Dubai set to emerge as one of world’s most competitive maritime clusters
DNV Maritime Solutions, the maritime consulting arm of the Det Norske Veritas (DNV), has announced that it has completed a comprehensive study on global maritime clusters, which reveals that Dubai is set to emerge as one of the world’s most competitive maritime clusters in the near future.
According to DNV’s Project Manager, Ari Marjamaa, “The report reflects Dubai’s potential to play a pivotal role in the regional and international maritime industry due to the location attractiveness and effective public policies of Dubai Maritime City - a member of Dubai World Group of companies”.
The external analysis study, which compared maritime clusters in Singapore, London, Oslo, Hamburg, Shanghai and Hong Kong, also emphasised that the success of the Maritime City – which is currently in its final phase of construction – will be based on advantages such as world-class infrastructure and effective government support, in addition to its key driving forces of ports, and to some extent, yards.
In compiling the study, various global maritime clusters were ranked from zero – representing limited development – to the highest score of five – representing fully complete; focusing on the eight central elements of clusters, specifically yards, equipment supply, class, ship owner, insurance, finance, brokers, and ports. A large number of companies, stakeholders and experts were interviewed in order to ascertain the relative position of Dubai compared to other leading clusters.
In terms of location attractiveness, Dubai Maritime City scored four out of five points; with benefits outlined as free zone operations; no corporate or private tax; proximity to customers and suppliers; potential for business growth in a rapidly developing environment; easy living; easy accessibility; developed port infrastructure; and a convenient time zone.
The study also noted that the early development of a business centre in the UAE, and the ability to respond quickly to change in the global environment were important factors for a maritime centre.
The study concluded by highlighting the growth potential within all aspects of Dubai’s maritime sector. It also predicted that with Islamic financing entering the shipping finance sector, Dubai has the potential to emerge as a global maritime financing hub; while increasing ship financing and brokerage facilities would be influential in attracting ship owners and brokers to Dubai. Furthermore, Dubai’s ship yards were noted as having some potential for independent growth, with new capacity expansion investments already initiated.