Introducing transportation concepts as key leverage for increasing the value of logistics' infrastructure for LSPs
February 8th/9th of 2010
Abu Dhabi / UAE
Workshop Presentation at Kick Off Meeting
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 2 of XX
Forum Workshop – Transportation Concepts
Workshop Agenda
Topics Time Responsible
1. Personal introduction and outlining of workshop details
2. Dornier's workshop presentation
3. Group work with participants
4. Presentation of group results and closing of workshop
09:00 a.m.
09:30 a.m.
10:30 a.m.
11:30 a.m.
All
Empere, Luebke
All
Group leaders
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 3 of XX
Forum Workshop – Transportation Concepts
Content of Dornier workshop presentation
1. How does Dornier rate Logistics on a global scale?
2. How does Dornier experience Logistics in the region?
3. Which role do transportation concepts play for Logistics in the region?
4. How do real life transportation projects look like?
5. Where do we go from here?
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 4 of XX
Forum Workshop – Transportation Concepts
Global and regional trends in the Logistics’ industry (1/4)
Worldwide trade and supply markets extension result in changes of goods flows and transport corridors used
Trade pattern origins and destinations changed through increased globalization, e.g. Europe, USA and Japan are sourcing from China and India
Global container volumes are expected to double again in the coming 10 years 3 billion new consumers in Asia - becoming the global manufacturing hub -
change transportation demand and service requirements Logistics is a global business – so is competition Continuous market consolidation, resulting in less but larger international logistics
service providers Logistics is increasingly becoming a vital key industry with independent rules and
development mechanisms (No. 4 industry in Germany) Logistics industry possesses high differentiation potential and is driven by
technology, know-how, experience and assets
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 5 of XX
Forum Workshop – Transportation Concepts
Global and regional trends in the Logistics’ industry (2/4)
International transport container traffic and intermodal transport will continue to increase
The growing economic development will lead to higher import and export volumes of consumer goods
Middle East attempts to become a strategic location for global logistics Main corner stones have been set and are being developed aggressively Global development in logistics offers a key and fast growing opportunity
especially in the Middle East region Ports and inland modes are already congested not only because larger vessels
are increasingly congesting US, Far East and European ports Lack of sufficient, modern Terminal infrastructure, however, time lines for
developing new ports and infrastructure are long
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 6 of XX
Forum Workshop – Transportation Concepts
Global and regional trends in the Logistics’ industry (3/4)
1980s 1990s 2000s Future
GCC was established in 1981
Middle East markets major import markets
Low GDP due to low oil prices and a fully oil-dependent economy
Establishment of Pan Arab Free Trade Area in 1997
Important transshipment location
First steps of promoting trade and industry to minimize reliance on oil
KSA and UAE driving economic growth in GCC region
Professionalizing bagales to professional retail markets
New airports, seaports, Free Trade Zones
Import for sea-air traffic
Economic growth due to rising oil price
International logistics providers go ME and ME providers go global
Ongoing development of shipping companies from simple carriers to door-to-door operators
Import of project cargo
Industry acknowledgement of transportation and logistics activities as a core corporate process that has to be managed professionally
Increased willingness of the industry to outsource supply chain services
Change from passive driven to active driving economy
Increased railway activity
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 7 of XX
Forum Workshop – Transportation Concepts
Global and regional trends in the Logistics’ industry (4/4)
Introduction of Containerization and intermodal transport. First mergers
Fragmented market structure for all Logistics services.
1990s 2000s1980s
Containerization increasingly replaces general cargo shipping on global level
Logistics development in ME driven by imports from oversea shipping
Consolidation of number of service providers
Introduction of container trading patterns
Container shipping crises. Merges and Acquisitions, change of shipping lines from maritime haulagers to carriers haulage/door-to-door services
Import market dominated by shipping line haulage, however, following classical market structures and on-carriage organized by forwarders and agencies
Integration of individual logistics services towards global SCM
Carriers haulage arrives in Middle East, first attempts of intermodal transport
Global merges in land and maritime logistics, providers, contract logistics and fulfillment
For the very first time, ME chances from driven region to driving region while developing global turntable strategies.
