DP World has begun construction on an US$850 million (Dh3.12 billion) terminal at Jebel Ali as the ports operator seeks to increase the size of Dubai's flagship docks.
The new terminal 3 will be completed in 2014 with capacity for 4 million 20ft equivalent container units (TEU), an industry measurement. It will join the expansion of terminal 2, which will add a further 1 million TEU capacity and is 60 per cent constructed. Terminal 2 is scheduled to open in the first half of next year.
"We are building to ensure that Dubai and Jebel Ali Port continue to efficiently meet the needs of the shipping lines and traders serving the wider region of two billion people," said Sultan Ahmed bin Sulayem, the chairman of DP World.
"Increasingly, the lines are seeking economies of scale with new generation mega-ships, and we stand ready to handle these giants of the sea, reinforcing Dubai's role as the centre of trade in the region."
Total capacity at the port is expected to reach 19 million TEU by 2014, with the expansion creating more than 1,000 jobs directly.
The developments will allow Jebel Ali to handle some of the largest vessels in the world, holding up to 18,000 containers at any one time.
Alongside the new Khalifa Port in Abu Dhabi, terminal 3 will be one of the most modern marine terminals in the region, with a quay length of 1,860 metres and a 70 hectare storage yard.
Khalifa Port also opened one of the most advanced terminals in the region in September, initially handling 2.5 million containers, with the ability to add a further 2.5 million to capacity at a second terminal at little extra cost. It is expected to eventually reach a capacity of 15 million containers by 2030.
DP World handled 6.6 million containers in the first six months of the year at Jebel Ali, which is some 7.3 per cent ahead of the same period last year.
Globally, the ports operator reported a 7.5 per cent increase in the volume of containers it handled in the first six months, driven by trade growth in the Asia Pacific region and the Indian subcontinent.
It is currently hoping to win a contract to build and operate a $200m facility to expand Jawaharlal Nehru Port in Mumbai, India's largest port facility.
rjones@thenational.ae
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Zayed Sustainability Prize
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
