Abu Dhabi plans tens of billions in infrastructure to bypass Hormuz – Bloomberg
Abu Dhabi is preparing to spend tens of billions of dollars on port infrastructure outside the Strait of Hormuz as the United Arab Emirates seeks to reduce its dependence on the strategic waterway, Bloomberg reported.
A $300 billion sovereign wealth fund headed by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan has become central to the emirate’s strategy, which it calls “Zero Hormuz,” Bloomberg said.
The push has gained momentum as L’imad Holding moves to take Abu Dhabi Ports private at a valuation of nearly $9 billion. The fund is likely to spend tens of billions more developing ports outside the strait, Bloomberg reported, citing people familiar with the matter.
The plans aim to build alternative trade routes at a time when the war with Iran has increased risks around Hormuz, a key passage for global energy supplies.