The Middle East recently received a business visit from representatives of the Cayman Islands Shipping Registry.
While making its first visit to Dubai (the second largest of the seven United Arab Emirates), the CISR participated in two back-to-back conferences and also took the opportunity to explore the fast-developing local shipping market. According to Sultan Ahmed bin Sulayem, DP World Chairman, Dubai’s maritime sector is growing at a rate of 10 per cent to 15 per cent every year, states a press release.
Sultan bin Sulayem officially opened one of the conferences, the Seatrade Maritime Middle East conference.
During the Seatrade Maritime Middle East conference, the CISR was recognised as being the leading registry in providing new yacht construction advisory services. In keeping with its reputation, the Registry also made it one of its goals to familiarise itself with current local trends and developments such as fleet profile and growth, demand for vessel new buildings, superyacht development, and marine and waterfront developments in Dubai.
The first of the two conferences was the Yachts and Superyachts for the Dubai Market, which focused on maximising opportunities in the new global yacht centre.
The CISR representatives led roundtable discussions and made presentations on the number of new yachts under construction worldwide and the life span of the superyacht boom; challenges and solutions of yachts 100m and over; selecting a jurisdiction for international business and weighing the pros and cons of Dubai owners registering with local or non-local flags. In addition, the cocktail function was sponsored by Cayman’s Registry.
In conclusion to the trip, Mr. Alfred Powery, divisional director of Registration, Human Resources and Administration and Head of the CISR delegation, stated, ‘The CISR recognises the boom in Dubai’s maritime industry, especially as it relates to luxury vessels, an increasingly regular feature in Dubai’s waters. Simultaneously, Cayman’s Registry is at its peak in terms of being able to offer an array of quality support services such as vessel plan approvals and vessel construction supervision which comply with recognised international standards. It seems that this could be a very good fit and we’re currently exploring how Cayman and Dubai’s maritime sectors can mutually benefit from this advantageous situation.’