ADPC Inks $136M Port of Fujairah Development Deal
- Business & Finance
Abu Dhabi Ports Company (ADPC) has signed a $136 million agreement for the Port of Fujairah development project, Emirates News Agency (WAM) reports.
The contract, which is supervised by the Ministry of Presidential Affairs, was signed by Ahmed Juma Al Zaabi, Deputy Minister for Presidential Affairs and Chairman of the Follow-Up Committee of the Initiatives of the UAE President, and Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of ADPC.
This capital port development program will include deepening of berths and establishment of quays and storage areas to accommodate the expected growth in cargo traffic, WAM informs.
During the ceremony, Al Zaabi said that “developments launched under the umbrella of the president’s initiatives have significantly contributed to ensuring a quantum leap in the transformational development process in the country.”
“Port of Fujairah is considered one of the key multi-purpose ports in the UAE and the entire region, playing a significant role in the development drive embraced by the UAE government.”
The port, 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 with the Port of Fujairah grants ADPC exclusive rights to develop port infrastructure and manage its operations. The development of a 1.000m quay, a 300.000m² storage yard, and deepening of berths to a draft of 16.5 m are envisaged to increase capacity and enable the arrival of larger vessels.