Dubai plans new port to bypass Strait of Hormuz; DP World is planning to build a new port and a container terminal on the UAE's east coast that would reduce Dubai’s dependence on its flagship Jebel Ali hub and bypass the Strait of Hormuz, reports FT
- DP World in talks to develop a brand new multipurpose port in the coastal area of Fujairah and a new terminal at the existing harbour in the same emirate, reports FT citing sources.
- Activity at Jebel Ali, the region’s largest container port, fell between 90-95% after Iran closed the strait in response to US-Israeli attacks, the sources said.
- Official said the new port could be completed as soon as within a year and a half.
#IMPORTANT#ENERGY#EU SESSION#US SESSION#WTI#COMMODITIES#ENERGY & POWER