The maritime industry is an integral part of Dubai’s history and complements the high-level achievements and success stories across the various maritime industries such as diving, pearl hunting, fishing, marine trade, navigation and anchors, according to a top official.

Speaking at the Dubai Maritime Summit that kicked-off today (October 27), Sultan Ahmed bin Sulayem, chairman of Dubai Maritime Authority, expressed his appreciation to Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of he Dubai Executive Council, for his full support to the summit, which is considered among the leading local and region maritime events.

The event has been organised by the DMCA at the Address Hotel, Dubai Marine, as the key highlight of the Dubai Maritime Week 2014.

The maritime industry is one of the key pillars of growth in the global economy, said Sulayem, adding that the sector plays a vibrant role in linking different parts of the world through an integrated maritime network, which has facilitated the flow of goods and people and helped boost international trade.

More than 80 per cent of world trade moves by sea as many countries worldwide are pouring more investments into maritime infrastructure, via the construction and capacity expansion of post on a continual basis to handle the surging volumes of cargo traded across global seaports, he said.

“Throughout its modern history, Dubai has served a leading role in the regional and global maritime industry. Its leaders early forecasted prospective growth trends of world trade. The maritime industry has been developed  through increased investment towards building capacity of seaports, airports, free zones, logistics and customs administrations to cope with a remarkable rise in Dubai’s foreign trade; which soared to record-high Dh1.3 trillion ($361.7 billion) in 2013, that is more than nine times its value in the year 2000 which stood at Dh143 billion,” said Sulayem.

Such growth is being kept up with through continual expansion of ports, particularly Jebel Ali Port which will take its total handling capacity to 19 million TEU early next year,” he said.

The UAE shares about 60 per cent of the sector’s total value with the GCC, with experts estimating that it will contribute 30 to 35 per cent of the Middle East’s project investments in the sector valued at $170 billion to $190 billion over the next three years, said a statement. The country’s relevant investments are expected to reach $66 billion within these three years.

The DMCA has issued a well-defined plan aimed at developing, organising and promoting the maritime sector to reinforce Dubai’s status on the global maritime landscape, said Sulayem.

The Dubai Maritime Sector Strategy (MSS) has been established to focus on local maritime clustering and implement the highest comprehensive levels of excellence in terms of maritime safety, ports, financing, brokerage, logistics, marine insurance, equipment supplies and other relevant segments. If these segments are properly developed, they can significantly contribute to Dubai’s GDP and enhance the emirate’s leading position as a top-notch regional and international maritime centre, he said.

“On a global perspective, we commend the international maritime sector for their efforts to face head-on current changes and market developments especially in terms of technology and environmental movements. For its part, DMCA shows its support through its purpose-based initiatives aimed at strengthening Dubai’s position in the international maritime arena,” he stated.

Dubai Maritime Week is set to attract international maritime leaders, senior government officials, decision-makers, industry professionals, leading experts, and ship owners from the UAE and the region.

It is a platform for discussing the latest regional and international maritime trends and exploring the best industry practices to help promote sustainable development across Dubai's maritime sector.

The Dubai Maritime Week is hosting a series of conferences, panel discussions, forums, along with events and activities, as well as a series of programmes aimed at increasing awareness of the important role played by the maritime sector in the emirate and support its growth and expansion in collaboration with a number of strategic partners from government agencies in Dubai. - TradeArabia News Service