Dubai plans $1bn shipping fund

Dubai plans $1bn shipping fund

Dubai is planning a $1bn shipping investment fund, according to Reuters. State-run Dubai Maritime City Authority is leading the project that will provide financial assistance to local owners. An advisor is set to be appointed shortly to push the project forward. The fund could be used for newbuilds, S&P deals as well as mergers.

While Dubai has grown dramatically as a maritime hub, its ship financing strength remains weak with few local banks having dedicated shipping desks.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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