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Financial crisis put GCC port projects at risk
- Middle East: Wednesday, August 26 - 2009 at 10:58
According to a report by Kuwait Financial Centre (Markaz), planned investments worth almost $40bn to expand the cargo-handling capacity of seaports in the Gulf could now be at risk, due to declining oil revenues in the region and concerns about the continuation of the financial crisis, Khaleej Times has reported. Of 20 projects announced, work is in progress on 12, the report said. Saudi Arabia and the UAE each planned five port projects. Construction work is underway on all UAE projects, while two projects in Saudi Arabia are still in the planning and design stage.
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StaffWednesday, August 26 - 2009 at 10:58 UAE local time (GMT+4)
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