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Hard to Quantify Crisis Impact: Dubai World
DUBAI - The global financial crisis will affect maritime trade across the world, but it is hard to immediately quantify the impact for the Gulf region, Sultan Ahmed bin Sulayem, Chairman of Dubai World, which owns Dubai Ports World, Customs and Free Zone Corporation, and property developers such as Nakheel, and Dubai Waterfront Company, said on Sunday.
“This crisis is not a regional phenomenon, it’s worldwide and have its
effect. We are also watching the
situation carefully, but can’t predict what exactly will be the effect. It
will take some time,” he told reporters after opening the Seatrade Middle
East Maritime Exhibition 2008 in
He, however, expressed confidence that the region’s shipping industry would ride out the global economic storm.
“The Maritime industry is healthy. There is still heavy demand for cargo operations. I believe market is capable and companies are strong, and we are responsible and capable of dealing with the crisis,” he said.
“I am in this business for the last 26 years, have seen, ups and down, war situation but we have been able to meet our commitment, we are responsible company and capable of dealing the crisis,” he added.
A total of 313 companies from 33 countries are exhibiting at Seatrade Middle East Maritime.
More than 500 delegates are also attending associated conferences including Money and Ships, the Seatrade Middle East Cruise Conference and Superyacht Solutions.
Christopher Hayman, Chairman of Seatrade, noted that this region has an important place in world shipping industry.
“The Arabian Gulf is one of the most active international maritime centres and while it has always been pivotal in global energy-related transport, more recent economic growth has driven record volumes of containers and increasing bulk cargo. Strategies may need to be adjusted for the new financial era we are entering but the maritime industry will continue to be the lifeline of the regional business community.”
Jamal Majid bin Thaniah, Group Chief Officer, Port and Free Zones World and Executive Vice-Chairman, DP World, said: “The Gulf region will not stop their development plan, there will be a slow down in some projects but the development spree will go on.”
“Of course, no one is immune if recession is a world phenomenon, but we have to work efficiently and focus on customers care which has been lately undermined,” he emphasised.
“Hopefully, by the second part of 2009, We will see recovery. Let us not be pessimist and move forward,” he said.
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