Pakistan, June 7 -- Pakistan has signed a memorandum of understanding (MoU) with Saudi and local partners to explore development of a maritime business district on prime Karachi Port Trust (KPT) waterfront land.

Federal Maritime Affairs Minister Muhammad 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, said a press release on Saturday.

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.

The development is envisaged to include modern commercial infrastructure aimed at attrac...