DP World to sign shipping investment agreement today

DUBAI: Dubai Port (DP) World — an Emirati multinational logistic company — is expected to sign an agreement in Rawalpindi on Friday (today) to invest hundreds of millions of dollars in the shipping and logistics corridor in Pakistan. According to the newly appointed DP World Vice-Chairman Fakhar Alam, the UAE planned to invest $1 billion in three different projects in Pakistan.

Addressing the event of Pakistan Business Council Dubai, Fakhar Alam assured the Pakistani business community-based in Dubai that the UAE government was ready to invest in Pakistan but the bureaucratic hurdles in several investment projects had to be removed. Fakhar said the shipping infrastructure project in Karachi worth $220 million was delayed for more than eight years now. He expressed hope that this project will restart soon. Speaking about another investment project, Fakhar Alam said Dubai Free Zone was keen to start a “Pakistan Chapter” and was ready to invest around $500 to $600 million in the joint venture.

The chief guest of the event, Chairman Export Processing Zone Pakistan Dr Saifuddin Junejo, said that the exports would increase from $1billion to $5billion through Pakistan’s export processing zones within the next three years.

Recently, a delegation of Pakistan Export Processing Zone headed by Dr Saifuddin Junejo visited Dubai Free Zones and other business centres in the UAE. He lauded the efforts of the Dubai government for creating a conducive business environment.

Addressing the event, the Director of Pakistan Business Council and Chairman Hemani Business Group Mustafa Hemani said the joint venture between Pakistan Export Processing Zones and Dubai Free Zones was being considered and would be implemented in future. Chairman Pakistan Business Council Dubai Iqbal Dawood appreciated the visit of officials of Pakistan Export Processing Zones to Dubai and expressed hope that investment in Pakistan will increase soon.