The region's shipping industry is riding out the global economic storm, it emerged yesterday.'I don't see any immediate impact of the global economic crisis on the region's maritime industry,' said Dubai World chairman Sultan Ahmed bin Sulayem.

'There is still heavy demand for cargo operations, both importing and exporting, between the region and the rest of the world,' said Bin Sulayem, who is also chairman of Dubai Ports, Customs and Free Zone Corporation, Nakheel, and Dubai Waterfront Company.

He was speaking after officially opening Seatrade Middle East Maritime in Dubai, which has attracted international and regional shipping operators, financiers and suppliers to assess the impact of the global downturn.

He described Seatrade Middle East Maritime as one of the world's fastest growing events of its kind as well as one of the global industry's largest.

'The large number of companies participating in this event reflects the importance of the maritime sector in the UAE and the region,' he said.

Seatrade Middle East Maritime runs until tomorrow.

The Dubai event is held every two years and is ranked among the industry's top 10.

More than 313 companies from 33 countries are exhibiting at Seatrade Middle East Maritime. More than 500 delegates are attending associated conferences including Money and Ships, the Seatrade Middle East Cruise Conference and Superyacht Solutions.

'The Arabian Gulf is one of the most active international maritime centres and while it has always been pivotal in global energy-related transport, more recent economic growth has driven record volumes of containers and increasing bulk cargo,' said event organiser Seatrade chairman Chris Hayman.

'Strategies may need to be adjusted for the new financial era we are entering but the maritime industry will continue to be the lifeline of the regional business community,'

A special evening session of the money and ships conference will take place tonight.

The session includes speakers from the security industry, legal advisers, tanker operators and seafarer organisations.

Further issues to be debated include fuel, emissions and green technology, the challenge of manning, regional port and trade development along with shipbuilding and repair.

It is the largest maritime event of its kind in the region with a record number of exhibitors and stands from China, France, Germany, Holland, India, Singapore and the UK.-TradeArabia News Service