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Aden - Yasmine El Tohamy - Dubai - The Federal Transport Authority (FTA) in the UAE is working on a whole new set of maritime regulations to attract more foreign investment which would be issued next year, according to a senior official.
Hessa bint Ahmed Al Malek, executive director of maritime sector at Federal Transport Authority, said the new law will open up maritime sector for the foreign investors. "There will be new requirements as we live in an open country. The new law is closer to what is applicable in free zones to attract international investors," she said.
"The new maritime law will be modern and strong to help make the sector more competitive. It is now in the final draft phase and expected to be released next year after consultations with all partners. From our side, it will be ready by early next year," she said on the sidelines of a meeting held by Fichte & Co. on maritime insurance sector.
Abdullah Al Nuaimi, the Infrastructure and Development Minister of UAE, had earlier said that a draft law that allows foreigners to own up to 100 per cent of businesses in maritime sector is expected to be passed in the first-half of 2020.
Hessa Al Malek revealed that there will be a full chapter targeted at international investors, covering finance, insurance and investment aspects.
"The maritime sector in the UAE is witnessing unprecedented boom; Dubai is ranked 9th overall as a global maritime centre. This is largely due to the readiness of the country to adapt, innovate and continue to grow."
Jasmin Fichte, managing partner at Fichte & Co., said the maritime sector is a major part of the global economy and it heavily relies on insurance services. "However, with geopolitical fluctuations in the world, the adoption of new standards to protect the environment, the continuous development of technology, and many other factors, the maritime industry is suffering from some disruption," she said.
Over two dozen officials and industry executives from the insurance and maritime sectors attended the maritime insurance roundtable.
During panel discussion, insurance sector executives sought more clarity on Iran sanctions for the local players.
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