Dubai plans new port to cut reliance on Strait of Hormuz

DP World is planning to develop a new port and a container terminal on the United Arab Emirates' east coast in a move aimed at reducing Dubai's reliance on its flagship Jebel Ali Port. It looks to create an alternative trade route that bypasses the Strait of Hormuz.The Dubai-based port operator is in talks to build a new multipurpose port in Fujairah, along with a container terminal at the emirate's existing harbour, according to people familiar with the matter cited by Financial Times.Activity at Jebel Ali, the region's largest container port, fell by 90 to 95 per cent after Iran closed the Strait in response to US-Israeli attacks, prompting DP World to accelerate efforts to develop alternative shipping routes.The company is currently discussing a term sheet with government officials, while the structure and financing of the proposed project are yet to be finalised, the sources said.