The United Arab Emirates is working on a major plan to eliminate its dependence on the Strait of Hormuz after the recent closure of the critical waterway exposed the vulnerability of Gulf trade and energy flows, Anadolu Agency reports.
UAE Minister of Foreign Trade Thani Al Zeyoudi said the country is moving toward “zero Hormuz dependency,” according to a Bloomberg report.
The plan comes as global markets await the full reopening of the strait following an interim peace deal between Iran and the US.
The Strait of Hormuz, through which around a fifth of global crude oil and liquefied natural gas shipments passed before the war, has been disrupted since US and Israeli strikes on Iran began in late February.
At the center of the UAE’s plan is a major expansion of the eastern ports of Dibba, Fujairah and Khor Fakkan, located outside the strait on the Gulf of Oman coast, according to the report.
