Kuwaiti maritime firms eye Saudi market
Kuwait, October 19, 2010
Kuwaiti maritime companies are keen to strengthen their operations across the region, specifically in Saudi Arabia market as the Kingdom embarks on a massive infrastructure development plan, said industry experts.
Kuwaiti firms such as Gulf European Ship Supply Company (GESSC) and Jassim Transport & Stevedorning (JTC) are gearing up to take part in the upcoming 'Seatrade Middle East Maritime' (SMEM) with an eye on 'booming' Saudi market.
A leading event for the maritime industry in the Middle East, SMEM will run from October 26 to 28 in Dubai.
These Kuwaiti companies are well poised to take advantage of the potential for growth in Saudi having preformed well in recent years due to the demand fuelled by the US forces in the region, the experts said.
Kuwait has served as a hub for the US army bases located in the GCC, the Horn of Africa and of course Afghanistan and Iraq, adding to a surge in tankers transporting fuel.
This continual demand has helped shield Kuwaiti based companies in the industry from the effects of the global recession, they added.
Jassem Transport is looking to expand into the Saudi market by the end of 2011 through either acquisition or joint venture, said a top official.
The company, which has grown steadily over in its 30 year history, has an aggressive expansion plan which will also see new operation bases active in Abu Dhabi, Dubai and Iraq from the end of this year. JTC’s key areas of activity include Ports, Contract Logistics and Equipment Leasing.
JTC also operates its own custom-bonded warehouses which provide safe and cost effective services to importers. The facilities are linked to Kuwaiti customers through high-tech IT systems that enable 24/7 clearance services for inbound, outbound cargo.
Adel Kohary, business development manager at JTC, said, 'Our presence at SMEM 2010 offers a great platform for us to network and establish new partnerships that will help us forge forward with our aggressive expansion plans.'
'With our business already extended into Abu Dhabi, Dubai and Iraq our next key focus area is Saudi Arabia. The Kingdom offers strong potential for the growth as the authorities look to invest heavily into infrastructural developments. JTC is confident it will soon be establishing its presence in the Kingdom,' he added.
The Saudi market is a key area for growth as the authorities plan to develop and build new ports to increase levels of efficiency, to deal with growing traffic both in and out of the market, said Kohary.
GESSC is also looking to expand into Saudi, as well as Oman and Iraq. Having been founded in 2009, this new company is testament to the prospects of the maritime industry in the region, as its successes and opportunities continue to increase.-TradeArabia News Service