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'.
The FTA considered the complaints of the entities in the maritime industry so that it can provide solutions and legal remedies. It was careful and diligent to take into account all the necessary rules and regulations of the countries already developed in this sector together with the latest maritime developments. The draft law will allow full support for development fund in order to invest in the maritime industry and improve and encourage maritime operations in the United Arab Emirates.
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