UAE, Saudi open new cargo trade route bypassing Hormuz
The land trade route begins in Khor Fakkan, passes through Abu Dhabi, and connects to Dammam in Saudi Arabia.
The land trade route begins in Khor Fakkan, passes through Abu Dhabi, and connects to Dammam in Saudi Arabia.
The land trade route begins in Khor Fakkan, passes through Abu Dhabi, and connects to Dammam in Saudi Arabia.
Dubai: Saudi Arabia and the UAE have opened a new land-and-sea trade route for cargo, bypassing the Strait of Hormuz. The new route starts in Dammam, Saudi Arabia, and ends in Khorfakkan, Sharjah, UAE. The route begins at Dammam, and will reach Khorfakkan port through the Persian Gulf. The nearby dry port in Sajaa will also be used for cargo movement.
The land trade route begins in Khorfakkan, passes through Abu Dhabi, and connects to Dammam in Saudi Arabia, linking ports and logistics hubs. Cargoes bound for India, Australia, and African countries can enter the Indian Ocean through Khorfakkan, bypassing the conflict-ridden strait. Cargo movement to the European region will be possible from Saudi Arabia.
Early on Thursday, Iran's Finance Minister Seyed Ali Madanizadeh said that friendly nations, including China, Russia, India, Iraq, and Pakistan, would be permitted passage through the Strait of Hormuz.
This comes days after Iran released a statement to the International Maritime Organisation (IMO) permitting "non-hostile vessels" to transit the Strait of Hormuz if they meet safety and security regulations in coordination with the relevant authorities.
Iran has virtually closed the vital strait since the US-Israeli strikes that started the war on February 28, causing global oil and gas prices to soar.