Upcoming Changes to the UAE Maritime Regulations
The UAE is a nation with a considerable amount of coastline. To the west of the country, there is the Persian Gulf and to the east, the Indian Ocean. With such easy access and being surrounded by such rich waters, the seas can play a significant role for many individuals and organisations. However, the regulations surrounding certain aspects of Maritime activities have come under review recently.
The current regulation covering the matters is Law Number 26 of 1981, which concerns commercial maritime activities. The purpose of the legislation is to manage how the UAE’s marine environment is handled; this looks at the methods of utilisation for business activities.
In another way, the law looks to promote healthy growth to the industry, while also maintaining the natural balances. As such, an amendment has received consideration for some time, and the changes it looks to bring about are as follows.
Commercial Maritime Regulation Amendments
The draft amendments look to make it more accessible for citizens of the UAE and incentivise investment into the industry. One of the fundamental changes is that it will become possible to 100% own maritime companies and vessels.
Further, there will be incentives from the government to promote the formation of these maritime entities and also promote investment in the industry. All of this will help to encourage further business growth within this vital area of the economy.
The draft law currently looks to be introduced in 2020 and is being reviewed by the Federal Transport Authority (FTA).