Investments are vital for maritime trade security
Investments will play a key role in the growing ports and marine industries sector, especially when it comes to insurance and security, experts at the Dubai Maritime Insurance Conference said.
Organised by Maritime Sky, the event highlights the regional and global maritime insurance sector, factors affecting maritime trade security and challenges in the future. Officials at the event spoke about the UAE's growth as a global maritime destination and the improvements in its ports infrastructure.
Khamis Buamim, CEO of Gulf Navigation Holding and chairman of Dubai Maritime Insurance Conference, said: "The UAE has many advanced ports that meet the highest international standards. The UAE plays an active role in stimulating foreign investments in the Middle East, which totalled between $170 billion and $190 billion between 2014 and 2017, and today contributes between 30 to 35 per cent of the region's total investment in this sector."
The value of the UAE's investments in the ports and marine industries sector exceeded $66 billion between 2014 and 2017, representing about 35 per cent of the total investment in the Middle East sector, amounting to $190 billion. In addition, state ports and airports handled goods worth $3.2 trillion in 2017, of which $360 billion was recorded as the share of ports, according to data from the World Trade Organisation.
Buamim added that the marine insurance sector plays a crucial role in protecting global trade, especially with the transfer of up to 90 per cent of the world's trade.
"The global trade movement is witnessing many developments and changes, all of which intersect with the global maritime insurance activity, which generates an annual income of Dh55 billion annually. The sector plays a crucial role in extending its protection of $17.57 trillion in imports and $17.19 trillion in global exports annually, which contribute to the recycling of $75 billion in the global economy."
"The UAE is one of the top 20 countries in the world of container handling thanks to its strategic location in the heart of the Gulf," Buamim said. "The UAE is ranked 15th among the world's largest exporters. The UAE is ranked 18th among the world's largest commodity importers, with imports reaching Dh984 billion in 2017."
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