The Strait of Hormuz has been under substantial blockade for most of the past six months, and hundreds of billions of dollars of investment promises have surged as Middle Eastern energy exporters try to boost their currently severely slowing economies. Trade is shifting to Saudi Red Sea coastal ports and the UAE's eastern ports, but these ports have less capacity. An industry source said the Gulf governments are seeking to establish a permanent comprehensive solution to bypass the Strait of Hormuz. Investment costs are likely to exceed hundreds of billions of dollars in the next few years, and the Gulf region's sovereign wealth funds are already stepping in to speed up this process. According to reports, the port has become a “critical mission priority” for the Gulf governments, including Saudi Arabia.

The Strait of Hormuz has been under substantial blockade for most of the past six months, and hundreds of billions of dollars of investment promises have surged as Middle Eastern energy exporters try to boost their currently severely slowing economies. Trade is shifting to Saudi Red Sea coastal ports and the UAE's eastern ports, but these ports have less capacity. An industry source said the Gulf governments are seeking to establish a permanent comprehensive solution to bypass the Strait of Hormuz. Investment costs are likely to exceed hundreds of billions of dollars in the next few years, and the Gulf region's sovereign wealth funds are already stepping in to speed up this process. According to reports, the port has become a “critical mission priority” for the Gulf governments, including Saudi Arabia.