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Aden - Yasmine El Tohamy - Abu Dhabi Ports announced Dh4 billion worth of expansion projects at its flagship Khalifa Port, which will boost handling capacity.
The two new projects will create more than 2,800 direct and indirect jobs and contribute more than Dh3.2 billion to Abu Dhabi's gross domestic product by 2025, top officials said during a Press conference held at Khalifa Port, which is marking its seventh anniversary today.
There will be investment worth Dh2.2 billion in the development of South Quay and Khalifa Port Logistics and Dh1.6 billion expansion at Abu Dhabi Terminals. The money will be self-funded and financed by local banks.
Mohamed Eidha Tannaf Al Menhali, acting director of Khalifa Port, noted that the expansions provides competitive advantage for Khalifa Port and Kizad. South Quay will handle general cargo, ro-ro and bulk usage; Phase 1 will be completed by fourth the quarter of 2020, while Phase 2 and Khalifa Port Logistics by the first quarter of 2021.
"We are business enablers. There is strong demand from the markets both locally and globally. With this expansion, we are creating more jobs and bringing more FDIs. All of this is aligned with Abu Dhabi Government's 2030 Vision," he said.
Al Menhali said that the US-China trade war will not have any impact operations at Khalifa Port. "We have witnessed growth from 2012 until now. This has not impacted Khalifa Port. If there are challenges, we try and convert them into opportunities."
Jakob Larsen, chief commercial officer of Abu Dhabi Terminals, said the expansions at the terminals will effectively double the handling capacity.
"Annually our handling capacity is 2.5 million twenty-foot equivalent units [TEU]. We will grow our capacity to five million TEU by the end of 2020, which is happening through an investment of Dh1.6 billion that already been put in place." he said.
Naser Al Busaeedi, deputy CEO of CSP Abu Dhabi Terminal, announced the launch of full operations at CSP Abu Dhabi Terminal (Cosco).
"This is a major milestone. Cosco continues to view Abu Dhabi as a logistics and trade hub of strategic global importance. It is going to be a link between the West and the East, and important hub for the region. In future, we look to expand the terminal. It will add capacity of one million TEU," Al Busaeedi added.
The officials said that with partners Abu Dhabi Terminals, Cosco Shipping Ports, Mediterranean Shipping Company and Autoterminal Barcelona, Khalifa Port is among the fastest-growing ports. Khalifa Port will also be a major contributor to the connectivity of China's Belt and Road initiative.
After the expansion projects, the overall capacity will rise from five million TEU to 7.5 million TEU. The overall capacity is expected to hit 9 million TEU over next five years.
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