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Abu Dhabi’s US$7 billion Khalifa Port is on track to complete marine works by the second quarter of next year in an expansion project to accommodate a new terminal that will be managed by China’s Cosco Shipping Ports.
Abu Dhabi Ports, the operator of Khalifa Port, last year signed a 35-year concession agreement with Cocso to operate a new $700 million terminal that will add 2.4 million twenty-foot equivalent units (TEUs) a year to the port’s existing capacity of 2.5 million TEUs.
Abu Dhabi Ports, which is also deepening the port to receive the biggest ships, has completed 75 per cent of dredging work, which is due to be completed by the end of this year. It did not disclose the cost of the expansion project yesterday.
“The expansion underway will ensure the port can accommodate anticipated growth in the short to medium term and handle the world’s largest ships in the long term, increasing the competitiveness of the emirate as a logistics and maritime hub, while also serving key industries across the UAE,” said Juma Al Shamisi, the chief executive of Abu Dhabi Ports. The expansion is part of ambitious plans for Khalifa Port, which replaced Abu Dhabi’s 1960s-built Port Zayed as the city’s main container port in December 2012. Khalifa Port will have the projected capacity to handle 15 million TEUs a year by 2030.
Abu Dhabi Ports, which also operates Khalifa Industrial Zone Abu Dhabi (Kizad), is expanding its operations in the UAE as part of efforts to diversify the economy away from oil.
Last month, Abu Dhabi Ports signed a 50-year agreement with the Chinese Jiangsu Provincial Overseas Cooperation and Investment Company that will attract estimated investments of Dh1.1bn to the Khalifa Port Free Trade Zone.
According to estimates from Thomson Reuters, Middle Eastern investment banking fees totalled an estimated $669.2 million during the first nine months of 2017, four per cent less than the value of fee
The King Abdullah Petroleum Studies and Research Center (KAPSARC) addressed the Climate Change Polices and Challenges of the Electricity Transition in the GCC, during the meeting of Association of En
Arab Petroleum Investments Corporation (APICORP) has mandated banks to arrange a series of fixed income investor meetings ahead of a potential five-year benchmark U.S. dollar-denominated sukuk sale,
NBK issues a research report where they expect real Oman’s GDP growth to weaken to 0.3 % in 2017 on oil output cuts and slower growth in consumption and investment, before picking up to 2.8% in 2018
Property Monitor just became the only real estate data source in the United Arab Emirates (UAE) to provide a real-time real estate index to Bloomberg to display on their terminal. As of October 2016,