Abu Dhabi launches new port, may compete with Dubai

Abu Dhabi launched operations
at a multi-billion dollar port facility on Saturday, seeking to
diversify its oil-based economy with a project that could
intensify competition for the region's shipping traffic with
neighbouring emirate Dubai.
Abu Dhabi Ports Co (ADPC) said Khalifa Port, built on a
man-made island in the Taweelah area, and its adjacent Khalifa
Industrial Zone would together be two-thirds the size of
Singapore when fully built.
The port facility and the industrial area have so far cost
$7.1 billion to build, ADPC chief executive Tony Douglas told
reporters. He said government support meant the firm would not
need to raise money in public markets.
"We are government-owned so we have government facilities
and we also have bilaterals with some of the leading banks."
Khalifa Port's container terminal currently has an annual
capacity of 2.5 million twenty-foot equivalent units (TEU). This
can be raised to 5 million TEU according to demand over the next
few years. Abu Dhabi has said its long-term goal is to increase
it to 15 million by 2030, depending on demand.