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GCC to spend 15bn on ports expansion- report |
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Tuesday, 22 November 2011 01:02 |
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Kuwait: Kuwaiti-based Markaz financial centre has said the GCC countries are predicted to earmark $15bn in the next five years to expansion of their 35 major ports to handle bigger capacity following an estimated 8% growth to nearly 25 million TEUs in 2010, Saudi Gazette has reported. "These projects are all due for completion within the five-year period from mid-2011 to mid-2016," Markaz said. The majority of the projects will be in the UAE, it said, as the country's ports recorded biggest
volume in the GCC at 59%, the study said. "Dubai is the foremost GCC port by container volume and is ranked at the ninth place among the top 10 world container ports in 2010. Dubai had been ranked as high as seven in 2007 and 2009." [AMEInfo.com] Read more:
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