Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started
Qatar says new port will help circumvent Arab sanctions
Published Sep 05, 2017 08:55AM ET
Updated Sep 05, 2017 09:00AM ET
© Reuters. The opening ceremony of the Hamad port is seen in Doha
HAMAD PORT, Qatar (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.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.