Port of Fujairah plans to invest $204m to expand, upgrade quays
The investment will help Port of Fujairah to expand and upgrade its oil handling infrastructure over the next two years
Touted as the second largest ship refuelling centre in the world, the UAE’s Port of Fujairah is planning to invest $304m (AED750m) over the next two years to expand and upgrade its oil handling infrastructure.
According to chief financial officer of the Port of Fujairah, Khalil Ibrahim, who made the announcement on the sidelines of the International Petroleum Week (IP Week) in London, the port has been consulting several companies that it deals with to understand their expansion plans.
The expansion might require the port to increase its oil handing capacity, which stands at 700 million barrels per year.
Ibrahim added that the planned expansion aims to increase the operational capacity of the port and improve its services.
He said: "These plans are part of the port’s long-term strategy based on the directives of Fujairah’s government, which aims to make it one of the leading petroleum ports in the world,” the UAE’s state-held news agency, Wam, reported.
With the investment, the port supports its strategy to provide job opportunities to UAE nationals as well as help boost various economic sectors in the UAE.