The northern emirate of Fujairah is working on a wide range of development projects as it seeks to diversify its economy, reported state news agency Wam.

 The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, are already well established as the second largest oil bunkering centre in the world, with a new 250,000 barrels per day oil refinery project having been announced last month.

 A number of other new projects are under way in downstream petrochemicals, urban development, tourism and infrastructure which are expected to enhance the emirate’s attractiveness to local and overseas investors.

These include an underground oil storage, the largest of its kind in the world.   Abu Dhabi National Oil Company (Adnoc) signed an engineering, procurement, and construction (EPC) contract with South Korea’s SK Engineering and Construction (SKEC) in early 2019, to build the facility which comprises three underground storage caverns – each with a capacity of 14 million barrels – that will be excavated deep below ground level. The EPC contract is the largest single project award for underground crude oil storage in the world and is valued at Dh4.4 billion ($1.21 billion).

 The underground storage facility, when completed, will strengthen the UAE’s position as a reliable supplier of crude oil as well as giving Adnoc greater flexibility in the management of its delivery schedule and support its broader move into trading.

 Other major projects in progress including the expansion of Fujairah Airport, being implemented by the Abu Dhabi Airports Company, which includes the construction of a new runway and terminal lounges, expansion of the existing runway and terminal; and development of Sheikh Mohammed bin Zayed City, located on the southern outskirts of Fujairah City, which comprises the construction of 1,100 luxury villas and new roads, as well as associated sanitary works. Another major project under way is the Fujairah Business Centre, due to be completed during the last quarter of 2020, with a total built-up area of 96,400 sq m and comprising two 19-storey towers – one being an office tower and the other a hotel with 228 rooms and suites as well as 79 furnished apartments – and a shopping mall with parking for over 670 cars.

 Also under construction are the Fujairah Beach mixed-use project, comprising a 84-villa developement and the five-star Palace Hotel;  and the 4-km Hamad bin Abdullah Road in Fujairah City being built at a cost of Dh250 million and due for completion in August.

Meanwhile, the 300-bed Sheikh Khalifa Central Hospital in Fujairah City is due to be inaugurated soon.