The Arab Spring has wreaked havoc with transport companies in the UAE this year.
Many businesses are reporting drops in orders by 50 per cent, while others have raised concerns about the uncertainty of Qatar's status as the host of the 2022 Fifa World Cup as well as the need to regulate rogue companies.
"It was like a dream as the unrest moved from one country to another," said Mohammed Al Khouli, the general manager of Heavy Load Freight Services in Dubai, which specialises in transporting oilfield equipment and chemicals throughout the region to energy firms.
"We were overwhelmed, and seven months down the road, we now admit this [recovery] could take a while," he said, pointing out that the challenges are so great Heavy Load Freight Services in Dubai, a niche company employing 20 staff, may be forced to cut jobs.
With an estimated 5,000 companies in Dubai, the transport and logistics industry is the backbone of the UAE economy, driving the country's export and re-export machine with shipments throughout the Middle East, Africa and the subcontinent.
But now the sector is going through a tough time again three years after the global downturn of 2008 forced companies to cut costs to stay in business.
Chanaka Malalasekera, the senior vice president of Hawk Freight Services, also in Dubai, admitted he was worried about the slow pace of growth following the Arab Spring.
"Dubai is the regional distribution hub and when things like this happen, it would take a long time to recover, even if the respective problems in these countries are sorted out," he said.
One bright spot was Qatar's successful bid to stage the World Cup. But that decision recently came under scrutiny when Mohamed bin Hammam, the former head of the Asian Federation and an elder statesman of Qatar football, was banned for life after becoming embroiled in a bribery scandal during his bid to become the president of Fifa.
Mr bin Hammam has denied the charges.
Before the controversy, haulage companies were cashing in as the country embarked on huge infrastructure projects. Much of this extra demand was being routed through UAE ports and transport networks, according to Peter Mathew, the managing director of Fleet Line Shipping Services in Dubai.
The heavy activity in Qatar is being matched by a surge in demand for cargo into Iraq and the former CIS countries in central Asia. But, at the same time, infrastructure projects in Abu Dhabi have slowed this year.
In addition, the situation in Qatar is variable, said Mr Al Khouli.
As well as clearing up any uncertainty about the World Cup, freight companies would also like regulations to be eased to cement the country's position as one of the most advanced transport networks in the Middle East.
"While the UAE is in the forefront of innovation in the logistics industry, there is still much that can be accomplished by making the systems a little less rigid," Mr Malalasekera said.
"We have seen many new systems come into force during the last few years, but these still need fine-tuning in order to make the process more user friendly and less time-consuming.
"The Dubai trade system which processes imports and exports can take up to two days for passing one bill of entry," he added. "This kind of delay will make clients lose their competitive edge and also make this technological advancement less prudent."
Mr Malalasekera urged authorities to root out rogue companies that give the industry a bad name.
"We are seeing too many small players without any qualifications or a proper understanding of the business entering the market," he said.
"Although they may make a small profit at the end of the day, due to their lack of professionalism they tend to give a wrong impression about the whole industry to various overseas entities, thereby taking away much needed goodwill."
Another key move to improve the industry would be to tighten up regulation for insurance coverage on bills of lading issued by all freight forwarders, according to Mr Mathew.
"Currently, many freight forwarders are issuing documents without having proper liability coverage," he said. "Trade licence-issuing authorities need to make sure that all freight forwarders have the adequate liability coverage before they issue or renew the licence."
Despite the challenges, many companies are optimistic about the long-term future.
"Although this year started with a lot of hope, it has not turned out as expected," Mr Malalasekera said.
"However, we are now again seeing some improvement in the numbers. If this trend continues without any further disturbances, we might be able to end the year on a positive note."
igale@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
SPECS
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Torque: 2300Nm
Price: Dh7,500,00
On sale: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO
Uefa Champions League, last 16, first leg
Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports
TEAMS
EUROPE:
Justin Rose, Francesco Molinari, Tyrrell Hatton, Tommy Fleetwood, Jon Rahm, Rory McIlroy, Alex Noren, Thorbjorn Olesen, Paul Casey, Sergio Garcia, Ian Poulter, Henrik Stenson
USA:
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The%C2%A0specs%20
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