In brief

01 February 2014

First private port opens

EMAAR Economic City, a big Saudi real estate firm, has started operations at the country’s first privately owned port and will more than triple investment in the facility over the next five years, the company’s chief executive said.

“Shipping lines are redrawing their logistics maps, where they stop and where they go. It will impact every port around the world,” said Fahd Al Rasheed. The port has the potential to become a global logistics hub, handling trade for the entire region, he added.

Emaar Economic City, a consortium headed by Dubai’s Emaar Properties and Saudi investors, is focused on building the King Abdullah Economic City, a special economic zone up Saudi Arabia’s Red Sea coast from Jeddah.


Sustainability initiative

DUBAI Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising the maritime sector in Dubai, has initiated the Dubai ‘Maritime Sustainability Programme’ (MSP).

The programme is an extension of Dubai’s government vision for sustainable growth across all economic sectors while maintaining a sustainable future for the maritime industry in the emirate, said a statement.


Air cargo facilities to grow

THE Government of Oman is planning to make significant investment in new cargo facilities at various airports in the country after approving a new joint venture partnership, media reports say.

Oman Air, the concessionaire for cargo-handling operations at Oman’s airports and Oman Airport Management Company (OAMC), said they are entering into a strategic joint venture with a world renowned cargo operator to develop and operate facilities in existing locations as well as new airports.


Loan for Qatar Shipping

QATAR Shipping has secured a QR1.55 billion ($425.7 million) loan from a consortium of international banks to refinance its four LNG tankers.

The unit of Qatar Navigation announced in a regulatory filing that the loan will operate over a 12-year period.

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