Key Points
- Development planned on 140 acres
- Construction targeted for 2028
ISLAMABAD: Pakistan’s largest port operator is evaluating a proposal to develop a Rs 1.5 trillion ($5.4 billion) maritime business district on Karachi’s waterfront.
It is a mega real estate and commercial project backed by a Saudi-led consortium that could become the largest urban development scheme in the country.
The proposal stems from a memorandum of understanding signed last month between the Karachi Port Trust (KPT), Saudi Business Council–NAJD Gateway Holding Company, Arif Habib Dolmen REIT Management Limited and Pakistan Corporate Consortium to explore the development of a world-class maritime business district on 140 acres of prime waterfront land owned by KPT.
“This will be a project of at least 1.5 trillion rupees ($5.4 billion),” KPT Chairman Rear Admiral (Retired) Shahid Ahmed said during a media briefing in Karachi.
He added that Saudi Arabia had already expressed its interest in investing in the project, alongside interest from several other countries.
Ahmed said the Arif Habib Group had proposed leading the development, with construction expected to begin in early 2028 after feasibility studies, town planning and financial modelling are completed.
He noted that the project had only recently entered the feasibility stage, which is expected to take between one and one-and-a-half years.
The project features a business district
The proposed district would feature commercial office towers, hotels, convention and exhibition centres, serviced apartments, shopping and entertainment venues, educational institutions and dedicated zones for marine technology, logistics, digital banking and port-linked businesses.
Officials said the development would be structured through a Real Estate Investment Trust (REIT), allowing local and international institutional and retail investors to participate in the project.
Under the proposed public-private partnership model, KPT would contribute the land as equity, with investors financing construction and associated infrastructure.
Arif Habib, chairman of the Arif Habib Group, told Arab News that investor mobilisation would begin after KPT completed its evaluation of the proposal and the project secured all required regulatory approvals, including federal cabinet clearance. He said it was too early to estimate the likely share of foreign investment, including from Saudi Arabia, but maintained that the project was financially viable.
Pakistan has been seeking to attract greater Saudi investment as the Kingdom expands its economic engagement with Islamabad in sectors such as mining, energy, infrastructure and logistics. The Karachi waterfront development is expected to support those efforts by creating a new commercial and maritime hub in the country’s financial capital.
Expressing optimism about the initiative, Ahmed described the maritime business district as potentially “the biggest project of Pakistan,” underscoring its significance for urban renewal, foreign investment and the long-term expansion of Karachi’s port economy.
