| 22 Apr 2008 |
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More bidders likely for Dh28bn Khalifa Port
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The Abu Dhabi Government intends to invite more bids for the giant Khalifa Port that will cost a staggering Dh28 billion to become one of the world's largest man-made harbours, officials said here yesterday.
The emirate has already awarded contracts worth nearly Dh3.5bn for the first stages of the project, which is located mid way between Abu Dhabi and Dubai cities and will be served with one of the Middle East's largest industrial zones, they said.
To ensure a capital influx to the port and the zone, authorities are planning to give competitive prices to investors and the focus will be on the private sector from the UAE and other countries.
"So far, we have awarded three main contracts in the project, covering dredging and burial of water for the port's island, and the infrastructure for the industrial zone... these contracts are worth around Dh3.5 billion," said Ahmed Said Al Kalili, Chief Executive Officer of Abu Dhabi Ports Company.
"The next stage will see the award of more bids for this enormous project, which is considered a vital stage in the emirate's economic development. Both the port and zone will play a decisive role in the development process in the coming stage."
Speaking at the Abu Dhabi Chamber of Commerce and Industry this week, Kalili said the first phase of Khalifa Port would be completed in 2010 and its total area would be around 3.4 square kilometers, located nearly 35 km south of Dubai's Jebeli Ali and about 65km north of Abu Dhabi city.
The adjacent industrial zone will spread over 137 square kilometers but it could be expanded depending on the size of investment."Work has just started on this huge project, which will provide massive investment opportunities to the private sector. Its total cost will be around Dh28bn, which means it will have sufficient potential for all investors," he said in an address, which was sent by the Chamber to Emirates Business yesterday.
"Our company is doing its best to ensure there will be enough feasible investment and business opportunities for the private sector. For this purpose, we will offer very competitive prices to investors."
Kalili said the project, which will be one of the world's largest man-made ports along with Jebel Ali port, would be constructed in five stages and would have an initial capacity to handle about two million containers and 35 million tonnes of cargo per year.
"The large number of applications we have received from both the local and foreign companies seeking to invest in the port and the industrial zone reflects their strong interest in investing in this project.Because of this, we plan to complete the whole project ahead of its schedule in 2028. Given its massive facilities, this project will serve all industrial, commercial and development needs of Abu Dhabi and its services will be among the most advanced in the world," he said.
The project coincides with an ambitious five-year development plan unveiled by Abu Dhabi last week to upgrade performance at local departments, attract investment and achieve strong and viable growth.
Abu Dhabi, one of the world's largest oil exporters, has been locked in a drive to attract industrial investment as part of plans to diversify its economy and ease reliance on crude exports. During 2001-2007, cumulative investment in the emirate's non-oil manufacturing sector totalled around Dh56.3bn while at least Dh1 trillion would be pumped by the public and private sectors into development and infrastructure projects in the next five to seven years.
It soared by 10.78 per cent in 2002, around 11.1 per cent in 2003 and as high as 23 and 19.8 per cent in 2004 and 2005. Growth is estimated at 14 per cent during the period 2006-2007.
By Nadim Kawach
© Emirates Business 24/7 2008
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