Tuesday 16 July 2019
 
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FOREIGNERS TO BE SOLE SHIPOWNERS

UAE announces sweeping changes to maritime law

ABU DHABI, 8 days ago

The UAE has announced sweeping changes to the maritime law to help boost the growth of the country’s maritime sector with several innovative ideas such as allowing foreign investors to be sole owners of ships and registering them under the UAE flag, and establishing a maritime development fund to support Emirati nationals who wish to invest in the maritime sector, reported state news agency Wam, citing a senior minister.

Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Federal Transport Authority-Land and Maritime, FTA, highlighted the keenness of the UAE Government to provide incentives and adopt appropriate laws to encourage the growth of the country’s maritime sector, and keep pace with the country’s future goals.

He was speaking at a FTA press conference held today at the Foreign Reporters Club in Abu Dhabi.

Al Nuaimi praised the UAE’s growing international maritime reputation and its position in the international maritime transport sector in 2018, as well as the directives of the country’s leadership to promote the culture of communication and cooperation between federal authorities, community organisations and members of the public.

The UAE Cabinet instructed the FTA to update the current Maritime Commercial Law No. 26 of 1981, he added, while highlighting the authority’s keenness to create domestic legislation that complies with the country’s stature in the international maritime community, through its membership in the International Maritime Organisation, IMO, under Category B, stated the report.

Dr Al Nuaimi pointed out that the new law was in line with the directives of the UAE’s leadership to encourage investment and provide a range of incentives for maritime investors.




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