Abu Dhabi: Abu Dhabi Ports on Monday inaugurated the new Cosco Shipping Container Terminal at Khalifa that is expected to boost Abu Dhabi’s position as a global maritime hub and support China’s One Belt One Road initiative.
The new terminal, which includes the largest container freight station in the Middle East, is the result of a 35-year agreement between Abu Dhabi Ports and Cosco Shipping Ports Ltd, a subsidiary of Cosco Shipping Corporation Limited of China.
Cosco has spent $300 million on the terminal and $130 million on a container freight station after it won a contract in 2015 from Abu Dhabi Ports, according to Reuters.
The new container terminal has a capacity of 2.5 million TEUs (Twenty-foot equivalent units) with plans of further expansion.
Speaking at the inauguration, Dr Sultan Al Jaber, UAE minister of state and chairman of Abu Dhabi Ports, said the opening of the port strengthens ties between UAE and China.
“UAE is one of the biggest trade partners of China in the region with non-oil trade reaching $53 billion in 2017 and is expected to reach $80 billion in the coming two years.”
The inauguration ceremony was attended by Shaikh Hamed Bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court and other top officials.