Drive to attract ships to fly UAE Flag

Discussions are underway to make it more attractive for ship owners to fly the United Arab Emirates flag on their vessels. The move is being driven by the recently formed UAE Ship Owners Association as the regulatory environment and procedures for the registration of ships in the region come under scrutiny in November at the Middle East Money & Ships 2007 conference.

The conference, which will focus on contemporary issues in maritime finance, was previously based in London and moved to Dubai in 2005 to examine the emergence of strong investor interest in the maritime sector.

One of the aims of the UAE Ship Owners Association which, alongside DP World, is a supporter of the conference, is to promote the UAE flag internationally by proposing amendments to authorities and streamlining procedures and associated legislation for the registration of ships under the UAE flag.

"We want to see something based on, say, the Singapore flag," said Captain Jitendra Misra, general secretary of the association and managing director of Emarat Maritime. "We would have to ensure it embodies the highest standards as the government would insist on that."

The association's president, Major General Sharafuddin Sharaf, also vice chairman of Sharaf Group, will provide the keynote address at the conference on the state of the maritime industry in the region. He will be examining key market sectors and growth drivers in ship owning.

Other speakers on regional developments will include Ahmed Essa Hareb Al Falahi, CEO of Gulf Energy Maritime, and Mohammad Souri, chairman and CEO of the National Iranian Tanker Company, a sponsor of the conference.

Financing options for ship owners, including debt and equity finance, Shari'ah compliant instruments and Islamic insurance will come under the spotlight with speakers including Jasamin Fichte, managing partner of Fitche & Co.

The conference will run over two days from 4 November 2007 at Mina a'Salam, Madinat Jumeirah. The Seatrade Middle East & Indian Subcontinent annual regional awards, recognising maritime safety and environment, ship and port operations and security, plus port and shipping business efficiency, will follow this year's Money & Ships conference.

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