Setting sail for new horizons • Chapter summary
ong a nation of seafaring people, the UAE, in 2018, invested roughly AED65 billion in ports across the country; a move that the director of the Dubai International Boat Show says means good things particularly for Dubai. According to the International Shipping Centre Development Index, Dubai came in as the fifth most important global shipping center out of 43, thanks to its quality, breadth, and business services. The maritime sector, closely linked with logistics and trade, has played a crucial role in transforming Dubai into a diversified, cosmopolitan Emirate. Jebel Ali Port, the busiest port in the region and the one that established links between Europe and Asia, is constantly expanding.
At the center of this ongoing development process is Dubai Maritime City (DMC) and P&O Maritime. DMC has recently merged within DP World UAE region’s portfolio, and P&O Maritime is managing the maritime services division of DP World Group. Key to this growth is innovation, as Capt. Rado Antolovic, CEO of Dubai Drydocks World and DMC, emphasizes. P&O Maritime Logistics CEO René Kofod-Olsen adds, “Digitalizing our entire fleet is a part of our disruption mindset where we are embracing digitalization both to reduce costs and increase revenue, making us a true 21st-century company.”
Dubai’s innovative capacity makes it an incredible element in global shipping leader Maersk’s portfolio. Dubai is the location of choice for many
Lof Maersk’s technologically pioneering products. Moreover, Dubai’s geographic positioning and end-to-end logistics capabilities make it the preferred shipping hub in the GCC. In the bigger picture, Dubai must remain relevant as China continues to grow its influence in the international sphere, and in line with this, Dubai is keen to collaborate through its Maritime Silk Road Strategy.
In addition to innovation, security and sustainability round out the sector’s top priorities for advancement in the Dubai Maritime City Authority’s (DMCA) Maritime Vision 2030.
In efforts to further enhance ease of doing business in the maritime sector, the UAE is set to launch a new maritime law in 2020. The latest updates indicate the law will improve maritime operations and give 100% ownership to citizens looking to own vessel companies. Furthermore, the new law includes a proposal of maritime navigation chamber to represent the interests of the private sector and provides a number of maritime investment incentives. Shipping financing was a particularly important area of concern at 2019’s Maritime Week. Marcus Machin, CEO Middle East of Tufton Oceanic, outlines for TBY his hopes for financing solutions that will help propel Dubai’s maritime and shipping industries forward. Tomini Group, primarily focused on shipping activities, is another active stakeholder encouraging financial institutions to explore opportunities in Dubai. ✖