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 8 of XX
Forum Workshop – Transportation Concepts
Service portfolio of LSPs in the Middle East is being broadened gradually
2015 2010
Logistics integration level
Procurement
Requirement planning
Supply chain management
Production planning
Warehousing
Land transport
Air/Ocean transport
Intermodal transport
Global LSPsMiddle East
today
Global LSPs Europetoday
(e.g. DB Schenker)
2005
Packing / Distribution
Railway transport
Tra
ns
po
rta
tio
nV
AS
Su
pp
ly c
ha
in
2020
Global LSPsMiddle Easttomorrow
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 9 of XX
Forum Workshop – Transportation Concepts
Global LSPs based in Europe are more and more facing high quality regional market players
Transport
System service provider (3PL)
Freightforwarders
Systemintegrators
(4PL)
Global
Regional
Portfolio
Low high
Playing field
K&N
DHL~500‘€
Aramex>250‘€
Panalpina
GAC
Al Futtaim
DP World
Bubble size = revenue indicator
Four Winds S.A.
Orient Company
ATCO
Namma
Kanoo
Agility> 1‘‘€
MML
Al Majdouie
DB Schenker
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 10 of XX
Forum Workshop – Transportation Concepts
Freight volume flows in ME require transportation concepts focusing on intermodality as well as road transportation concepts
Source: Dornier Consulting GmbH
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 11 of XX
Forum Workshop – Transportation Concepts
Global Logistics in the Middle East - a typical supply chain
Supplier:OverseasSupplier:Overseas
Hub 1:DubaiHub 1:Dubai
Hub 2:Abu DhabiHub 2:Abu Dhabi
Consignee:Consignee:
->Short-distance truck->Short-distance truck
Sea transportSea transport
Seaport
Bulk storag
e
Steel Factory 1
Constr. Site 1
Constr. Site 2
Constr. Site n
-> Long-distance/heavy truck-> Long-distance/heavy truck
Bulk storag
e
Cement Factory
Road transportRoad transport Road transportRoad transport
-> Logistics infrastructure-> Logistics infrastructure
I F
I -> Information-> Information F -> Financing-> Financing
I F I F I F
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 12 of XX
Forum Workshop – Transportation Concepts
Key Performance Indicators (KPIs) from a logistics point of view
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 13 of XX
Forum Workshop – Transportation Concepts
Reaching the goals set for KPIs requires an integrated approach
Transportation network
Security level
Delivery concept
Vehicle specifications
Comprehensive transportation concept
Framework conditions:
Standardization
Rules & regulation
Training & education
Law enforcement
General safety & security
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 14 of XX
Forum Workshop – Transportation Concepts
Cargo defines the ideal transportation mix…
Road
Pro
sC
on
s
Rail Sea Air
Dependant on weather and traffic situation
Limited capacity Limitations for
dangerous goods Danger of accidents
Cost-effective for short distances (regional)
Time-effective for long distances
Flexibility
Side tracks necessary Costs for special
vehicles Inflexibility
Heavy cargo capacity Timetables Low failure rate Ability to transport
dangerous goods
Dependant on weather (storm, ice, fog)
Inflexibility
Heavy cargo capacity Very high loading
capacity Availability of special
vehicles (dangerous goods, etc.)
