QNB Group CEO Abdullah Mubarak Al Khalifa, addressing the Qatar Shipping and Logistics 2020 Conference, yesterday. Pic: Salim Matramkot/The Peninsula
DOHA: QNB Group CEO Abdullah Mubarak Al Khalifa has said that QNB Group is providing excellent financial services to the maritime and shipping industry in the industry's efforts to meet the 2050 target to reduce the shipping emissions rate by 50 percent.
Addressing the Qatar Shipping and Logistics 2020 Conference yesterday, Al Khalifa noted that one of the most important challenges facing maritime transport is the transformation of ships into the use of clean energy, as the World Maritime Organisation seeks to reduce emissions of harmful substances by half by the year 2050. (According to industry sources, it is estimated that halving global shipping’s emissions by 2050 could require $1.4 trillion in investment.)
The QNB Group CEO pointed out that point out that the banking sector plays key role in providing financial services, credit facilities and investment in various sectors in the shipping and logistics industry, including ports, ships, shipping companies, containers and all sectors related to the supply chain for this huge industry. He noted the global maritime and shipping industry contribute an estimated$ 440bn to global gross domestic product during the past year.
The various sectors of shipping industry need different and diversified financial services. Qatar National Bank Group (QNB) considers the shipping sector as one of the four main sectors that provide financial services.
Al Khalifa said that Qatar’s plans to increase LNG production to 126 million tons annually by 2027 will lead to a major boom in the marine transport and logistics industry in the country. Many developments have already been achieved during the past few years, including the opening of the new Hamad Port, the start of operation of new shipping lines with a number of countries in the world, and the establishment of integrated logistics areas. The QNB Group had a pivotal role in providing financial services and credit facilities for the process of developing the shipping industry, which supports economic relations between the State of Qatar and its commercial partners. In addition, QNB Group has a long experience in providing specialized financial services to all national companies working in the field of energy, logistics, maritime and air transport, and has a long experienced team to meet project financing requirements for companies operating in all these sectors.
Qatar’s plans to achieve self-sufficiency provide great prospects for marine transport projects and related services. “We at QNB Group are working hard to contribute to strengthening this industry during the coming stage, especially with the expansion of ports, logistics, warehouses and the establishment of free zones in the country”, QNB Group CEO said.
