DMCA to showcase Global Trade
First session to focus on ‘Commercial uncertainty: China, Brexit, and maritime market fundamentals’
The Dubai Maritime City Authority (DMCA) is set to discuss the fundamentals of the maritime community amid the rapid global changes as well as the major efforts to catapult Dubai into one of the world’s best maritime centers at the Dubai Maritime Agenda 2019. The event will be held on September 22, 2019 – the first day of the UAE Maritime Week 2019 – under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.
Amer Ali, Executive Director, DMCA, said that the Dubai Maritime Agenda 2019 will provide a global platform for maritime industry leaders to discuss the latest developments and issues affecting the local and international maritime sectors. Ali noted that the presence of high-level international stakeholders and leaders in the gathering will serve as another strong reaffirmation of Dubai’s leading position as an influential player in the local and global maritime communities. The emirate’s world-class status is also the result of its wise leaders’ relentless support for the local industry, giving emphasis on creativity, technological innovation, excellence, human investment and training, and environmental sustainability.
Ali added: “During the first session of the Dubai Maritime Agenda, we will discuss the impact of global trade on shipping, the implications of fluctuating oil prices, the basics of the maritime industry in relation to the growing Chinese economy, and the United Kingdom’s impending exit from the European Union, popularly known as Brexit. The DMCA will tackle as well the international community’s readiness to implement the International Maritime Organization’s (IMO) directives to reduce the sulfur content of marine fuels used in open seas and adopt alternative fuels as part of the global movement to build a carbon-free future. To start strong through the first session, the Dubai Maritime Agenda will cover a range of maritime issues of global importance, from operational efficiency and environmental sustainability to regional and global laws and treaties.”
The event will commence with a session titled ‘Commercial uncertainty: China, Brexit, and maritime market fundamentals.’ It is expected to attract high international participation, which reflects Dubai’s standing as a strong and influential international player in the maritime industry. The first session will discuss the most pressing issues facing the maritime shipping segment against the backdrop of the rapid technological revolution, the fluctuating world oil prices, and IMO’s directives. The attendees will include dignitaries and industry figures led by Richard Morgan, Regional Managing Director of Maersk West and Central Asia Ltd.
The first session will examine the fundamentals of the maritime market in light of Brexit and China’s One Belt, One Road initiative, which aims to revive the ancient Silk Road that links the Asian nation to global markets. and account together for about 40 percent of the world’s gross domestic product.
The first session will also highlight the pivotal role of Dubai and the UAE in the ambitious China-led initiative. The UAE is China’s second largest trading partner and the largest export market in the Middle East and North Africa. The countries enjoy strong economic relations, with the investment volume between the two sides amounting to about USD 6 billion between 2018 and 2019. Their partnership covers vital sectors, including marine operations, renewable energy, information technology, industry, and many others. On the other hand, China is the UAE’s first global trading partner in non-oil trade. The non-oil trade between the two countries exceeded USD 43 billion in 2018.
Set to take place on September 22, 2019 at Jumeirah Madinat Al Salam in Dubai, the Dubai Maritime Agenda will focus on current uncertainties in global trade relations and their impact on the shipping industry, in addition to Dubai’s adoption of advanced technologies such as the Internet of Things (IoT) and automation to improve shipping efficiency as well as enhance the operations of companies based in the emirate. It will also see the participants discussing the UAE’s role in helping stabilize global trade and the effects of the One Belt, One Road initiative on the future of the global maritime industry. China’s initiative involves the establishment of a large network of land and sea links to connect Southeast Asia, Central Asia, the Middle East, Europe, and Africa. More than 60 countries will be part of this initiative, which is divided into two main categories, namely the ‘Silk Road Economic Belt and the ‘Maritime Silk Road.’ The latter is a sea route that will allow China to directly access Africa and Europe through the South China Sea and the Indian Ocean.
The Dubai Maritime Agenda 2019 will hold four sessions titled ‘Commercial uncertainty: China, Brexit, and maritime market fundamentals;’ ‘Artificial Intelligence/Blockchain Technologies and Maritime Trade;’ ‘Globalisation and Consolidation: Two Irreversible Trends for the Industry;’ and ‘Regional Maritime Growth and Trade opportunities.’ Among the expected attendees are maritime leaders, decision makers, regional and international experts, government officials, policy makers, and representatives of major international maritime companies.
The Dubai Maritime Agenda 2019 is one of the main highlights of the UAE Maritime Week 2019. The UAE Maritime Week is a unified platform for global maritime industry leaders to discuss the future of the maritime community driven by innovation, knowledge, and smart transformation. It is taking place amid the rapid changes in the 21st century. The event will explore growth prospects in the maritime trade as well as provide a venue for sharing of the best practices and experiences. Dubai, in particular, will share its efforts to become a major maritime hub for global trade.