury hotels, office towers, a convention center, and corporate business hubs.
The maritime minister said the project could attract investment, create jobs, and support urban development in Karachi. The goal is to make Karachi Port a leading center for maritime trade and business in the region. Officials said all legal and regulatory requirements will be completed before work begins. members of the Saudi delegation also showed interest in cooperation on port infrastructure and other maritime projects.
