Saudi Arabia plans crypto zone for Karachi

Kingdom explores other mega projects on KPT's prime land

ISLAMABAD:

Saudi Arabia is set to establish a crypto and blockchain zone in Karachi along with studying the potential of other mega projects.

Pakistan's government is currently working on regularising crypto trade, backed by US President Donald Trump. Pakistan has also signed a Memorandum of Understanding (MoU) with Saudi and local partners to explore the development of a maritime business district on prime waterfront land at Karachi Port.

At present, a Saudi delegation is visiting Pakistan, which has received a proposal to set up an oil refinery at Gwadar Port. Pakistan also wants Saudi Arabia to establish strategic oil reserves.

Earlier, the UAE was working on a plan to acquire some mining leases in Pakistan. The UAE has already been handed over a port terminal in Karachi on a 50-year contract. Now, Saudi Arabia is looking for investment opportunities in Pakistan.

In a statement, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said the MoU had been signed between the Karachi Port Trust (KPT), the Saudi Business Council-Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Ltd and the Pakistan Corporate Consortium.

The project will be developed on a 140-acre KPT site on MT Khan Road and is intended to transform the area into a major commercial and maritime hub.

According to sources, Pakistan has proposed some key projects under the MoU. As part of finance and technology cooperation, a digital banking park will be established. "Pakistan has also proposed the establishment of a crypto and blockchain zone," a source said, adding that an Islamic finance centre and banking units would also be set up.

To enter into maritime logistics cooperation, a marine technology and logistics zone will be developed along with a smart port integration zone. Digitalised customs and shipping services will be provided and R&D work for a maritime software project will also be initiated.

To make partnerships in healthcare and education, Pakistan has proposed the setting up of international hospitals, a medical university and a maritime and trade law school. Skyscrapers, a convention centre, luxury hotels and corporate hubs have also been planned.

The maritime minister said that the development work would target modern commercial infrastructure aimed at attracting investment, generating employment and supporting urban development. "This strategic collaboration is a transformative opportunity to unlock the full potential of Karachi Port's waterfront assets and position Pakistan as a regional hub for maritime commerce and investment," he said.

Chaudhry stressed that all regulatory and legal requirements under Pakistani laws would be met before pressing ahead with the project. Members of the Saudi delegation showed keen interest in broader cooperation in the maritime sector, including potential involvement in port infrastructure and related projects.