Saudi Arabia is set to establish a crypto and blockchain zone in Karachi, under a newly signed memorandum of understanding between Pakistan and Saudi business partners.
The MoU was 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.
Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the signing, confirming that the project would be developed on a 140-acre KPT site located on MT Khan Road, Karachi.
The site is intended to be transformed into a major commercial and maritime hub, attracting both regional and international investment to one of the most strategic waterfront locations.
Finance and technology
Under the finance and technology component of the MoU, a digital banking park will be established alongside the proposed crypto and blockchain zone at the Karachi site.
An Islamic finance centre and dedicated banking units are also planned as part of the financial infrastructure to be developed within the broader commercial district project.
A marine technology and logistics zone and a smart port integration zone will be developed under the maritime cooperation component agreed upon in the MoU by both sides.
Digitalised customs and shipping services are also part of the plan, alongside research and development work for a dedicated maritime software project to be initiated at the site.
Healthcare, education and infrastructure
Pakistan has proposed establishing international hospitals, a medical university and a maritime and trade law school as part of the healthcare and education dimension of the project.
Skyscrapers, a convention centre, luxury hotels and corporate hubs have also been planned to develop the waterfront area into a full-scale urban and commercial destination for investors.
A Saudi delegation is currently visiting Pakistan and has received a proposal to set up an oil refinery at Gwadar Port, in addition to establishing strategic oil reserves in Pakistan.
Saudi delegation members expressed keen interest in broader maritime sector cooperation, including potential involvement in port infrastructure and related investment projects across Pakistan’s coastline.
Chaudhry stressed that all regulatory and legal requirements under Pakistani laws would be met fully before any development work is initiated at the Karachi Port Trust site.
The minister added that the development work would target modern commercial infrastructure aimed at attracting investment, generating employment and supporting broader urban development across the Karachi waterfront.
The government is also working on a framework to regularise cryptocurrency trade, a move backed by US President Donald Trump, adding further context to the proposed crypto zone initiative.
Earlier, the UAE was working on a plan to acquire mining leases in Pakistan and had already been handed over a port terminal in Karachi on a 50-year contract by authorities.
