In August 2006, DP World signed an agreement with the Port Qasim Authority, to invest in a new container terminal at Port Muhammad Qasim near Karachi and announced that it was in discussions with the Pakistani Government about the development of a container terminal at Gwadar in Balochistan.[9] DP World had been favourite to win the Gwadar concession, but withdrew from the bidding.[10] Gwadar Port was subsequently awarded to PSA (Port of Singapore Authority) and opened in March 2007.[11]