'Hamad Port shipping costs drop 31% since blockade'

Operations at Hamad Port has helped bring down shipping costs by 31% despite an economic blockade imposed on Qatar by three of its Gulf neighbours, SAK Holding Group has said in its monthly real estate report.

The report said freight prices at the beginning of the blockade were pegged at $1,700 for a 40-foot container. Today, the report said, shipping costs dropped by 31% to $1,300.“Observers noted that the wind blew counter to what siege countries had desired. Closing ports did not isolate Qatar, harm its economy, curb the overall development of all aspects of life, or slow down the pace of construction and development projects, especially those connected to hosting 2022 World Cup. “Qatar, in parallel with the blockade, launched an economic transformation plan that focused on self-reliance in securing all its needs, preserve the independence of production and manufacturing operations, and doing everything necessary to maintain food and medical security, in partnership with the Qatari private sector and regional and international partners,” the report said. It said Qatar used various options and alternatives to fulfil the needs of the local market and supply it with all types of foodstuff, medicines, raw materials, and building materials. Also, it quickly launched new maritime routes between Hamad Port and numerous ports in countries such as Oman, Turkey and several other countries in East Asia to boost the movement of Qatari imports from around the world.According to the report, after construction materials started flowing into the Qatari market regularly and at reasonable prices, the siege countries “began to incur heavy losses because 95% of Gulf companies were operating projects in Qatar.” “For example, in the field of export, the emirate of Fujairah suffered great losses when it stopped exporting to the State of Qatar and lost all its Qatari clients. Al Jabero exports to Qatar accounted for about 90% of its operations. The report said Hamad Port’s unique services and state-of-the-art facilities, as well as ground breaking technology attracted numerous international companies and partners.