Maritime industry investment to top Dh50bn

Investment in the Middle East maritime industry is expected to exceed Dh50 billion this year on the back of a boom in the sector across the region.

The growing demand for oil and gas is likely to draw more shipping companies and suppliers into the region to set up shop, said Ahmed Mohammed Al Midfa, chairman of the Sharjah Chamber of Commerce and Industry at the beginning of the three-day Gulf Maritime Exhibition. Last year, UAE terminals increased container cargo throughput by 19 per cent to 11 million TEUs. “The dependency on the trans-Atlantic route has declined and new routes such as Asia-Europe and Asia-Middle East are now the busiest,” he said. To tap into the growing market, maritime firms have also placed large orders for new vessels. There are 1,549 container vessels, 170 VLCCs and 141 Suezmaxes on order worldwide, keeping world’s shipyards fully engaged for the next few years, according to recent figures. Workboats are also in high demand on the back of reclamation projects. Massive projects such as the Dubai and Umm Al Quwain marinas, the three Palm islands, The World, Dubai Festival City, and projects that are coming up in Oman, Qatar, Kuwait and Saudi Arabia are creating huge demand for dredgers and support vessels. New ports and expansions across the Gulf will also throw up many opportunities for the sector. Dubai Maritime City, the world’s first purpose-built maritime centre, will also support the region’s maritime operators through its comprehensive ship repair and maintenance facility situated in the Industrial Quarter, which will be managed by Dubai Drydocks.
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