Bahrain has beaten several global contenders to occupy the top slot in terms of cost effectiveness in a study ranking transport and warehousing cities of the future.
The Gulf state took the top spot globally in the category of Transport and Warehousing Cost Effectiveness in fDi Intelligence's inaugural Transport and Warehousing Cities of the Future study, Bahrain's Economic Development Board said in a press statement.
Bahrain's Al Hidd City was ranked first globally in the aforesaid category, which also saw Egypt's Port Said and Damietta as well as Dubai and Abu Dhabi included in the top 10, the statement said.
Data points considered for the said category included cost of construction permits, fuel prices, electricity prices, and tax rates amongst others.
According to the KPMG Cost of Doing Business Report 2019, Bahrain offers up to 43 percent operational costs savings, and 33 percent savings in living costs when compared to the region, as well as, zero corporate and income tax and no free zone restrictions.
Minister of Transportation and Telecommunications Kamal bin Ahmed Mohammed said 2020 had been a challenging year for transport and logistics globally, but the Kingdom saw a 13.5 percent year-on-year surge of shipments into the Khalifa Bin Salman port in the first nine months of 2020.
fDi Intelligence's study placed Bahrain and the UAE in the top 10 for the Economic Potential category. The top ranking for cities overall was awarded to Hong Kong, with Dubai and Abu Dhabi at fourth and sixth place respectively.
Middle Eastern economies' strong performance in a sector traditionally dominated by the Asia-Pacific region comes in spite of global supply chain disruption owing to the COVID-19 pandemic, the statement said.
It said the COVID-19 pandemic has catalysed the uptake of technology in these sectors, including the launch a first-of-its-kind 'SmartHub' logistics warehouse for pharmaceuticals and food to be headquartered in Bahrain to serve the GCC market.
(Writing by Syed Ameen Kader; Editing by Anoop Menon)
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