High costs Limitations for
dangerous goods
Very time-effective Easy packaging
Traffic counts Transport modeling Junction capacity analysis
Parking demand External/Internal road network
Other traffic (except T&L) Mitigation measures
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 15 of XX
Forum Workshop – Transportation Concepts
…however the realities of the region limit the feasible options
Road Rail Sea Air
xxx xxx xxx xxx
E.g.: LoRoCo E.g.: UAE Rail E.g.: Red Sea Ferry E.g.: Saudi Airlines
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 16 of XX
Forum Workshop – Transportation Concepts
Puzzle piece 2: Security level
Transportation as starting point for security Explosion Events
The larger the vehicle, the larger the explosive device that could be hidden aboard, and the longer the time required for security checking
The worst case is a large articulated vehicle which could carry an explosive device up to 40 tons. Such vehicles can be and are usually prevented by their size from entering standard public parking facilities
The next is ordinary trucks which could carry an explosive device up to 10 tons. They can be prevented by a height bar (usually 3m) from entering standard public parking facilities
Utility vehicles could carry an explosive device of 6 tons, a 4x4 passenger car 1 ton, a saloon car a box or large package 150kg, and on a person or in a briefcase up to 30kg
In explosion events, distance is a crucial factor since the blast force decays inversely with the square of the distance from the device, e.g. if the device is 10m from an object the blast force would be 1/100th of what it would be at 1m
Confined spaces provide ideal conditions for causing damage to a structure because the “contained” pressure from the blast will be much higher than in the open air. Survival of the building structure is the ultimate issue for security. This highlights the importance of preventing explosive devices from entering covered parking facilities, particularly basements and other closed structures. Vents through the ceilings of parking stations may be used to reduce blast pressure if open to unpopulated areas above ground level
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 17 of XX
Forum Workshop – Transportation Concepts
Puzzle piece 3: Delivery concept
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 18 of XX
Forum Workshop – Transportation Concepts
Puzzle piece 4: Vehicle specifications
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 19 of XX
Forum Workshop – Transportation Concepts
Vehicle Specifications have a significant impact on intermodal potentials
Vehicle standards in the GCC are especially required if intermodal solutions are planned for the future
Intermodal solutions road-rail could especially help to solve feeder and distribution problems from and to the main ports
Moving the line haul part of long distance transport to rail could contribute to diminish the problem of availability of skilled drivers
Long-term innovation of the interfaces will be required to improve competitiveness and acceptance of intermodal solutions – as on the road solutions are required that focus on a selected group of containments to reduce complexity and costs
Intermodal solutions (IMS) could especially contribute to improve the land bridge
Besides that innovations of IMS could leverage industrial business opportunities in the region
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 20 of XX
Forum Workshop – Transportation Concepts
CASE STUDY: CHINA (Longer combination vehicles)
Parameter values for the case study
Source: UNESCAP working paper P/07/02
Effects of LCVs regarding, CO2, diesel fuel, transport costs and traveled kilometers.
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 21 of XX
Forum Workshop – Transportation Concepts
Transport vehicles in the Middle East
Mostly 2x4 Truck tractor with tandem semi-trailer
Similar vehicles to KSA with exception of DP World who have road train of 2 x 40ft containers!
No proper legislation is in place
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 22 of XX
Forum Workshop – Transportation Concepts
Transport vehicles in North America and Europe
USA transport limited by GVM and the use of long cab truck tractors
25.25 m and a total weight of 60 tons
18.75 m and a total weight of 44 tons
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 23 of XX
Forum Workshop – Transportation Concepts
Transport Vehicle in Australia and South Africa
Road trains 53m long (however not used in cities) 22 Meter, GVM 56,000 KG, (net payload of 36-40 tons)
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 24 of XX
Forum Workshop – Transportation Concepts
Dornier’s transportation project experiences in the region (INPUT LÜBKE)
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 25 of XX
Forum Workshop – Transportation Concepts
Conclusion 1 – Developments in the region have formed specific strengths & weaknesses
Strengths of the Middle East Weaknesses of the Middle East
Xxx Xxx Xxx
Xxx Xxx Xxx
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 26 of XX
Forum Workshop – Transportation Concepts
Conclusion 2 – Europe’s highly integrated logistics’ services hold numerous opportunities and threats
Opportunities in the logistics’ industry Threats posed by logistics’ industry
Xxx Xxx Xxx
Xxx Xxx Xxx
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 27 of XX
Forum Workshop – Transportation Concepts
Key Essential
Path to an integrated Logistics industry in the Middle East places some obstacles...
...so how do we overcome them?
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 28 of XX
Forum Workshop – Transportation Concepts
Having carefully listened to the presentation…
GROUP 1: …which key opportunities do you see for LSPs in the region? …what are improvement challenges that have to be tackled by LSPs?
GROUP 2: …what are business challenges that have to be tackled by LSPs? …which risk management measures definitely have to be initiated by LSPs?
