Interesting facts:The banking activity and finances are regulated by the Central bank’s normative acts. Full version
Speaking about the regional ship building, it should be noted that the United Arab Emirates in recent years has become the leader in the field of repair and professional maintenance of vessels of different gross tonnage. According to international experts, the ship building industry in the UAE began to develop owing to the government support and the active development of the national shipbuilding companies. Whereas in the past such companies were involved only in re-equipment and repairing of sea vessels, today they are successfully engaged in shipbuilding and modernization of civil ships and naval vessels.
Current shipbuilding infrastructure and facilities of the United Arab Emirates are best in the whole region and provide high competition to all the countries of the Persian Gulf. Besides, shipbuilding industry in the UAE has a clear focus on attraction of the direct investments and further development. It is owing to the international cooperation and fruitful partnership that the United Arab Emirates is ready to offer the most advanced ships in the world for the ultimate consumers.
Before the first oil deposits have been discovered, the pearl fishery was the foundation of the national economy of the UAE. Pearl fishery traces its roots back to the ancient times and is an integral part of the history of the Arab people. It was then that the first steps were made in the field of shipbuilding and graceful wooden dhows regularly took the sea for pearl fishery.
Speaking about the modern history, a Shipowners Association was established in 2006 in the United Arab Emirates. The main purpose of this association is the active expansion of international partnership links and introduction of innovations in the field of domestic shipbuilding, at the various stages of production.
Present-day shipbuilding in the UAE is one of the major industrial sectors of the national economy and the largest international shipbuilding centre. The annual expenses of the United Arab Emirates for the purchase of the components and materials for repair, construction and maintenance of the ship transport amount to more than 500 million US dollars. By the way, it should be noted that the UAE has long been famed as the world’s best platform for organizing international exhibitions of yachts and boats, which represent the best samples and achievements of the world manufactures.
Besides, the United Arab Emirates is very attractive as a place for registering companies, which manage commercial fleet – both from the point of view of the location of the UAE and in the taxation component.
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