DP World of UAE and NLC sign agreement

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has facilitated signing of a term-sheet among the DP World of UAE, the National Logistics Cell (NLC) and other relevant ministries that will help reduce movement of freight vehicles in Karachi (between Karachi Port and Pipri) through improved railway infrastructure.

A DP World of UAE delegation led by Sultan Ahmed Bin Sulayem (Group CEO of DP World and Chairman of Ports) visited Pakistan through the SIFC platform to finalize various commercial aspects of the Dedicated Freight Corridor Project (from Karachi Port to Pipri).

The consultation with all stakeholders regarding the Multi-Modal Logistics Park in Pipri was successfully conducted under the auspices of the SIFC, with participation from DP World, Pakistan Railways and National Logistics Cell (NLC) officials. A mutually agreed-upon term sheet was signed at a ceremony.

Mazhar Ali Shah, secretary of Pakistan Railways, represented Pakistan in the presence of the DG SIFC. The Pakistani delegation included the DG NLC and senior officials from relevant ministries and departments.

The project on its launch will reduce the movement of freight vehicles in the Karachi metropolis through improved railway infrastructure aimed at advancing freight services within the country in a highly-efficient and cost-effective manner. The initiative aims to materialize Pakistan’s envisioned Multi-Modal Logistics Framework with a multi-million-dollar investment, positioning the country as a regional hub for transshipment and transit trade.

The agreement signed between the two countries in January 2024 has led to implementation of the project within the agreed timeframe, through the joint efforts of the SIFC and key stakeholders. “This marks the beginning of long-term and strategic ties with DP World to harness Pakistan’s vast potential for regional trade and connectivity, which remains underutilized due to the lack of better port and railway infrastructure,” an announcement said.