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Wednesday, November 11 - 2009

Dubai plans $200bn canal

  • United Arab Emirates: Tuesday, September 09 - 2008 at 10:38

Dubai is considering a project to build a $200bn mega-canal that would allow oil tankers to bypass the Strait of Hormuz and reduce Iran's influence on the flow of oil from the region, reported London's The Times. The canal would cross the UAE from Dubai to Fujairah through the country's mountainous hinterland. Over 90% of the Gulf's oil, which accounts for 40% of the world's traded supplies, must be transported through the Strait each day and Iran has said it will block the channel if threatened.

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