Major Gulf economies are outperforming their GCC neighbors
DUBAI – The United Arab Emirates, Saudi Arabia and Qatar remain among the world’s top 10 sensible emerging markets, or remain stable in key areas, while their neighbours Oman, Bahrain and Kuwait are losing ground. box in Agility’s 15th annual Emerging Markets Logistics Index.
The United Arab Emirates, No. 3 in the 50-country index after China and India, has maintained its ranking since 2023, as have Saudi Arabia, No. 6 and Qatar, No. 7. Oman (15th), Bahrain (16th) and Kuwait. (21) All fell in the ratings.
In Agility’s survey of 830 logistics industry executives, respondents say Saudi Arabia and the United Arab Emirates are doing their best among GCC countries to boost economic diversification and their dependence on oil and fuel revenues.
The United Arab Emirates ranks first for business fundamentals; Saudi Arabia ranks third in this category. However, logistics professionals surveyed in the survey noted that additional innovations for small businesses and multinationals are the most important drivers of continued diversification for all GCC countries.
The survey and Index are Agility’s 15th annual snapshot of industry sentiment and ranking of the world’s 50 leading emerging markets. The Index ranks countries for overall competitiveness based on their logistics strengths, business climates and digital readiness — factors that make them attractive to logistics providers, freight forwarders, air and ocean carriers, distributors and investors.
UAE and Saudi Arabia rank in the top 10 in every category. Qatar ranked among the top 10 in all categories except international logistics opportunities, where it was 20th. The only top 10 ranking for Oman, Bahrain or Kuwait was Bahrain at No. 8 for business fundamentals.
Half of logistics professionals surveyed expect a global recession next year, compared to just 70% a year ago. Executives surveyed say they are struggling with higher costs, reducing their reliance on sourcing from China and contemplating boosting investment in Africa, they said. They consider investing in emerging markets to be somewhat riskier in general.
More than 63% of respondents say their companies continue to redesign their supply chains, distributing production across locations or relocating it to domestic markets and neighboring countries. China, the world’s largest producer, will be the most affected: 37. 4% of professionals in the sector. they say they plan to move their production/source out of China or reduce their investments there.
2024 Index Highlights
SURVEY
COUNTRY RANKINGS
Transport Intelligence (Ti), a leading company and analytics company in the logistics industry, has evolved the index since its publication in 2009.
John Manners-Bell, CEO of Ti, said: “Supply chain managers are still facing the political and economic instability that characterizes the post-COVID global economy. Geopolitical relationships are evolving rapidly and have a significant impact on foreign industry and risk profiles. Companies will need to be aware of the opportunities and threats that exist in emerging markets and use data, such as the Agility Emerging Markets Logistics Index, to enable agile decision-making.
Agility Emerging Markets Logistics Index 2024: agility. com/2024index
About Agility
Agility is a global leader in innovation and supply chain infrastructure with more than 45,000 workers on six continents. As a multi-corporate operator and investor, Agility specializes in the expansion and progression of operating businesses. Agility’s business comes with the world’s largest aviation company (Menzies Aviation); a global gas logistics company (Tristar); the market leader in logistics parks in the Middle East, South Asia and Africa (Agility Logistics Parks); and an advertising real estate company to be built in a mega shopping mall in the United Arab Emirates (UPAC). Other Agility corporations will offer customs digitization. Array Remote Site Infrastructure. Array Defense and Government. Array, as well as e-commerce and virtual logistics. ArrayAgility invests in innovation and sustainability of the supply chain. and resilience and owns minority stakes in an upcoming portfolio of indexed and non-indexed corporations.
To learn more about Agility, visit: Website: www. agility. com Twitter: twitter. com/agility LinkedIn: linkedin. com/company/agility YouTube: youtube. com/user/agilitycorp
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