Abu Dhabi Ports contributed Dh14bn to emirate’s economy last year
Abu Dhabi Ports’ contribution to the emirate’s economy has grown by a third.
The ports operator, which controls Khalifa Port Khalifa Industrial Zone (Kizad), Mina Zayed and Mussaffah Port, contributed Dh14.1 billion to Abu Dhabi’s GDP last year, up from Dh10.6bn in 2013 – a 33 per cent year-on-year growth, according to a study conducted by the Oxford Economics and Statistics Centre Abu Dhabi.
Work at Abu Dhabi Ports accounted for 2.9 per cent of non-oil GDP last year, which stood at Dh486bn, compared with 2.3 per cent of non-oil GDP in 2013.
“As a result of these activities we were able to create 39,500 direct and indirect job opportunities, or nearly 2 per cent of overall employment in Abu Dhabi’s non-oil economy,” said Mohamed Juma Al Shamisi, the chief executive.
“One in every 50 jobs in Abu Dhabi’s non-oil sector can be attributed to Abu Dhabi Ports.”
The strong performance continued into the first quarter of this year, with a 30 per cent increase in containers, bulk and general cargo, according to figures from ADP.
Mr Al Shamisi said that as the port operator’s activities grow substantially over the coming years, it is expected to contribute Dh49.6bn to the emirate’s GDP by 2030, resulting in more than 100,000 jobs.
The official said he did not expect the weaker oil price to hurt the port’s operations. “No projects have been delayed because of the oil price,” Mr Al Shamisi said.
One of the companies to invest in Kizad is Gulf Precast, the largest precast concrete company in the UAE. It said it would spend Dh50 million to establish a precast concrete manufacturing plant.
ADP said it had signed nine musataha agreements valued at Dh853m. Musataha agreements establish property rights to build on, mortgage, lease, sell or buy a plot for a fixed period.
Total investment in Kizad has reached Dh47.7bn.
“We expect 10 of our investors to start operations by the end of this year,” Mr Al Shamisi said.
Although he declined to name specific companies, Mr Al Shamisi said they were involved in aluminium, printing and packaging, logistics and trading.
Meanwhile, work on the cruise terminal at Mina Zayed is progressing on schedule and is due to open in December. The terminal will be capable of handling 2,500 passengers and three ships simultaneously.
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Published: June 8, 2015 04:00 AM