GCC to pump USD15b on ports upgrade in 5 years

21 Nov 2011

(MENAFN) A report issued by Kuwait Financial Centre (Markaz) expected GCC to spend about USD15 billion on ports upgrades over the next five years, Arabian Business reported.

The report showed that Arab Gulf states are undergoing port expansions to handle a bigger capacity following an estimated eight percent growth to nearly 25 million TEUs in 2010.

The report also cited a recent report by global analysts EC Harris that ranked the GCC as the most attractive region in the world for investment in port developments.

UAE ports account for the lion’s share in container handling capacity in GCC at 59 percent, adding that Dubai ranked ninth in the world 2010.

The report also said that a shift in the direction and nature of trade is undergoing between the GCC and the world.

Lastly, Markaz said port expansions in all GCC member countries were supported by the large volume of the region’s energy exports by sea.

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