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FINANCIAL NEWS
Fujairah invests USD272m in grain storage project
05 Apr 2011
(MENAFN) Fujairah’s Free Zone Authority (FFZA) director, Sharief Al Awadhi, said that the emirate would invest USD272.3 million in a grain storage project that has a capacity of storing 100 million tones, and this comes as the state adopts a new food security policy, reported Reuters.
Al Awadhi added that Fujairah is considered to be less developed compared to other emirates in the UAE, and such projects would help increase the economic growth as well as secure job opportunities for Fujairah’s population.
Because of the huge demand for oil from the Middle East and Asia, Fujairah’s port is considered to be one of the major oil bunkering hubs in the world.
It is worth noting that oil storage capacity in Fujairah stands between 2.5 million and 3 million cubic meters, and is expected to reach between 6.5 million to 7 million cubic meters in the future.
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