The Point Load test is an index test used to provide an economical and quick estimate of the Uniaxial Compressive Strength (UCS) especially for highly fractured rock cores that with geometry not suitable for UCS testing. This is usually done using an empirical conversion factor (K) between the Point Load Index of 50-mm diameter rock cores (Is₅₀) and the UCS. A value of the K factor equal to 24 has been traditionally used in the rock mechanics literature based on the work of Broch and Franklin (1972). Several studies have disputed the applicability of this universal value, especially for weak rocks, and hence developed alternative values for the K factor. An attempt was made in this study to evaluate the applicability of the existing Is₅₀-UCS correlations to carbonate rocks in the Persian Gulf area. This was based on extensive data sets collected from various locations in several countries in that area. The values of K factor were determined using linear regression analyses and were generally in the ranges of 5.4 to 8.6, which is considerably smaller than the universal value of 24. Statistical/probabilistic techniques were used to quantify the uncertainty in the K values and to develop risk based correlations for these rocks. Conglomerate showed the greatest uncertainty in the K value while sandstone and siltstone showed the least uncertainty. Risk-based values of K associated with 2% probability of unsatisfactory performance were found to range from 3.1 to 6.5.