The maritime sector significantly improved its contributions to Dubai’s GDP in 2015, accounting for Dh26.9 billion ($7.32 billion) or seven per cent of the total, according to latest figures.

Shipping had the largest share, followed by ports, maritime engineering, and maritime support services. The latest numbers reflect the increasing contribution of the maritime sector to the local economy which grew at an unprecedented rate of 25 per cent between 2011 and 2015.

Sultan Bin Sulayem, chairman of Dubai Ports, Customs and Free Zone Corporation and president of the Dubai Maritime City Authority, said: “Under the guidance of our wise leadership and the tireless efforts of Dubai Maritime City Authority, the local maritime sector has made valuable contributions towards enhancing the gross domestic product of the Emirate of Dubai. The maritime industry was among the five major sectors that positively impacted the economic growth of the emirate in 2015.”

“The maritime authority continues to develop and implement strategic initiatives centered on nurturing a maritime environment that attracts leaders of maritime industries all over the world. It also provides all the necessary legislative and infrastructure to enhance the components of the maritime cluster, especially shipping, ports, maritime engineering, training and maritime support services. These components collectively form a strong foundation for maximizing the contributions of the maritime sector to the local economy,” he added.

The Dubai Maritime Cluster Office will present the full details of Dubai maritime sector economic performance at the upcoming Dubai Maritime Summit taking place in Dubai, UAE on November 2.

Dubai ... a global maritime capital

The rise in the maritime sector’s share of the local GDP is the culmination of several achievements which have positioned Dubai at par with the world's largest maritime communities, according to a report issued by Norway-based Menon Group for Business Economics. Menon predicts that the emirate will rank seventh among the world’s best maritime capitals by 2020, outperforming London, New York, Tokyo, Copenhagen, and Rio de Janeiro.

The international report counted Dubai among the global Top 10 in terms of the competitiveness and attractiveness of its maritime cluster components. The emirate placed fourth among the five largest headquarters for port operators worldwide and sixth in terms of both ‘ports and logistic services’ and ‘world-class specialized logistic services.’ Dubai outperformed other established maritime hubs such as New York, Rotterdam and Oslo to rank 10th in size of ship owners’ fleets and size of fleets managed from the city’.

The launching of the Dubai Maritime Cluster Office marks a major step in the continuous journey of achievements led by the Dubai Maritime City Authority. The Office is responsible for monitoring, implementing and promoting Dubai’s Maritime Sector Strategy with a sharp focus on fostering fruitful cooperation and close coordination among local, regional and global governmental and private agencies and other sectors involved in the maritime industry.

It will play an important role in elevating the contributions of the maritime sector to the accelerated economic development of the emirate and its complete transformation into one of the most important business centres in the world. This will be achieved by increasing the number of maritime companies operating within the local maritime cluster which currently number about 5,000 plus as well as enhancing local maritime activities which hit more than 12,000 in 2015.

Amer Ali, executive director, DMCA, said: “We are proud of our pioneering achievements over the past few years which have led to tangible and highly positive results in terms of advancing the maritime sector’s contributions to the local economy; the sector currently accounts for 5.3 per cent of the GDP of the Emirate of Dubai.”

“We are committed to further intensifying our efforts to maintain the momentum through innovative and proactive initiatives aimed at achieving the Maritime Sector Strategy’s goal of creating a safe, sustainable and integrated maritime sector and ultimately turning Dubai into one of the most competitive maritime clusters in the world,” he added.- TradeArabia News Service