Abu Dhabi inaugurated a new container terminal at Khalifa Port on 10 December.
A joint venture of Abu Dhabi Ports and China’s Cosco Shipping Ports agreed in 2016 to develop and operate the second container terminal under a 35-year concession agreement.
The contract is renewable for five years and has an estimated value of $738m.
It was said last year that the second container terminal was expected to become operational in early 2019.
The terminal will double Khalifa Port’s existing capacity of 2.5 million 20-foot equivalent units (TEUs), with provision for an additional 1 million TEUs depending on the success of the business model and the port’s growth.
The local National Marine Dredging Company (NMDC) recently won the estimated AED1bn ($272m) contract to expand Abu Dhabi’s Khalifa Port.
The marine works contract covers the construction of a 3 kilometre quay wall in addition to deepening the port’s main channel and basin.
NMDC has already completed the first contract for the second container terminal.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.