December 14, 2010 [Arabian Business] - The UAE has allocated $1bn from the federal budget to help build 35 development projects in Fujairah over the next three years.
The announcement was made by UAE prime minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum during a visit to the emirate, according to state news agency WAM.
Fujairah has one of one of the world’s largest bunkering ports, and has become a vital hub for fuel storage. Expansion plans at the port including increasing total storage capacity to eight million cubic metres of fuel, and doubling the number of tanks.
Sheikh Mohammed toured a section of the 350km Habshan-Fujairah crude oil pipeline project, which is nearly complete. The link will have a total capacity of 1.5m barrels of oil a day.
The allocation from the federal budget will be disbursed between 2011 and 2013.
