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.
In his statement to the Emirates News Agency, WAM, Dr. Al Nuaimi said that the UAE’s new maritime law will support these aspirations, noting that working on the law took over two years.
During an 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.
Dr. Al Nuaimi further added that the new law is in line with the directives of the UAE’s leadership to encourage investment and provide a range of incentives for maritime investors, while noting that the law’s articles include several new ideas, such as allowing foreign investors to be sole owners of ships and register them under the UAE flag, and establishing a maritime development fund to support UAE nationals who wish to invest in the maritime sector.