Marine financing in the Middle East

Continuing its aim to facilitate ongoing dialogue between the region’s legal experts and maritime industry professionals, the Emirates Maritime Arbitration Centre (EMAC) hosted its fourth successful ‘Breakfast with EMAC’ seminar on May 16, 2017 at its offices in DIFC.

Presented by guest speaker David Galea, head of legal and company secretary, Drydocks World, the session discussed the role of maritime financing in the region. Drawing on his experience, representing clients in Europe, the Middle East and the Far East, Galea approached the topic from a lender’s perspective, discussing competition clusters in maritime finance and the role Dubai plays in maritime financing.

Joined by an audience of maritime stakeholders and legal professionals, the morning opened with a welcome and introduction from Majid Obaid bin Bashir, vice chairman and secretary general at EMAC, who acknowledged the topic was one which touches on all facets of the maritime sector.

“Commercial activities from the purchasing of ships through to the repairing of gadgets and instrumentations are covered under maritime finance, making it a relevant topic for many in the region’s maritime sector,” said Majid Obaid bin Bashir. “At EMAC, we are not only committed to establishing and facilitating conversations around relevant sector topics such as these, we are also committed towards highlighting the ways the Centre can serve the maritime community now and in the future.”

Galea added, “From arbitrators to ship builders, there are a lot of parties in the maritime sector affected by the domain of maritime financing. It is important for anyone working in the sector in the region to understand the current status of the sector and how these affect how business is conducted.”

Each EMAC session is accredited independently for one credit by the Dubai Government Legal Affairs Department’s Continuing Legal Professional Development. The next ‘Breakfast with EMAC’ seminar will be held on September 24, 2017 and will look at Bills of Lading disputes, with more talks scheduled until the end of 2017. Professionals wishing to attend the EMAC breakfast seminars can register their interest online at www.emac.org.ae or via email at info@emac.org.ae.