President of the UAE HH Sheikh Mohamed Bin Zayed Al Nahyan inaugurated the $ 1 billion (AED 4 billion) Khalifa Port expansion project on Tuesday.
The President called it a “qualitative” national project, which will enhance the UAE’s position in the global trade movement.
This ambitious project includes 21 berths and provides customized services to key strategic sectors, making it among the most prominent deep-water ports in the world, with an estimated value of AED 20.4 billion.The project provides an important addition to the efforts of the Abu Dhabi Ports Group to increase the capacity of Khalifa Port to reach 15 million standard containers and 25 million tonnes of general cargo by 2030.
The port, which is ranked among the top five ports in the world “plays a major role in consolidating the position of the Emirate of Abu Dhabi at the forefront of global trade,” said Falah Mohammed Al Ahbabi, chairman of the board of directors of the Abu Dhabi Ports Group.
Trade increase
The UAE’s global trade increased by 19% in the first nine months of 2022, Dubai ruler Mohammed Bin Rashid Al-Maktoum announced last week.Â
The country’s foreign trade volume is expected to reach AED 2.2 trillion dirhams ($599 billion) by the end of 2022, he said in the tweet, compared to AED 1.9 trillion in 2021.
The UAE’s non-oil foreign trade also grew by 18.9% in the first nine months of 2022 year-on-year to reach AED 1.637 trillion, the minister of state for foreign trade Thani Al Zeyoudi tweeted on Wednesday.Â
