Abu Dhabi Paymasters Fund Fujairah to Bypass Hormuz
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The emirate of Abu Dhabi, having spent billions last year bailing out glitzy neighbor 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 United Arab Emirates, the fourth-largest crude producer in the Organization 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 $3.3 billion pipeline and is building the country’s biggest power and water treatment plants as well as a facility to store imported grain.