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Port worth QR20bn expected in Mesaieed

The project, located in South of Al Wakra, Mesaieed, has been launched following an Emiri decision. It is expected that on completion, the port would bring down the escalating import costs to a considerable extent and there would no longer be shortage of storage space.

Speaking during a meeting held at the Qatar Chamber of Commerce and Industry, Yousuf Hussein, the Chairman mentioned that mega projects such as this, would take some time to be completed, and that Qatar may soon see a new law which protects the interest of consumers. The draft of the proposed legislation is ready, and it is being reviewed by the concerned authorities, he revealed.

Another issue that was discussed during the meeting was that of galloping inflation. Yousuf said that the government has already taken several measures to cut down the skyrocketing prices and its impact on the common man. One such measure is the reduction in prices of flour (used in making bread), and it is currently being supplied at subsidized rates. Even mutton imports are being subsidized to cut down spiraling costs.

The government also discussed reducing the amount of money spent on mega projects, as one such measure to reduce inflation. However, the government realized that the move could be implemented only at the cost of some major projects, and hence they decided against it, revealed Yousuf.

Inflation, however, is not restricted to Qatar alone. It is a global and regional phenomenon. However, Yousuf assured that it would remain under control this year. Numerous consultancy firms are conducting studies on this issue, as exact data are required to control inflation and various mechanisms are being carried out to update and maintain the database in the next two years.

Posted on 2/10/2007