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Investments in UAE's maritime sector to reach US$66bn in three years

Authorities are keen to expand the capacity of Dubais Jebel Ali Port to 19mn TEUs in 2015. (Image source: idmifarra/Flickr)

The UAE?s maritime sector is set to expand as industry leaders have said investments are expected to reach US$66bn by 2017

At the Dubai Maritime Summit, experts had stated that the UAE, in the next three years, will contribute 30 to 35 per cent of the Middle East?s projected investments in the sector, which is valued at nearly US$190bn.

The maritime sector is a major economic contributor to the UAE, covering nearly 60 per cent of the sector?s total value in the GCC, they added.

Sultan Ahmed bin Sulayem, chairman of Dubai Maritime Authority, ?The maritime industry has been developed through increased investment towards building capacity of seaports, airports, free zones, logistics and customs administrations to cope with a remarkable rise in Dubai?s foreign trade, which soared to record-high of US$361bn in 2013. This is nine times higher than its value in 2000. Such growth is being kept up with through continual expansion of ports, particularly the Jebel Ali Port, which will take its total handling capacity to 19mn TEUs early next year.?

Further, the Dubai Maritime Sector Strategy (MSS) has been launched by the Dubai Maritime Authority, which will help focus on local maritime clustering and regulate maritime safety, ports, financing, brokerage, logistics, marine insurance, equipment supplies and other relevant segments.

If these segments are properly developed, they can significantly contribute to Dubai?s GDP and enhance the emirate?s leading position as a top-notch regional and international maritime centre, added officials from the organisation.