Media ININ Economy We Trust
Media IN / Abu Dhabi / 10 December 2018/ WAM/
COSCO Abu Dhabi Container Terminal (COSCO), a subsidiary of COSCO Maritime Port Company Limited, will start operations in Khalifa port with a container handling capacity of 1.6 million containers on a 800-meter berth and will be expanded by 400 meters by 2020. The terminal will be deepened to 16.5 meters which allows giant vessels with a capacity of 14,000 containers to reach the station.
Abu Dhabi Ports is looking to increase the total capacity of Khalifa Port from 2.5 million TEUs to 9.1 million TEUs over the next five years as COSCO Abu Dhabi plays a vital role in this field.
COSCO Naval Ports Co. Ltd. is investing more than AED1.1 billion ($ 300 million) in new terminal equipment, adding to Abu Dhabi Ports’ investments of AED 10 billion under the Khalifa Port Expansion Program, the largest container terminal in the Middle East.
China is the UAE’s largest non-oil trading partner, with trade between the two countries increasing by 15% to reach US $ 53 billion in 2017, representing 14.7% of the total foreign trade volume of the UAE. During the same period, about 30% of the total Chinese exports to the Arab countries and about 22% of the volume of Arab-Chinese trade exchange. The volume of trade exchange between China and the UAE is expected to reach 70 billion dollars by 2020
More than 200 companies and investments worth 65 billion dirhams (US $ 17.7 billion) have been seized by the industrial city of Khalifa City, with a total area of 410 square kilometers. So far, 19 Chinese companies have signed land lease agreements in the industrial development area established by Jiangsu Overseas Investment and Cooperation Corporation in the Khalifa Port Free Trade Zone during August 2017. The new terminal is part of a five-year growth strategy launched by Abu Dhabi Ports to raise the total capacity of Khalifa Port to 9.1 million TEUs per year.
