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Thu 16 Dec 2010 18:28

Fujairah to receive $1bn development funding


UAE government to invest $1 billion in development projects over the next three years.

The UAE government has announced that Fujairah is set to receive Dhs4 billion ($1.09 billion) from the federal budget to invest in 35 development projects over the next three years.

The announcement was made by UAE prime minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum during a visit to the emirate where he toured a section of the 400 kilometre Habshan-Fujairah crude oil pipeline project, which is almost complete and scheduled to begin transporting Murban blend crude oil on a trial basis later this month.

News of the $1 billion investment will be a boon for Fujairah, already the leading bunkering hub in the Middle East and second only to Singapore in terms of supply volumes. The port has become a major hub for fuel storage and expansion plans at Fujairah include increasing total storage capacity to around eight million cubic metres of fuel, and doubling the number of tanks.

The federal budget is due to be allocated between 2011 and 2013, state news agency Wakalat Anba'a al-Emarat (WAM) said.

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