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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments, Investment

Abu Dhabi funds Fujairah to bypass Hormuz Strait

Posted on 20 September 2010

From Gulf-times.com: The emirate of Abu Dhabi, having spent billions last year bailing out glitzy neighbour Dubai, is turning to more distant Fujairah to ensure safe, quick passage for its oil exports and improve the nation’s food security.
The capital of the UAE, the fourth-largest crude producer in the Organisation of Petroleum Exporting Countries, is bankrolling infrastructure projects in the easternmost emirate, Fujairah, to gain direct access to the Indian Ocean. Abu Dhabi is investing in an oil-storage terminal and a $3.3bn pipeline and is building the country’s biggest power and water treatment plants as well as a facility to store imported grain……………………………………….Full Article: Source


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