Dubai Chamber of Commerce has announced the establishment of the Dubai Council for Wooden Ships, a new business group that will support the wooden ships sector in Dubai by unifying voices of member companies.
The business group, operating as a non-profit body under the umbrella of Dubai Chamber of Commerce, will serve common interests and tackle sector challenges through cooperation with relevant authorities in the emirate.
Joined by a wide variety of businesses in this sector in Dubai, the group provides a platform for member companies to share knowledge and policy recommendations, with the aim of improving ease of doing business in sector.
During a recent meeting, Hamad Buamim, President & CEO of Dubai Chambers, accompanied by the Chamber’s directors and top officials, met with Hamad Ahmed bin Fahad, Chairman of the Dubai Council of Wooden Ships and the founding members, where they discussed opportunities to support the wooden ship sector, enhance the contribution of this sector to economic growth, and support the private sector.
The two sides also discussed coordinating joint efforts and set priorities for the future, key issues impacting the wooden ship sector and market demand, especially in Asia and Africa.
Hamad Buamim, President & CEO of Dubai Chambers, said the establishment of the Dubai Council for Wooden Ships is an important development that will support the development of the sector and offer more clarity on market trends, challenges and opportunities.
He described the first meeting with the Board of Directors of the Dubai Council for Wooden Ships as positive and constructive, and added that the Chamber would work closely with the new business group and the concerned government entities to address existing challenges and develop solutions to address them.
“Wooden merchant ships have played a key role in the economic growth of Dubai, as wooden merchant ships have been and still are the commercial artery of small and medium ports in the regional ports, the Indian subcontinent and East Africa. They are also part of the most important components of the emirate’s tourism and cultural board. It also supports the prosperity of Dubai’s foreign trade movement, which exceeded Dhs 5 billion via commercial wooden ships in 2020,” said Hamad Ahmed bin Fahad, Chairman of the Dubai Council of Wooden Ships.
The main objectives of the Dubai Council for Wooden Ships include enhancing Dubai’s vision towards upgrading its position as a centre for global maritime trade, supporting and providing an appropriate environment for the development of the volume of foreign trade, raising the efficiency of services related to the maritime shipping sector, enhancing commercial relations with stakeholders from the public and private sectors inside and outside the country, in addition to contributing to support the national industry of wooden ships and increase the percentage of Emiratisation in this sector.
Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.
Meanwhile, the UAE will join the Singapore Convention on Mediation to help facilitate international trade and investment and promote the appeal of mediation as a mechanism of resolving commercial disputes with a cross-border dimension.
Supported by the UAE Ministry of Foreign Affairs and International Cooperation, Ministry of Justice, and Abu Dhabi Global Market (ADGM), the UAE will be the 56th signatory to the Singapore Convention and will begin implementing a framework for the enforcement of settlement agreements resulting from mediations in international commercial disputes.
Announced at ADGM’s inaugural dispute resolution forum called RESOLVE 2022, the Convention will provide the UAE with a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions. This is similar to what the New York Convention on the Recognition and Enforcement of Arbitral Awards (the “New York Convention”) does for international arbitral awards.
Commenting on joining the Convention, His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “Joining the Singapore Convention will be a momentous step for the UAE, underlining its progressive spirit and leadership, and reinforcing its position as a global trading hub. With the support of MoFAIC, MoJ and ADGM, this step will help boost international trade and investment, encourage commercial dispute resolution through mediation, and strengthen the UAE as a global business destination of choice.”
