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UAE maritime industry set to boost economic contribution

UAE maritime industry set to boost economic contribution
The UAE government expects its maritime cluster to significantly increase its contribution to the nation’s economy in the future, delegates at the inaugural Dubai Maritime Summit heard this morning.

Abdullah Belhaif Al Nuaimi, minister of Public Works and chairman of the National Transport Authority highlighted the strength of the maritime sector as a part of the UAE’s economy. The maritime cluster currently accounts for around 5% of the UAE’s economy, with an overall value of AED200bn.

The role of the maritime industry is set to increase substantially, according to the minister, “Our expectation is for its contribution to rise further, to about 25% through the establishment of national authorities and companies focused on the developing local maritime legislation, regulations, operational strategies. These entities will no doubt provide world class services related to maritime education, maritime industries, insurance, maritime funds, classification societies, shipowners and operators,” al Nuaimi told the audience.

The minister also mentioned the Emirates Maritime Arbitration Centre, and the role it is expected to play in the global maritime network by providing essential arbitration services to clients across the world.

Organised by Dubai Maritime City Authority, the Dubai Maritime Summit is the first event of Dubai Maritime Week, which includes Seatrade Middle East Maritime, 28-30 October 2014 at the Dubai International Convention and Exhibition Centre.