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Dubai courts Greek shipowners and operators

Dubai courts Greek shipowners and operators
The Dubai authorities are courting Greek shipowners looking for alternatives to their homebase as they face an increased tax burden in future.

Dubai Maritime City Authority (DMCA) recently held a seminar in Athens for major Greek shipowners and operators to explain what it has to offer as a maritime centre.

The seminar was held in cooperation with Vardikos & Vardikos, a Greek international law firm based in Athens, and Al Tamimi & Company, the largest law firm in the Middle East.

“Our seminar in Greece was a prime opportunity for us to showcase the strengths of Dubai’s maritime sector and inform participants about how the world’s shipping players can enjoy even more growth through our exceptional maritime expertise and resources,” said Amer Ali, executive director of DMCA.

The seminar explained the potential opportunities for Greek maritime companies planning to establish or expand their operations in the emirate.

Among the topics covered were an overview of Dubai’s maritime strategy; the viability of Greek shipping companies doing business with Dubai; the nature of maritime claims in the UAE; and the best practices in setting up local business.

“The challenges experienced by the Greek economy are currently putting extreme pressure on the country’s ship owners to work innovatively to find alternative solutions and new investment opportunities for the advancement of their work to achieve diversity in their income resources,” Nawfal Al Jourani, director of communications for DMCA.

“This is where the role of Dubai’s maritime sector comes in, with its abundant investment possibilities for ship owners and operators in Greece.”

Greek shipowners and managers have been seeking alternatives to their homebase as they face higher tonnage tax, and the phasing out special tax treatment that is enshrined in the Greek constitution, as part of the terms of the third EU bailout for the country.

Neighbouring Cyprus has generally been seen as the most likely alternative, but some Greek owners are understood to have been exploring a number major maritime centres.