The UAEs Ministry of Energy and Infrastructure (MoEI) in collaboration with the UAE’s leading law firm, Fichte & Co., organized the first-ever P&I roundtable titled, “Towards Reinforcing a Competitive P&I for the UAE Maritime Sector.”
The roundtable conference took place at the IMO headquarters in London, the roundtable saw the participation of over 20 representatives from P&I clubs, law firms, and the Ministry.
Industry experts discussed numerous features related to the UAE’s maritime industry, the requirement for P&I clubs to set up their offices in the Emirates, and how this will raise the nation’s position in the global maritime landscape.
H.E. Eng. Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs, MOEI speaking at the roundtable commented: “Over the years, P&I clubs in the UAE have played a massive role in our industry’s well-being and the continuity of business operations by reducing liabilities and ensuring increased financial security. Our shipping companies and seafarers are at the core of our sector and are usually the ones that undertake the maximum risk to ensure a smooth flow of trade. For us, the safety of our seafarers and the monetary security of companies operating in the sector are top priorities. This is why P&I clubs are so essential, as they provide compensation in the form of insurance covers to seafarers, and support shipping companies in case of loss of property or financial penalties.”
H.E. Eng. Al Malek added: “The UAE is one of the most prominent maritime hubs across the globe accounting for over AED 90 billion of the nation’s GDP. Considering this and the Emirate’s strategic location at the center of global trade, we believe it is the ideal place for P&I clubs to set up their offices to be more accessible to some of the leading maritime companies across the globe. This will not only enhance the UAE’s position in the global maritime landscape but will also allow P&I clubs to effectively extend their services to both sides of the globe.”
Jasmin Fichte, Managing Partner, Fichte & Co. stated: “As a law firm working towards the betterment of the masses, in particular the maritime industry, we understand the critical role played by insurers in reaching a fair and amicable settlement during disputes. As per our findings, insurance premiums account for more than 30 percent of a shipowner’s expenses, thus showcasing the importance of P&I clubs in their operations. P&I clubs also provide defense underwriting, making them not only the driving force in any major incident but also a key player in most maritime court proceedings.”
Fichte added: “We are very proud of the kind of progress the UAE’s maritime industry has made over the years. In addition to being ranked 5th globally as a key competitive maritime hub, the nation is home to 20 leading ports and over 27,000 maritime companies. While these numbers are simply commendable, what we aim to become is a global maritime hub. This is where we believe P&I clubs will play a massive role as they will strengthen the nation’s maritime infrastructure by securing the interest of the shipping companies operating in the country and safeguarding the 1,083 seafarers serving the UAE’s maritime sector.”
