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FINANCIAL NEWS
Abu Dhabi Ports awards $3b contracts
19 Oct 2010
(MENAFN) The Chief Executive Officer at Abu Dhabi Ports Co. said that the company has awarded about $3 billion in contracts so far to build the first phase of its new port and industrial zone, Gulf News reported.
The first phase of Khalifa Port & Industrial Zone (KPIZ) in Abu Dhabi, expected to be two-thirds the size of Singapore, is estimated to cost around $7.2 billion, the CEO said.
KPIZ will be built over five phases and the state-owned company is also developing smaller ports in Abu Dhabi. The first phase of Khalifa Port is scheduled to open in 2012.
Abu Dhabi, the capital of the UAE, the world’s third-largest oil exporter, is investing billions of dollars in infrastructure, real estate and tourism to diversify its economy away from oil.
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