INSTRUCTIONS: Please use the following template Provide detailed statements
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 29 of XX
Forum Workshop – Transportation Concepts
Re
gio
na
l F
ac
tors
Our approach to create a comprehensive workshop result
Weaknesses
Strengths
ThreatsOpportunities
Industry factors
SWOT-Analysis
Risk Management
Improvement Challenges
Key Opportunities
Business Challenges
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 30 of XX
Forum Workshop – Transportation Concepts
Template for GROUP 1
Key opportunities Improvement challenges
Xxx Xxx Xxx
Xxx Xxx Xxx
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 31 of XX
Forum Workshop – Transportation Concepts
Template for GROUP 2
Business challenges Risk management
Xxx Xxx Xxx
Xxx Xxx Xxx
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 32 of XX
Forum Workshop – Transportation Concepts
Dornier Consulting says “Thank You”
Dauaride EMPERE
Senior Consultant
+49 (0) 151 52 630 110
Michael Luebke
UAE Country Director
+971 50 812 24 79
UAE Address:
Dornier Consulting GmbHKhalifa Street, Liberty TowerP.O.Box 48327Abu DhabiUnited Arab Emirates
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 33 of XX
Forum Workshop – Transportation Concepts
Back-up
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 34 of XX
Forum Workshop – Transportation ConceptsThe competition is investing significantly in the Middle East market
Global players
Competitive environment
Agility Has made the biggest impact through the acquisition of forwarder GeoLogistics and the deal with the supply of the US troops in Iraq
Al Futtaim/Exel Offers full range of supply chain solutions that include warehousing and distribution, road transportation, sea and airfreight forwarding; also comprehensive range of VAS
Aramex Revealed that is was negotiating to acquire companies in UK (Priority Airfreight + Twoway Vanguard) and in US
GAC GAC Group consists of GAC Shipping, GAC Logistics and GAC Marine; the GAC Logistics Park is the largest facility in the Middle East spreading over 125,000 m2 with over 125,000 pallet positions
DP World Large port management operations company; dominant in the region; P&O services
P&O ferries; Terminal at Jebel Ali Free Zone
DHL Possesses 3.2 m square feet operations and have invested significantly in the region
Kuehne&Nagel Regional turnover is 140 m US$; K+N used to operate through a JV company
Panalpina In 2006, three regional oil companies extended their contracts with Panalpina for the provision of logistics services in Saudi Arabia and Qatar, while two global computer and semiconductor manufacturers chose the Group as their distribution partner in UAE
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 35 of XX
Forum Workshop – Transportation ConceptsThe competition is investing significantly in the Middle East market
Orient Company Provides national and international customers with international freight forwarding services that range from transportation, import and export by air, sea and land to customs clearance, domestic distribution, turnkey jobs, as well as industrial projects.
Four Winds S.A. Specialized in design and management of local and international transportation, freight forwarding and customs clearance services
ATCO Is the largest specialist company in the KSA transportation and logistics sector; offers one-stop transportation and logistics services on a domestic and international basis.
MML Offers freight forwarding services – domestic & international, Air/Sea/Land; Shipping & NVOCC Agency, chartering as well as container terminal operations
Namma Handles total movement of cargo from worldwide locations for Saudi Chevron Petrochemical Co., Gulfguard, Saudi Crane, Middle East Power Company, Middle East Battery, Saudi Bea Fasteners and many other companies
Kanoo Offers shipping, airline cargo GSA’s, door-to-door air & sea cargo, customs clearance & transportation, packing and house removal services, project cargo handling, exhibition services, international freight forwarding
Al Majdouie ALMAJDOUIE Logistics & Distribution provides SCM solutions and 3PL; ALMAJDOUIE Heavy lift transport & engineering is a leader in heavy lifting and transport not only in Middle East and generally maintaining a market share of over 50%
Competitive environment
Regional players
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 36 of XX
Forum Workshop – Transportation Concepts
Backup Transition of World Exports
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 37 of XX
Forum Workshop – Transportation Concepts
Backup Transition of World Exports
Source: http://socialisteconomicbulletin.blogspot.com/2008/12/rise-of-asia-in-particular-china-in.html
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 38 of XX
Forum Workshop – Transportation Concepts
Backup Doubling of container volumes by 2020 despite downturn
Even allowing for the current downturn in global trade, and the first potential decline in container traffic ever in the more than three decades since the inception of wide‐scale containerization, current projections call for world‐wide container volumes to double by the year 2020.
