Abu Dhabi Ports awarded China’s Cosco shipping a 35-year concession agreement worth USD738mn to build and operate a new container terminal at Khalifa Port, where the terminal is expected to be operational in the first half of 2018, according to a filing by Cosco to the Hong Kong Stock exchange, where the deputy general manager of Cosco, Raymond Wong, told Reuters that the company plans to invest USD400mn in building the terminal. The new terminal will have a capacity of 2.4mn TEUs, with an option of increasing it to 3.5mn TEUs. The port’s existing capacity stands at 2.5mn TEUs. Cosco plans to divert ships from Dubai’s Jebel Ali port once the terminal is completed, Raymond added. Abu Dhabi port is owned by the government and runs Khalifa Port and the Khalifa Industrial Zone. (Gulf Business, Reuters)