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Qatar’s plans to raise LNG output will lead to boom in maritime transport, logistics services industry, says QNB chief

Qatar”s plans to raise the liquefied natural gas (LNG) production to 126mn tonnes per annum by 2027 will lead to a major boom in the maritime transport and logistics services industry in the country, according to QNB chief executive Abdulla Mubarak al-Khalifa.

 

This observation was made at the Qatar Maritime and Logistics Summit (QMLS), which got underway in Doha yesterday.

 

Many developments have already been achieved during the past few years, including the opening of Hamad Port and the start of operating new navigation lines with a number of countries in the world and the establishment of integrated logistics areas, he said.

 

QNB had a pivotal role in providing financial services and credit facilities for developing the maritime transport industry, which supports economic relations between Qatar and its commercial partners, stressing that Doha”s plans to achieve self-sufficiency offer great prospects for marine transport projects and related services, and that QNB is working to contribute strongly to strengthening this industry during the next stage, especially in view of the operations of expanding ports, logistics, warehouses and establishing free zones in the country.

 

Despite the challenges facing the trade movement and the global maritime transport industry, there are great opportunities for development, expansion and investment in technological innovations that support global trade, al-Khalifa said.

 

He said the banking sector”s main role in providing financial services, credit facilities and investment in various sectors in the shipping and logistical services industry, including ports, ships, shipping companies, containers and all sectors related to the supply chain of this huge industry, particularly since maritime transport accounts for 90% of the global trade traffic, contributes approximately $440bn to global gross domestic product.

 

The sectors related to the shipping industry need different and diversified financial services, given the large size of this industry, al-Khalifa said, pointing out that QNB considers the shipping sector as one of the four main sectors working to provide distinguished financial services to it.

 

Finding that the most important challenges facing maritime transport is the transformation of ships into the use of clean energy, as the International Maritime Organisation seeks to halve emissions of harmful substances by 2050, he said QNB provides specialised financial services and huge investments in building ships that use clean energy.

Source: Gulf Times

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