The Maritime Law to be implemented by the UAE, aims to protect abandoned seafarers, extinguish 'ghost ships' in its waters and allow 100% foreign ownership of maritime companies. The maritime law will come into force by early next year.
Generally, Clyde & CO, International Law Firm, alerted those operating Non-Saudi vessels in that area that they have to be extra cautious with the new law, as they might face financial and commercial challenges.
In the meantime, the new measurements will enable people register their vessels under the Emirati flag and establish a new dispute mechanism to relieve pressure on the courts, while a new maritime development fund aims to support citizens who wish to invest in the sector, as the National reported.
On Sunday, July 7, Abdullah Al Nuaimi, Minister of Infrastructure Development stated that further information on the law is to be revealed in the coming months.
The “new maritime bill” will completely overhaul the 1981 law.
... Mr Abdullah Al Nuaimi added.
Except the law that is to be enforced, Saudi Arabian authorities have already bolstered existing shipping regulations, as they are now banning tankers that are more than 25 years old from UAE waters and ensuring shipping operators have insurance to cover crew salaries for up to four months. But the new federal law will hand stronger powers to maritime chiefs and the country’s ports to combat the problem.
Mr Al Nuaimi continued that the new law will fully support abandoned sailors.
We are an open country and deal with trade in a civil way that you might not find in other places.