DUBAI, July 23 -- DP World and the Fujairah Ports Authority signed a 50-year concession agreement Wednesday to build two new cargo terminals on the UAE's Gulf of Oman coastline, a half-century infrastructure commitment that treats the effective closure of the Strait of Hormuz to large commercial shipping not as a temporary crisis but as a structural shift in global trade geography.

The deal covers two separate facilities. Al Rugaylat, the first terminal, will handle container operations at an annual capacity of 2.5 million twenty-foot equivalent units and is engineered to accommodate Ultra Large Container Vessels, the class of ship that currently cannot call at UAE east coast ports. The second, the Dibba General Cargo Terminal, adds 3.6 ...