Gulf investment becomes unsure
Declining oil revenues and the current economic downturn could put at risk $40bn of investment planned in ports and terminals across the Gulf region.
Many port projects were planned when oil was making $147 per barrel; the current price is nearer to $70 per barrel.
Governments in the region generate approximately 80% of revenue from oil-based exports. Container terminal projects are particularly vulnerable, given that there is now a capacity surplus in the region as the number of containers being shipped has declined significantly.
At least 35 ports have announced projects, although work is under way in just 12.