DUBAI – The UAE logistics market is estimated to have reached $23.4 billion in 2013, representing approximately six percent of the country's GDP, and is likely to grow 15.4 percent in 2015 to reach $27 billion, consulting firm Frost & Sullivan said. Srinath Manda, program manager for transportation & logistics practice for the Middle East, North Africa and South Asia, at Frost & Sullivan, said: “With billions of dollars being invested in fast-track development of transportation infrastructure, the UAE, a dominant provider to global energy markets, faces unprecedented opportunities and challenges to retain its position as a world-class logistics hub” and a surge in import and export trade volumes is expected next year as well as a steady upward trend of local manufacturing. According to Frost & Sullivan, logistics services offer significant benefits and wider opportunities to the GCC economies as the sector is on a growth trajectory, witnessing the mega trends that are helping to establish it as a prominent logistics hub. The GCC region is benefitting from strong growth of volume in the trade lane between Europe and Asia, and steady growth and development of manufacturing activities driven by predominantly Saudi Arabia. — SG
