Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

UAE's Fujairah turns into a major oil hub

The UAE welcomed its first super tanker to ship crude oil from the heart of the oil belt. After spending over $5 billion on infrastructure, it is the latest sign that Gulf states are spending heavily to capture even more market share. CNNMoney's John Defterios reports.