- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:58 am |
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Dhuhr |
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12:09 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:50 pm |
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Isha |
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08:09 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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16.97 |
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22ct / gm |
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16.60 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.60 |
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Euro |
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2.01 |
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Pound |
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1.71 |
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Indian Rs. |
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143.92 |
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Pak Rs. |
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255.82 |
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Bangla Taka |
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201.38 |
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In the UAE, Jebel Ali will see its terminal three capacity expanded to 19 million TEU per annum. Photo — Supplied picture
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Muscat: Increasing foreign non-oil trade volumes and Gulf-wide port infrastructure and capacity development are playing a vital role in long term economic growth prospects for the region, said a press release issued by the organisers of the World Ports & Trade Summit 2013.
"The UAE, and its neighbours are fast becoming a more cohesive maritime and air trade power that will provide a vital link between the Far East and Australasia. Europe and North America; and with over $36 billion investment into port transportation in some of the Gulf's key destinations, the future potential for trade growth is unlimited," said Chris Hayman, Chairman of Seatrade.
Oman is also expanding existing facilities at Salalah, to create a new $143 million maritime- meets-air hub, and phase one of its 1,061-kilometre long national railway system will include a link from Sohar Port to Al Misfah (Muscat) and onwards to Duqm Port, as well as connecting Sohar to the UAE border. In the UAE, Jebel Ali will see its terminal three capacity expanded to 19 million TEU per annum, with Abu Dhabi's Khalifa Port Terminal adding a further 15 million TEU per year upon completion in 2030.
Saudi Arabia is also powering ahead with port infrastructure development with more than $750 million allocated to Dammam's King Abdul Aziz Port, which includes the launch of a second hi-tech container terminal in 2015 with capacity for 1.8 million TEUs per annum. In the southwest of the Kingdom, the Jizan Economic City project will also include port infrastructure plans while the northwestern port of Dhiba will get a new $46.4 million container terminal. Two additional terminals, valued at $38.4 million, are to be constructed at King Fahd Industrial Port in Jubail while Jeddah Islamic Port is forecasting an average increase of 10.9 per cent through to 2016.
Qatar's new $7.1 billion mega-port project, located close to the busy Messaeid Industrial Zone and Port is aiming for a 2016 opening, with eventual capacity of six million TEU per year by 2028, and will bring new opportunity to the Gulf state as part of its 2030 economic vision. According to the UAE Federal Customs Authority, foreign exports soared in the first eight months of 2012 with non-oil trade reaching almost $184.6 billion, up $19 billion against the same period in 2011.
Export growth of 49 per cent saw total exports jump to just under $31 billion compared to $20.6 billion the previous year. Foreign non-oil imports were also up by 11 per cent, an increase of $11.8 billion, with 85.1 million tonnes of goods coming into the country from January to August 2012.
Federal Customs Authority figures put Asia, Australia and the Pacific as the UAE's top non-oil trade partner for the period January to August 2012, with a total value of $77.5 billion, followed by Europe at $51.5 billion and the Mena region with $26 billion. Trade volume with the UAE from other Gulf states is also increasing, hitting $16 billion during the first eight months of 2012.
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