Dubai: DP World and Abu Dhabi Ports, master developer of ports and industrial zones in that emirate, are working together to create a joint venture that would seek to operate Khalifa Port at Taweelah, which is scheduled replace Abu Dhabi's existing port Mina Zayed by 2012, according to Bloomberg.
"There will be a new company called Emirates Ports Company, a new ownership between Abu Dhabi and Dubai," Tawfeeq al Mubarak, acting chief executive officer of Abu Dhabi Ports is reported to have said in Shanghai this week. "It is very important to adopt one port strategy."
Construction of Khalifa Port will cost about AED13bn ($3.5bn), which will be wholly funded by Abu Dhabi. Phase 1, with a container capacity of 2m TEU and cargo capacity of 9m tonnes, is due to be operational by mid-2012. The Industrial Zone is due to be operational from 2013. [04/06/10]
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