A[Redrawing the trade map after the strait is trapped, hundreds of billions of funds from Middle Eastern countries are diverted to oil pipelines and ports] August 31 (Xinhua), the Strait of Hormuz has been effectively blocked for most of the past six months. As Middle Eastern energy exporters try to boost their currently severely slowing economies, investment commitments of hundreds of billions of dollars have emerged. Abu Dhabi's sovereign wealth fund L'IMAD said last week it plans to acquire the remaining shares in AD Ports Group, the world's leading port operator, as it adjusts its corporate strategy. AD Ports Group, which operates numerous ports in the UAE and around the world, said it was experiencing "probably its most significant challenge in 20 years" as its container throughput in the UAE, as well as bulk and general cargo throughput, fell by about two-thirds in the second quarter compared with the same period a year earlier. As one of the world's largest port operators, Dubai's DP World also experienced a decline in business in the first half of the year. Based on the fact that the UAE is building a new oil pipeline in the Port of Fujairah, which will double the crude oil transportation capacity to the port when it is put into operation next year, DP World plans to develop two container terminals in the Port of Fujairah.
— All loaded —
