HAMAD PORT, Qatar, Sept 5 (Reuters) – Qatar inaugurated a new $7.4 billion port along its Gulf coast on Tuesday that officials said would become a regional transport hub and help shield its economy against sanctions enforced by neighbouring Arab states.
The Hamad port, 40km south of Doha, is one of the largest such facilities in the Middle East.
Since Saudi Arabia, Egypt, Bahrain and the United Arab Emirates (UAE) severed ties with Qatar in June, the port has been receiving large quantities of food and building materials for construction projects including stadiums for the 2022 soccer World Cup.
The isolation of Qatar over Doha’s alleged support for militants has raised concerns that projects could be delayed if supplies from the Far East and South Asia are choked.
But officials on Tuesday said Hamad port would allow Qatar to get around the sanctions by importing goods directly from countries such as China and Oman instead of through a major re-export hub in Dubai.
“The port… will break the shackles of any restrictions imposed on our economy. We are not giving up on our hopes and ambitions,” Qatari Transport Minister Jassim bin Saif al-Sulaiti said at a ceremony held in a dome-shaped tent on the docks of Hamad port.
Fireworks exploded above the port on Tuesday as officials delivered speeches praising Qatar’s 37-year-old emir Sheikh Tamim bin Hamad al-Thani for weathering the “siege”.
Closure of the Saudi border with Qatar and disruption to shipping routes via the UAE slashed Qatar’s imports by over a third from year-earlier levels in June and July. Institutions in Saudi Arabia, the UAE and Bahrain have begun pulling money out of Qatari banks, threatening their balance sheets.
Qatar has expanded shipping routes to India, Oman, Turkey and Pakistan and announced plans to raise its liquefied natural gas (LNG) output by 30 percent in an apparent effort to prepare for greater economic independence in the long term.
Hamad port spans 26 square kilometers and will have a capacity of 7.5 million containers a year with terminals built to receive livestock, cereals, vehicles and coastguard vessels, Sulaiti said. (Reporting by Tom Finn; Editing by Keith Weir)
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2486
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.