King and Crown Prince offer condolence to Iranian president over the deadly port explosion    stc reports strong first-quarter 2025 results with 11% rise in net profit    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Mahmoud Abbas appoints Hussein Al-Sheikh as PLO vice president in key succession move    Saudi Arabia's entertainment sector attracts 76 million visitors in 2024    Third round of US-Iran nuclear talks concludes with cautious optimism    Multiple casualties reported after vehicle drives into crowd at Vancouver street festival    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gulf countries set for maritime trade boom
Published in The Saudi Gazette on 29 - 11 - 2012

DUBAI – The GCC is set to become the new global shipping hub for the new trade routes between the east and the west, expert speakers at the sixth Seatrade Middle East Maritime said.
Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE region, led a positive session on the first day of the event, on the maritime industry's economic and trading environment.
He said “GCC growth forecasts are much healthier than for the rest of the world, thanks to our oil-based economies. Increased shipping business from the east is compensating for the losses coming from the more developed western markets.”“Cash reserves (government current account surpluses) are healthy across the GCC nations; so any financial shocks can be absorbed.
The maritime expert said the GCC is pushing diversification, so there is less reliance on the petrodollar. “GCC governments are investing heavily to diversify their economic structures; which has a positive impact on trade and logistics,” he said.
Moreover, he said the region is investing massively in mega infrastructure projects, which will have an immediate effect, and “ports are part of the supply chain, so we must be able to handle this growth in the most effective way in terms of capacity, infrastructure and efficiency. Many ports in the region are expanding to handle the increased cargo expected,” he said.
The influx of cargo supplying both regional and global needs will necessitate the use of ultra large container carriers, which the region's ports are prepared for.
“At JAFZA and DP World we are confident we will have the capacity to meet demand. We are investing $850m in Jebel Ali Port, to add 5 million TEU by Q1 2014, raising capacity from the current level of 14 million to 19 million TEU. “We need to cater to the changes in our industry. Bigger ships are coming to this region - and we are preparing JAFZA port to handle up to ten mega ships at the same time,” said Al Muallem.
MENA shipping analyst at investment bank EFG Hermes, Redwan Ahmed called for industry agreement on supply control, and said industry growth will remain sluggish until such agreements are made. “While overcapacity is still an issue, 2013 will see greater stability, backed by the strong companies we have in the Gulf, and I expect to see more investment in the regional shipping industry.”
Capt Mohamed Al Shamisi, Chairman, Abu Dhabi Terminals and Executive Vice President, Abu Dhabi Ports Company, said: “We have an important role to play in future. We have seen dramatic changes in the world economy. The biggest change is the shift from the more developed world to the emerging economies, and a concurrent shift in focus of trade for shipping companies.” — SG


Clic here to read the story from its source.