World‐wide container volumes may have fallen by 20% or more during the first months of 2009 as compared with last year, but the fact is that there are still ports in the developing world where limited capacity is still very much a significant and current problem, or that sufficiently modern ports and terminals simply do not even yet exist which can accommodate any moderately‐sized modern cargo vessels, containerized or otherwise, let alone the latest generation giants. Current World Bank analysis calls for a decline in world trade volume of ‐2.1% for this year, before rebounding to a projected 6% growth in 2010.
The World Trade Organization foresees a 9% drop on manufactured export this year, though‐ significantly‐
with a smaller decrease among the developing economies. While global GDP has been forecast to expand by only 0.9% in 2009, the anticipated economic growth of the Developing World is still 4.5%, with sub‐Saharan Africa projected for 4.6% growth this year, and 5.8% in 2010. According to the most recent WTO data for 2008, Africa continues to experience significant growth in both exports and imports. Exports increased 29% to $561 billion, and imports rose to $466 billion, 27% higher than in 2007. This reflects increases in basic commodity and mineral exports, but also a surge in imported consumer goods from an increasingly important African trading partner: China. Africa will continue to see economic and trade growth, and the interest of shipping lines and the global and local port and terminal developers and operators who serve them.
http://www.apmterminals.com/uploadedFiles/corporate/Media_Center/Speeches/090404%20World%20Bank%20Transport%20Speech.pdf
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 39 of XX
Forum Workshop – Transportation Concepts
Backup Logistics Sector Germany
Weighing in just behind trade and the automotive industry, logistics is the third largest sector in Germany, employing some 2.6 million persons. Annual turnover of 166 billion € is earned throughout the industry, representing approximately 7% of German gross domestic product.
The logistics sector also displays far-aboveaverage growth. Around 15 billion € are invested in logistics real estate, technologies and qualification measures each year.
http://www.kompetenzcluster.org/fileadmin/vdidaten/Logistik/Fakten/Germany-Logistics-Hub.pdfStand 2005
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 40 of XX
Forum Workshop – Transportation Concepts
Backup Challenges in the MENA Region
Although the region is not as dependent on the international economy as are other areas of the world, Middle Eastern agriculture and manufacturing are the main providers of job opportunities and have still become less competitive because of the increasing pressure to export goods to the global markets at lower prices. At the same time, inflation is running above 10% in much of the area due to rises in commodity prices. Inflation is also being driven upward because the currencies of many of the countries in the Arab region are pegged to the US dollar.
Before the financial downturn, the large inflow of foreign exchange into the nations of the region, whether from oil or aid, resulted in a sharp appreciation of domestic currencies. Now, with the US dollar depreciating, the region's Central Banks are forced to keep interest rates below the rate of inflation. With a prolonged global financial downturn, consumer price inflation in food and oil will not be offset through higher revenues from food and oil production. Although price increases in commodities would benefit some producers and investors, wages are not increasing fast enough to match the rising costs of food, fuel and rents, and this will have a continuing impact on poor areas.
Global Logistics Forum Presentation – Michael LUEBKE and Dauaride EMPERE / February 8th/9th of 2010 / Page 41 of XX
Forum Workshop – Transportation Concepts
Backup Challenges in the MENA Region
These combined factors are increasing the social and economic disparity in the region between a super-rich sector, a lower middle class and an impoverished sector. With the recent drop in the price of oil to below $70 a barrel, along with the loss of Arab investments in world stock markets, the level of revenue coming into the region from trade and foreign direct investment is dropping. A prolonged slowdown in the international economy will also cause remittances, job creation, tourism and foreign aid to decline and unemployment to increase, particularly among the youth. The economic downturn will also slow the flow of educated Arab workers into jobs in the oil sector.
Before the global financial crisis, the region benefited whether oil prices were high or low, since the region has both oil producers and consumers. But Middle East producers and consumers are now likely to suffer from either higher or lower oil prices as the financial crisis spreads -- because of the sustained drop in foreign investment coming into the region, as well as the volatility of regional currency values due to the region's monetary pegs to the American dollar which is gradually deflating. Even if oil prices were to rise to their previous high levels of July 2008, this would place a heavy burden on the unemployed and poor as well as the wealthier social sectors because of their reduced purchasing power.
http://the-stars.ch/public/uploads/Al%20Ghurair_speech.pdf
Top Related