|Fujairah secures development capital, eyes growth|
|Agreement signed to develop quays, storage areas, and deepen berths to attract larger vessels.
|Updated on 12 Dec 2017 15:21 GMT
|An AED500 million ($136.1 million) agreement has been signed to develop infrastructure at the Middle East's leading bunker port, Fujairah.
Under the agreement, port owner Abu Dhabi Ports Company (ADPC) will use the capital to deepen berths, and develop quays and storage areas ahead of the expected growth in cargo traffic.
Commenting on the deal, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of ADPC, said: "Fujairah Port is one of the key economic, commercial and logistics hubs not only in the emirate but in the entire nation on account of its important strategic location overlooking the Pacific Ocean at the crossroads of shipping lines between East and West. The development of the port infrastructure will certainly strengthen the port's positioning in the world maritime transport map and reinforce the country's stature as a key strategic and trade destination."
Fujairah, which is the world's second-largest bunkering hub, is to boost its container handling potential after ADPC recently signed a 35-year concession to develop container terminal operations there. The concession agreement grants ADPC exclusive rights to develop port infrastructure and manage its operations.
The development of a 1,000-metre quay, a 300,000-square-metre storage yard, and deepening of berths to a draft of 16.5 metres are envisaged to increase capacity and enable the arrival of larger vessels.