New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/13/2013 -- Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects recovery to have been completed by 2013, and that growth will continue over the medium term. If there are continued instances of industrial unrest and strikes, however, as Kuwait's ports have struggled with since the Arab Spring of 2011, then we may have to revise our forecasts down. The air freight sector was also hit in 2011, with volumes falling, and we estimate that 2012 also saw a decline. In 2013, we forecast that air freight cargo at Kuwait International Airport will return to growth, albeit at a sedate pace over our forecast period.
What continues to bode well for Kuwait's freight transport is our macroeconomic outlook for the country. Oil prices remain elevated, and this is translating into spending by the Kuwaiti government and greater wealth among the populous. This is attracting logistics companies to add services to the country. Kuwaiti logistics company Agility continues to develop rapidly.
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Headline Industry Data
- 2013 Port of Shuaiba tonnage throughput growth forecast at 4.0% and to average 5.3% to 2017.
- 2013 Kuwait International Airport air freight tonnage forecast to grow by 1.8% and to average growth of 1.4% a year to 2017.
- 2013 total trade real growth forecast at 3.0% and to average 4.0% to 2017.
Key Industry Trends
FlyDubai Cargo Offers Upside To Kuwait
BMI believes that upside risk to our air freight growth forecast for Kuwait could be presented by the commitment new regional carrier flyDubai Cargo is showing to the country. This marks a continued expansion by the recently formed budget carrier, which has been growing rapidly since its launch in early 2012.
Agility Looks To Arab Spring States
The Kuwaiti logistics company, Agility, is looking to capitalise on the growth prospects present in the Arab Spring states of Egypt, Libya and Tunisia, in keeping with its strategy of developing its emerging markets coverage. We believe that through continuing its focus on emerging markets, the company could begin to return to the level of profitability it enjoyed before losing its lucrative contract with the US Army, though it has some way to go before this is realised.
Government Agrees To End Dispute Over Gulf-War-Era Debts
The Kuwaiti government in October 2012 granted approval to a settlement with Iraq aimed at ending a dispute over Gulf War-era debts. The approval will also lift legal actions on Iraqi Airways flying to destinations in the West. The dispute between the two sides was over billions of dollars in compensations dating back to Iraq's invasion of Kuwait in 1990-1991 and the expropriation of Kuwaiti aircraft and parts.
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