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Legal Developments worldwide

Legal aspects of documenting shipping finance transactions in the United Arab Emirates

July 2010 - Transport. Legal Developments by SNR Denton.

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The United Arab Emirates (UAE) is strategically placed between Europe and the Far East. The UAE has been ranked among the top 15 maritime nations by the United Nations Conference on Trade and Development and the UAE Government is working on plans to transform the shipping industry into one of the country’s major economic sectors.

Local and international banks active in the shipping market have taken a keen interest in supporting the expansionist plans of local and state backed ship owners and oil companies. Islamic finance, in line with conventional financing, has made substantial inroads in shipping in the Middle East. With increasingly sophisticated asset backed deals being undertaken against the background of laws that have not been fully tested, the legal landscape for lenders is not plain sailing.

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