CSP Starts Building Container Terminal at Khalifa Port
- Business & Finance
China-based Cosco Shipping Ports (CSP) and port developer and operator Abu Dhabi Ports held a ground-breaking ceremony for the CSP Abu Dhabi Container Terminal at Khalifa Port on November 5.
The terminal is located along the ‘Silk Road Economic Belt and the 21st Century Maritime Silk Road’ and the shipping hub of West Asia region.
The parties informed that the construction and development of the terminal is expected to last some 18 months, while the operations are scheduled to start in the first quarter of 2019.
In September 2016, Abu Dhabi Ports awarded a 35-year concession to Cosco Shipping Ports under which the company is to build and operate the container terminal at Khalifa Port.
With an annual designed capacity of about 2.5 million TEU and backed by the large shipping fleets of Cosco Shipping, CSP Abu Dhabi Terminal “will be well placed to be a shipping hub for major international shipping companies in the Upper Gulf Region.”
During the event, the parties also signed a new agreement for the development of the largest container freight station (CFS) in the region, according to Abu Dhabi Ports.
“The partnership between Abu Dhabi Ports and COSCO SHIPPING Ports to develop the region’s largest container freight station will add a new dimension to UAE/China trade relations and is fully aligned with Abu Dhabi’s Vision 2030 to drive growth, attract investment, support economic diversification and create sustainable jobs,” Ahmed Al Jaber, Minister of State and Chairman of Abu Dhabi Ports, said.
“The signing of the agreement on CSP Abu Dhabi CFS project will further strengthen the services of the terminal and enhance the trade cooperation between the two countries,” Xu Lirong, Chairman of Cosco Shipping, said.