{
  "id": 14668041,
  "title": "Hormuz really matters but the UAE has more than one gateway, economy minister says",
  "url": "https://urgent.news/2026/10/15/hormuz-really-matters-but-the-uae-has-more-than-one-gateway-economy",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-15T10:04:45.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/economy/2026/10/15/hormuz-really-matters-but-the-uae-has-more-than-one-gateway-economy-minister-says/"
  },
  "original_language": "en",
  "account": "The gateway to the Gulf extends beyond the Strait of Hormuz, as revealed by Abdulla bin Touq, the UAE Minister of Economy and Tourism. Speaking on the sidelines of the Rise Summit in Dubai, bin Touq emphasized that Hormuz remains crucial but stressed that the UAE has multiple points of access. \"It really matters and it will keep on mattering,\" he stated, directly countering US Treasury Secretary Scott Bessent's claim that the strait would be \"a worthless piece of water\" within two years.\n\nSince the onset of the Iran war on February 28, traffic through the Strait of Hormuz has significantly declined, but the UAE is diversifying its trade routes. The country has unveiled plans for the \"Zero Hormuz\" strategy, which includes developing regional logistics corridors and expanding east-coast ports outside the strait, such as Khor Fakkan and Fujairah. Additionally, the UAE is constructing a new pipeline to enhance oil exports via the Gulf of Oman.\n\nBin Touq highlighted the growing investments on the UAE's east coast, noting that redundancy has turned into opportunities. He also debunked the notion of a significant shift from the west to the east, asserting that the UAE remains a unified economy. The country's rail network, Etihad Rail, connects Abu Dhabi to Fujairah in just four hours, facilitating seamless travel between key business hubs.\n\nTourism, one of the first sectors to suffer and last to recover from crises like the Iran war, is anticipated to rebound. With major airlines like Lufthansa and Air France resuming flights to the UAE, the ministry expressed optimism for a recovery in November and December. Hotel occupancy reached about 68 percent at the end of August, signaling a promising trend.\n\nLooking ahead, the International Monetary Fund forecasts a 3.9 percent contraction in the UAE economy this year, followed by a robust rebound of 7.7 percent in 2027. Bin Touq analogized the UAE's economy to a football team, with tourism as the front-line attacker, businesses as midfielders, and intellectual property and innovation capacity as the defense. He emphasized the need for tourism to lead the way and for the midfield to undergo reforms and access more capital, including through the Dh1 billion Emirates Growth Fund.",
  "summary": "The gateway to the Gulf is more than one port and certainly more than one road. That is the message from Abdulla bin Touq, Minister of Economy and Tourism. “[The Strait of] Hormuz really matters and it will keep on mattering,” he said in an exclusive interview on the sidelines of the Rise Summit in Dubai . “It's really important to really focus on Hormuz as well, to have it as a gate.” It is a…",
  "key_points": [
    "Hormuz remains crucial for Gulf trade, despite declining traffic",
    "UAE has multiple gateways beyond Hormuz, including Khor Fakkan and Fujairah",
    "UAE diversifying trade routes with Zero Hormuz strategy and new pipeline"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "Hormuz really matters but the UAE has more than one gateway, economy minister says",
        "url": "https://urgent.news/2026/10/15/hormuz-really-matters-but-the-uae-has-more-than-one-gateway-economy-14668208",
        "published": "2026-10-15T10:04:45.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}