We were overwhelmed when HE Dr. Abdullah Belheif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Federal Authority for Land and Maritime Transport, announced the provisions of the new maritime law. The core of the legislative system that will govern all transactions and processes of investment and development in this sector.
While we extend our gratitude to all of the experts who participated in drafting and making this law suitable for the vision of the UAE, we should highlight two main aspects which we believe to be the most important and impactful to the industry.
Firstly, the new law will serve as a comprehensive rule for all matters relating to the marine and sea economy of the UAE. It is not limited to commercial side. In this regard, it lays the foundation for an inclusive maritime economy, which makes the sector a unified unit in which the environment is integrated with trade and people.
Secondly, the door for foreign investors has been opened, whether in the field of 100% ownership of shipping companies or owning ships under the flag of the UAE. We look forward to being a gateway to the international maritime sector with more competitive capabilities. The UAE will become a global berth for vessels and tankers. They will find the perfect environment to conduct shipping business with a strategic location between two seas at the heart of trade routes and energy sources, and access to higly advanced maritime infrastructure.
We are confident that after this law the UAE will increase its marine capabilities to become number one in the maritime economy worldwide.