Dubai Maritime City (DMC), a world-class facility for furthering maritime business, has posted revenues worth Dh25 million ($6.81 million) in 2011.

The revenues are expected to expand further by 15 percent during 2012, a statement said.

The business district of the multi-purpose mixed-use facility was opened recently under the patronage of Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai World.

“We stress on creating business models and strategies based on non-traditional thinking, creative and innovative ways. There is a definite economic transition from West to East and from North to South,” Sheikh Ahmed said.

“Dubai Maritime City forms part of the vision of Dubai as a global hub and offers a unique environment for the growth and development of the maritime community and the international maritime. We have received consistent interest from countries such as Japan, Singapore, Malaysia, Greece, Monte Carlo, Germany, India, US and the Scandinavian region,” said Khamis Juma Buamim, chairman of Drydocks World and Maritime World. “The city has significant investment from the US, India, Norway, Denmark, Greece and Germany. More projects are expected to be signed in the immediate term.”

The DMC development strategy meeting was held in July 2010 by the Supreme Committee chaired by HH Al Maktoum and provided a clear strategy and vision to the progressive development of the iconic city. It is divided into three phases - phase I involves operating the Maritime District, which was launched in March 2011; phase II comprises of construction of additional infrastructure and building capacity based on growth;  and phase III strives to complete all commercial aspects by the year 2014.

The city supports a unique business model wherein specialised businesses of marine and related fields of activity are located adjacent to each other and in a symbiotic relationship, the statement said.

The services on offer will be diverse ranging from a society for naval pilots in the region, repair and build ships of all sizes, marine spare parts, financial services such as marine insurance and investment, specialised legal and ship registration services.

In addition, the guidelines of the International Maritime Organisation in terms of maritime security, safety and environment protection will be observed and propagated, it said. – TradeArabia News Service