GCC eyes port expansion

15 December 2011: The GCC countries will invest $15 billion (approx Rs.80,903 crore) towards expansion of their ports in the next five years. In the wake of a slowdown in debt crisis-hit Western countries, trade between GCC and emerging markets has been growing at double-digit figures, prompting GCC states to expand facilities at many of its 35 major ports, said experts at the conference.

The experts also cited a recent report by global analysts EC Harris which ranked the GCC as the most attractive region in the world for investment in port developments, led by mega-projects such as Khalifa Industrial Zone and Oman’s Al Duqm and Port Khorfakkan, Sharjah. Apart from port expansion, the surge in ship movement has also given rise to demand for ship repair services, boosting business at Abu Dhabi Ship Building, Drydocks World and the newly-opened Al Jazeera Port in Ras Al Khaimah.

Source: Trade Arabia