ECONOMY

Qatar Chamber attaches great importance to future supply chains, says official

Due to its “relentless efforts,” Qatar Chamber recently achieved the milestone of being elected as a member of FIATA, the world’s largest organisation for freight forwarders

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Qatar’s strategic location in the Middle East provides it valuable access to key markets, according to Qatar Chamber board member Ali bin Abdullatif al-Misnad, who is also chairman of the International Federation of Freight Forwarders Associations (FIATA) in Qatar.
Al-Misnad made the statement during the ‘Global Freight Summit 2023’, which was recently held in Dubai under the theme ‘Making the Future Supply Chain a Reality’.
With more than 2bn people residing within 3,000km of Qatar, the country benefits from Hamad International Airport and the globally acclaimed Hamad Port, which is strategically located near free zones.
He also highlighted that Qatar’s substantial investment in the transport sector is reflected in the $9.9bn market, propelling the country to the second-best position in the region for logistics efficiency.
Al-Misnad noted that Hamad Port has established over 15 direct shipping lines, connecting it to 40 ports across three continents. Additionally, with an annual capacity of 7mn tonnes, the versatile facility handles 1mn tonnes of grain and accommodates the shipment of 500,000 cars, along with livestock.
Hamad Port also attracts the world’s largest shipping companies owing to its unique status, modern fleet, and advanced systems that provide high-quality maritime services to all vessels. Notably, Hamad Port holds the Guinness World Record for being the world’s deepest artificial basin, he pointed out.
Al-Misnad emphasised that HIA handles more than 220,000 flights annually, facilitating the transportation of over 35mn passengers and 2mn tonnes of cargo to 54 destinations worldwide.
He highlighted that Qatar’s key initiatives, aligned with the transformation of the GCC logistics and warehousing market, present “promising investment opportunities for foreign investors.”
Al-Misnad affirmed the chamber’s commitment to prioritising future supply chains. Through its activities, the chamber aims to promote this concept within the Qatari business community, encouraging business owners to adhere to its principles.
Due to its “relentless efforts,” Qatar Chamber recently achieved the milestone of being elected as a member of FIATA, the world’s largest organisation for freight forwarders, during the FIATA World Conference held in Brussels last month, al-Misnad said
Underscoring the importance of the logistics market, al-Misnad said the global logistics market was valued at $7.98tn in 2022 and is expected to reach around $18.23tn by 2030, indicating a compound annual growth rate (CAGR) of 10.7% from 2023 to 2030.
The Arab Gulf region plays a pivotal role in global shipping and logistics, he added.
In addressing the challenges facing global logistics, al-Misnad highlighted various issues, such as diverse legislation, laws, and regulations, which pose difficulties related to international investment in logistics services. Additionally, the varying quality of infrastructure across many countries represents a significant impediment to the smooth provision of logistics services, he said.
“Legal disputes in the freight industry have surged to their highest level in seven years, according to a report by the Financial Times. Another challenge is the increasing demand for green logistics, as many shippers seek eco-friendly options, particularly when exporting to high-income countries.
“Furthermore, the rise in protectionist measures in some countries due to geopolitical tensions poses challenges, affecting shipping operations and global supply chains. Additionally, there's a noted decline in demand for global shipping,” al-Misnad said.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
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