Travellers are seen during a check-in opposite during a Hamad International Airport. Plans are already being prepared to erect a second depot during a recently-opened HIA, if newcomer enlargement exceeds stream projections, according to ICAEW.
Increasing intra-regional trade volume is executive to reaching Qatar’s diversification objectives and could assistance lessen intrusion caused by domestic turmoil in a Middle East, says a new news by ICAEW, a tellurian organization of franchised accountants.
In a latest quarterly ‘Economic Insight’ report, a physique says Qatar’s economy is relocating in a right direction, with a supervision investing in “transformative” ride and logistics networks to boost burden and newcomer capacity.
According to a report, a GCC (Gulf Co-operation Council) nations are heading a region’s stream rail and aviation investment bang as they competition to inspire some-more cross-border trade and residence augmenting overload issues in a face of prevalent race enlargement and rapidly-developing tourism markets.
Saudi Arabia, Qatar and a UAE are heading a charge, with investment skeleton value $45bn, $37bn and $22bn respectively.
The designed GCC Railway, a 2,177km project, that will couple a networks of a 6 GCC countries, represents a many desirous aspect of a region’s railway infrastructure plans. With a Middle East set to turn one of a world’s many critical aviation centres, enlargement of airports in all a vital GCC cities has also turn a priority. Qatari skeleton are already being prepared to erect a second depot during a recently-opened Hamad International Airport, if newcomer enlargement exceeds stream projections, a news said.
The GCC’s outrageous infrastructure tube is approaching to see a ride and logistics sectors play an increasingly critical purpose in a region’s economies. They should start to beget poignant value from these resources in a form of fit supply chains, smoothness of products and crew opposite borders and ancillary a activities of a ride and tourism industries.
Kuwait, Saudi Arabia, UAE and Oman will approaching net a biggest windfalls, with logistics foresee to minister 13.6%, 12.1%, 11.7% and 11.7% to their particular economies by 2018.
The grant of Qatar’s logistics zone is also approaching to grow, comprising 8.4% of genuine GDP (gross domestic product) by 2018, a news said.
The news shows that high investment levels in Qatar will support enlargement over a middle term, with genuine GDP approaching to be 6.3% aloft in 2014 and annual enlargement rising above 7% during 2015-16.
“While Qatar now has a lowest turn of intra-regional trade of all a GCC nations, exporting usually 1% of sum products to a Middle East in 2013, this conditions is approaching to change significantly when a country’s rail and airfield projects come online. This diversification will assistance encourage inner commerce and investments required for tolerable long-term growth,” pronounced Michael Armstrong FCA, ICAEW informal executive Middle East, Africa and South Asia (MEASA).
While a GCC’s products trade formation lags behind other regions in a world, giveaway trade policies, continued minimisation of tariff and non-tariff barriers to trade and ride infrastructure will assistance encourage deeper intra-regional trade links.
Currently, Qatar is a second many open trade marketplace in a GCC scoring 80% on a Heritage Foundation’s Trade Freedom Index forward of Oman, Bahrain, Kuwait and Saudi Arabia.
“With tellurian oil prices foresee to tumble over a medium-term, a need for mercantile diversification is apropos some-more dire for a GCC countries. Qatar’s complicated investment in ride and logistics networks will compensate off, expostulate enlargement and make a vital grant to diversifying a economy. However, some-more could be finished to encourage a rival production zone that would revoke a dependency on hydrocarbon exports,” pronounced Charles Davis, director, Centre for Economics and Business Research (CEBR).