UAE and Saudi Arabia lead the way in development of port infrastructure
GCC countries are allocating $36bn to further develop their port infrastructure amid increasing foreign non-oil trade volumes.
Saudi Arabia is going ahead with their port infrastructure development with more than $750mn allocated to Dammam’s King Abdul Aziz Port.
The plan includes the launch of a second hi-tech container terminal in 2015 with capacity for 1.8 million twenty-foot equivalent unit (TEUs) per annum.
“The UAE, and its neighbours are fast becoming a more cohesive maritime and air trade power that will provide a vital link between the Far East and Australasia. Europe and North America; and with over $36bn investment into port transportation in some of the Gulf’s key destinations, the future potential for trade growth is unlimited,” said Chris Hayman, chairman of Seatrade.
The Jizan Economic City project will also include port infrastructure plans while the north-western port of Dihba will get a new $46.4mn container terminal. Two additional terminals, valued at $38.4mn will be constructed at King Fahd Industrial Port in Jubail while Jeddah Islamic Port is forecasting an average increase of 10.9% through to 2016.
Against this backdrop, the International Association of Ports & Harbours (IAPH) will meet in the UAE capital Abu Dhabi from March 19-20, 2013, for the third annual edition of the World Ports & Trade Summit at the St Regis Saadiyat Island Resort.