Indian investors urged to tap UAE's maritime sector
Indian investors were urged to cast their sights on the region’s burgeoning maritime sector at a Dubai investment conference this week.
The UAE is investing more than $60bn in the region's maritime infrastructure as part of a five-year plan, presenting a huge opportunity to investors, the UAE Minister of Infrastructure Development told Arabian Business on the sidelines of the conference.
"We in the UAE cap about 1 percent of $60bn worth of business in maritime, and there is great potential,” Dr Abdullah Al Nuaimi told the India-UAE Partnership Summit in Dubai.
He said infrastructure projects are left by the wayside by Indian investors.
"Many of our Indian businessmen in the country are concentrating more in roads and other businesses and probably the infrastructure is left untouched unfortunately,” Al Nuaimi said.
"If we together formulate strategies and methods and get our Indian businessmen pursuing that field that will probably generate not only new business for us, but also generate a great maritime industry as a whole within the region."
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He aid investors should focus on new ports developing throughout the region.
"You need to go to specific sectors - DP World new ports, Khalifa ports are also improving their specific facilities. Dubai Ports are also improving their facilities,” he said.
Dubai’s DP world announced plans to develop Jeddah port into a trade gateway and the UAE operates more than 56 ports abroad.
The UAE has also invested around $66bn (AED 242bn) in the Middle East maritime sector since 2014, constituting about 30-35 per cent of total investment in the region which is estimated at around $170bn to $190bn.
The local UAE maritime industry was named first in the Middle East by the ‘The Leading Maritime Capitals of the World 2017, report by Menon Business Economics Group and contributes AED 26.9bn to national GDP.