Dubai: Businesses in the UAE are looking to source from alternate markets where possible to counter the rising costs associated with shipments from Europe and the longer time needed to come via the Cape of Good Hope.
After the latest incidents in the Red Sea from last week, with the US and the UK launching strike action against Houthi targets, shipping costs from Europe to UAE ports have increased by more than $1,000 a TEU (20-foot container). It has also meant cost increases in other sectors too, with shipments to Jeddah from Dubai, for instance, seeing a sharp increase in recent days.