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Gulf Energy Maritime Calls for a Dubai Maritime Association
Dubai’s ambition to become an international maritime hub now needs widespread industry buy-in through a structured professional body encompassing the entire sector, according to a board member of Gulf Energy Maritime, (GEM). GEM is a $430 million shipping joint venture launched nine months ago in Dubai.
 Addressing the Marine Money Gulf Ship Finance Forum in Dubai, Yusr Sultan, Board Member, GEM, said industry partnership is key to the emirate’s maritime success. “The strength of our geographic and financial position and the remarkable growth in the industry will not build a stronger, established, world class shipping industry here. To move forward we require vision – of where we are going, what we want to achieve and how we can achieve that. Key to developing and implementing that vision is partnership.”
Sultan said two crucial elements are needed to drive the industry forward and “mature the cycle of growth.”
“Shipping is a massively diversified industry, relying on a wide variety of skills. But everyone in the industry needs to work together for mutual benefit to create the environment for enterprise to flourish.
“To achieve this, I believe, we need a structured professional Dubai Maritime Association to bring together all the interests in our industry. And I believe that we have reached a time in our development as a world-class maritime centre when it is essential that we re-examine our own UAE Flag.”
The proposed Dubai Maritime Association, said Sultan, would be “a body of the whole industry, from chandlers to shipbuilders and from catering to finance and insurance – working for the whole industry.”
The GEM board member said the joint venture company, in which Emirates National Oil Company (ENOC) holds a 35 per cent stake, would take a lead in driving the association forward.
“By coming together in a professional association we can share experience, skills and international industry knowledge for the benefit of all and for the greater good of Dubai and the UAE,” he said.
“The association would tackle issues and work with governments and authorities to try and ensure that the requirements of the industry are heeded.”
“This is an opportunity to lead the industry, by transforming the UAE flag into a quality register that meets the most rigorous standards, includes all the necessary technical expertise and has the endorsement of the International Maritime Organisation’s Flag State Implementation Sub-Committee.”
A UAE shipping register, said Sultan, would be a symbol of the local industry’s strength and would create confidence in the banking and finance industry, “a sector essential to our continued development.”
He added: “A strong UAE flag would not only be a boon to operators but would provide opportunities for UAE and international financial institutions to invest in shipping under a flag they know they can trust.”
Shipping finance, said Sultan, is entering a new era where funds will be raised through equity markets as more shipping companies look to public share ownership as a convenient funding route for expansion.
“GEM itself is looking for an initial public offering of some of its stock in about four years time and we will not be the only industry player going down this road,” he added. “With the Dubai International Financial Market on our doorstep this should be good news for the marine industry and shares in shipping companies will be a more marketable stock, if they are in a registered fleet.”
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