DP World Eyes $100 Million-Plus Fujairah Port as Iran Attacks Hit Hormuz Shipping
Updated
Updated · The Independent · Jul 14
DP World Eyes $100 Million-Plus Fujairah Port as Iran Attacks Hit Hormuz Shipping
3 articles · Updated · The Independent · Jul 14
Summary
Hundreds of millions of dollars in initial investment are being lined up by DP World for new Fujairah facilities, including a terminal at the existing harbor and a new multipurpose port outside the Strait of Hormuz.
The project is a defensive response to renewed danger around Hormuz after a dispute over an interim access deal reignited U.S.-Iran hostilities and Tehran stepped up attacks on commercial shipping.
13 nautical miles off Oman, another tanker was hit by an Iranian missile on Monday, while two Emirati oil tankers were also struck in the waterway, killing one Indian crew member and wounding eight others.
Jebel Ali would not be downsized, according to a senior company official, but the shift would still mark a major change for the UAE, which built its trade hub around the Dubai port.
One-fifth of global oil passes through Hormuz, making Fujairah's expansion part of a broader Gulf push to secure export routes as Trump reinstated a blockade on Iranian shipping and proposed a 20% transit fee.