As the world looks to move on from fossil fuels, is there a future for economies like those of UAE that are built around oil? There are promising signs: the UAE non-oil trade posted an impressive 27 per cent rise in 2021, amounting to $1.9 trillion. The shipping industry as a whole has been performing .
As the world looks to move on from fossil fuels, is there a future for economies like those of UAE that are built around oil? There are promising signs: the UAE non-oil trade posted an impressive 27 per cent rise in 2021, amounting to $1.9 trillion.
The shipping industry as a whole has been performing above expectation over the past couple of years, with the container industry at historic highs, thanks to increased demand. This is due to a combination of factors such as the excess of capital as a result of the government’s Covid relief funds and bottlenecks in the supply chain.
While there are expectations that there may be a correction in 2023-24, and uncertainty remains around how Russia’s actions will impact the industry, Amir Maghami, Chair and CEO at Global Feeder Shipping says that the sector is using the opportunity to invest in more sustainable technologies.