The UAE Federal Transport Authority for Land and Maritime (FTA) is working on a new set of maritime regulations to attract more foreign investment which would be issued in 2020, said Ms Hessa bint Ahmed Al Malek, executive director of maritime sector at the FTA, at a maritime insurance roundtable.
“There will be new requirements as we live in an open country. The new law is closer to what is applicable in free zones to attract international investors.
“The new maritime law will be modern and strong to help make the sector more competitive. It is now in the final draft phase and expected to be released in 2020 after consultations with all partners. From our side, it will be ready by early 2020,” said Ms Hessa, on the sidelines of the roundtable organised by Fichte & Co.
Under the patronage of the FTA, and with the support of the Insurance Authority (IA), the event was held with the aim to enhance the competitiveness of the marine insurance sector. Participants represented a wide range of regional maritime insurers and government agencies. They gathered to promote the development of effective strategies for challenges and opportunities in the sector.
Mr Ebrahim Obaid Al Zaabi, director general of the IA said total marine premiums amounted to AED1bn ($272m) in 2018, representing 2.9% of total property and liability insurance premiums.
Mr Al Zaabi said the IA will follow up on the discussions, initiatives and final recommendations of the dialogue forum to enhance its continued efforts at developing the insurance sector and supporting maritime insurance. The Authority is keen to adopt valuable ideas and initiatives, and is receptive to the views of the public and proposals which will develop the insurance sector in the country in all aspects, he said.
Boosting competitiveness
“The maritime sector in the UAE is witnessing an unprecedented boom; Dubai is ranked ninth overall as a global maritime centre. This is largely due to the readiness of the country to adapt, innovate and continue to grow,” said Ms Al Malek.
Ms Jasmin Fichte, managing partner at Fichte & Co said, “The maritime sector is a major part of the global economy and it heavily relies on insurance services. However, with geopolitical fluctuations in the world, the adoption of new standards to protect the environment, the continuous development of technology, and many other factors, the maritime industry is suffering from some disruption. The roundtable was accordingly organised to navigate these issues, because we believe that the industry cannot progress without transparency.
“The roundtable allowed us to play the role of mediator between government agencies and private companies, to help the owners and operators of ships, ports and terminals, logistics providers and cargo owners, to flexibly deal with these changes, minimise risks and maximise business opportunities.” M
AED1 = $0.27