The 8th edition of Offshore Arabia conference and exhibition has successfully concluded today with the participation of a large number of international and local experts and specialists who came to share their views and expertise in the marine and maritime industry. The conference has discussed topics that revolved around the future of Offshore Environment, Oil & Gas, Marine and Renewable Energy Industry in the region and worldwide.

Commenting about the maritime industry in the UAE, Khamis Juma Buamim, Chairman of the Dubai Council for Marine and Maritime Industries, said: "The UAE companies have the lion's share of the whole region's market and have built quite a large global reach. In some cases, we have seen a 4-6 % contribution on a cumulative basis. We believe that the sooner the UAE builds its maritime industry cluster, the bigger and wider the impact will be. This is an area where we should push harder to take advantage of the current global shift and economic transformation. Our region remains healthy despite the global financial and economic challenges. The UAE is the 2nd major bunkering hub in the world, which includes Fujairah, Khor fakkan, Dubai, Sharjah and Ras al Khaimah. There are 1.2 - 1.5 million tons of bunker traded in the UAE waters monthly (US$7 billion per year)."

From his side, Ibrahim Fahmy, Marine Advisor at the Zakum Development Company (ZADCO), and a speaker at Offshore Araba conference, urged Offshore and Marine stakeholders to have effective strategies to manage their business and continuously invest in both people and integration of assets to ensure that their businesses are well maintained and operated by professionals with the right expertise.

Fahmy added: "With a rebound in oil prices, expected to cross $60 in Q1/2017, this win-win situation confirms the need for major oil companies to make the right final investments decisions towards securing the expected significant increase in market demand coming in the next few years and required for the development of many countries and the increase of population across the globe."

On the other side, Offshore Arabia Exhibition has witnessed the participation of 100 companies from 23 countries. The companies shared the latest trends in modern technologies, particularly in the marine and maritime industries. This year, Emirates Classification Society (Tasneef) and Aries Group got the largest local stand in the exhibition, and the largest international stand was for Meritatio Seahow.

The higher committee for Offshore Arabia 2016 announced today the following recommendations for the 8th edition of the Offshore Arabia Conference & Exhibition: The higher committee expresses its sincerest appreciation and gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for his patronage of Offshore Arabia Conference & Exhibition.

The higher committee expressed its appreciation to Dr. Thani Al Zeyoudi the Minister of Climate Change and Environment, for the opening the 8th edition of Offshore Arabia, and expressing his support and interest in the event.

The higher committee appreciated Dr. Al Zeyoudi's word during his opening speech, which included: "Innovate, Adapt & Evolve, an Eye on the Current Situation & other on the Future" to be Offshore Arabia's theme. That same theme symbolizes the essence of all the strategic initiatives taken by the UAE to diversify its economy and make the shift to a green, sustainable economy, based on knowledge and innovation, in line with the UAE Vision 2021, all while preserving our natural resources for future generations."

Offshore Arabia Conference will continue to be the ultimate platform for business development and will initiate regional and international partnerships between exhibiting companies that are highlighting their latest technologies and developments in the marine and maritime industries.

Despite our understanding of the current decline in prices of services due to the global economic slowdown and falling oil prices, the market size of the marine services industry in the UAE and the region is unique, yet it needs everyone to work on the preservation of its GDP and to raise its revenues. Once again, this requires creating a national platform to discuss the possible means to strengthen the maritime industrial sector and to determine the positive aspects to develop it further and to raise its added-value and to understand the negatives and develop innovative solutions to develop the private sector - especially the national part of it.

We are very optimistic as there are many indicators confirming the current economic recovery and the rise of more marine industries and the industries associated with it. The marine industrial sector looks up to and strives for innovating and renovating itself. There is no doubt that the UAE is region's biggest maritime industry market, thus we must take advantage of its unique geographical position, and the global trade and industrial changes.

Despite of the difficult current situation, the business sector keeps innovating and renewing itself. We hope to support the marine industry with all what we do have to help it to grow. Doing this will have a tremendous positive impact on the economy and the future investments in all economic sectors.

In order to continue to thrive and stay in business over the next ten years and beyond, we have to look ahead and understand the trends and forces that will shape our future, and move quickly to get ready for what is coming. We must prepare from today for what will come tomorrow.

We have to work together to prevent and reduce the side-effects of the obstacles and challenges faced by the business environment. There are new companies forming, new partnerships rising, and new emerging markets being developed.
Source :WAM