Dubai Maritime City Authority (DMCA) has partnered with the Dubai Chamber of Commerce and Industry in a move to strengthen the emirate’s maritime sector in recognition of its contribution to the national economy.

The Memorandum of Understanding (MoU) was signed between Sultan Bin Sulayem, chairman of Dubai Ports, Customs and Free Zone Corporation and president of DMCA, and Hamad Buamim, president and CEO, Dubai Chamber.

“Our strategic partnership with the Dubai Chamber of Commerce and Industry is highly important. Both of us share a common vision of contributing to Dubai’s economic development and promoting the emirate as one of the world’s most prominent leading investment destinations,” said Bin Sulayem.

“The new agreement also forms a nucleus for future cooperation between Dubai Chamber’s Dubai International Arbitration Centre (DIAC) and the Emirates Maritime Arbitration Center, a first-of-its-kind initiative which aims to settle maritime disputes in the Middle East.

“Disputes are resolved in accordance with independent legal and regulatory measures in line with the maritime sector’s strategic goals of improving, organizing and enhancing Dubai’s competitiveness as a first-class global maritime hub,” he added.

Buamim said: This MoU is in line with the Chamber’s strategic objectives of creating a favourable business environment, supporting the development of business, and promoting Dubai as an international business hub. Also, the maritime sector is an important pillar of Dubai’s economic growth as it directly supports the competitiveness of Dubai and its strategic location and status as one of the topmost transhipment hubs in the world.”

Under the new strategic partnership, the two sides agreed to enhance channels for transferring knowledge and exchanging experiences and information as well as begin their bilateral cooperation in arbitration.

They will also coordinate in building the maritime sector’s human resources capacity by jointly organizing interactive workshops and training courses, attending regional and international meetings, and conducting official visits. The partnership aims to contribute to enhancing Dubai’s presence on the global economic map. – TradeArabia News Service