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FINANCIAL NEWS
Abu Dhabi’s USD7.1b Khalifa Port operational
02 Sep 2012
(MENAFN) Abu Dhabi’s Khalifa Port is now operational, as the Gulf emirate seeks seeking to diversify its economy away from oil exports, Reuters reported.
Tony Douglas, CEO of Abu Dhabi Ports Co (ADPC), said that the port facility and its adjacent Khalifa Industrial Zone have so far cost USD7.1 billion to build.
He ruled out the need to raise cash in public markets, as ADPC is government-owned firm, thus, it will get government facilities.
Khalifa Port’s container terminal currently has an annual capacity of 2.5 million twenty-foot equivalent units (TEU), with a room to reach 5 million TEU according to demand over the next few years.
Abu Dhabi has said its long-term goal is to increase it to 15 million by 2030, depending on demand.
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