UAE is all set to introduce the new draft law for maritime
operation in the country. It will offer 100 % ownership to the UAE
nationals who want to own shipping vessels companies. This law will
come into effect by the start of next year. The Federal Transport
Authority-Land and Maritime (the FTA).)
is currently reviewing the draft law, which will be an amendment to
the Federal Law Number 26 of 1981 concerning Maritime Commercial
Law (the Maritime Law). The main
intention of the draft law is not to limit the boundaries to the
Maritime Law.
The draft law will make specific codes for the legal rules which
will pertain to all the aspects of UAE's maritime environment.
It will support directly as well as indirectly, all the industries
which benefit the development and growth of the industry. The draft
law is to be called as the 'New Maritime Bill' instead of
the 'New Maritime Commercial Bill'.
