Saudi-backed project includes proposed crypto, blockchain zone for Karachi

KARACHI: Pakistan has proposed setting up a crypto and blockchain zone in Karachi as part of a broader Saudi-backed plan linked to the development of a maritime business district on waterfront land at Karachi Port, according to officials and details shared from the ongoing initiative.

In a statement, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said a memorandum of understanding had been signed between the Karachi Port Trust, the Saudi Business Council-Najd Gateway Holding Company, Arif Habib Dolmen REIT Management Ltd and the Pakistan Corporate Consortium. He said the project would be developed on a 140-acre Karachi Port Trust site on MT Khan Road and was aimed at turning the area into a major commercial and maritime centre.

Pakistan’s government is currently working on regulating crypto trade, with the effort described as being backed by US President Donald Trump. Pakistan had also signed the MoU with Saudi and local partners to examine the development of a maritime business district on prime waterfront land at Karachi Port.

Projects proposed under the MoU

Pakistan has put forward several priority projects under the MoU. In the area of finance and technology, the plan includes a digital banking park, while a crypto and blockchain zone has also been proposed. The same proposal package includes an Islamic finance centre and banking units.

Maritime logistics cooperation is also part of the proposed framework. The plan includes a marine technology and logistics zone as well as a smart port integration zone. The proposed facilities would support digital customs and shipping services, and research and development work would also begin for a maritime software project.

Pakistan has additionally proposed partnerships in healthcare and education through the establishment of international hospitals, a medical university, and a maritime and trade law school. Other planned components include skyscrapers, a convention centre, luxury hotels and corporate hubs.

Chaudhry said the development work would focus on modern commercial infrastructure intended to attract investment, create jobs and support urban growth.

"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," the minister said.

He also said all regulatory and legal requirements under Pakistani law would be fulfilled before the project moved forward.

Saudi interest in wider investment

A Saudi delegation is currently visiting Pakistan and that the country has also received a proposal for an oil refinery at Gwadar Port. Pakistan wants Saudi Arabia to establish strategic oil reserves as well.

The United Arab Emirates had earlier been pursuing a plan to acquire some mining leases in Pakistan, and the UAE has already been given a port terminal in Karachi under a 50-year contract. Saudi Arabia is now exploring investment opportunities in Pakistan.

Members of the Saudi delegation expressed strong interest in wider cooperation in the maritime sector, including possible participation in port infrastructure and related projects.