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<strong>NAFL</strong> REVIEW Events<br />
Maritime leaders to<br />
discuss regional<br />
prospects in challenging<br />
trade conditions<br />
The eighth edition of the biennial Seatrade Maritime Middle East<br />
(SMME) exhibition and conference, which takes place in Dubai<br />
from 31 October to 2 November 2016, will open with an<br />
economic forum session addressing the challenges and<br />
prospects for the industry in light of future oil price forecasts, the<br />
state of the Middle East economy and the effect of the Chinese<br />
trade slowdown on the region's maritime sector.<br />
SMME, a part of Dubai Maritime Week, has speakers and<br />
delegates representing international and regional shipping<br />
operators, ports, financiers and associated maritime<br />
professionals.<br />
According to data released by Focus-Economics, Middle East<br />
and North Africa (MENA) region growth continues to be<br />
hampered by geopolitical risks and weak global growth, with oildriven<br />
economies most impacted in light of the unstable oil price<br />
scenario, with regional consolidation also hampering short-term<br />
growth. The online forecast expects inflation at 4.6 per cent in<br />
2016, increasing to 4.9 per cent in 2017.<br />
“In its August 2016 update, Focus-Economics' panel of analysts<br />
kept the region's growth projections stable at a conservative 2.3<br />
per cent (growing to 3pc in 2017), which, if it holds will be the<br />
weakest growth rate since the apex of the financial crisis in<br />
2009. This is sounding a warning bell for government and<br />
industry leaders across the region, and SMME 2016 will provide<br />
a timely and essential platform for discussion as the maritime<br />
community looks at ways to mitigate, consolidate and restrategise<br />
amidst this prolonged period of uncertainty,” said<br />
Chris Hayman, Chairman, Seatrade.<br />
Other panelists at the opening session include Abdulrahman<br />
Essa Al-Mannai, President & CEO, Milaha; Marcus Machin, CEO,<br />
Tufton Oceanic Finance Group; Admiral Mohab Mohamed<br />
Mameesh, Chairman & MD, Suez Canal Authority; Tim Power,<br />
MD, Drewry; and Jamal Majid Bin Thaniah, Non-Executive<br />
Director and Vice Chairman, DP World.<br />
According to Mr. Hayman, amongst other issues likely to affect<br />
the regional maritime sector, such as Europe's refugee and debt<br />
crises, US monetary tightening and Brexit, the panelists will also<br />
debate the impact of China's slowing trade and the country's<br />
economic stability.<br />
“At the start of 2016, the IMF warned that the effect of China<br />
rebalancing its economy will continue to impact global economic<br />
growth through 2017. However, it also highlighted a gradual<br />
improvement of growth rates for some currently 'distressed'<br />
Middle Eastern economies, which could – in the longer term -<br />
see a revival of maritime opportunity in certain locations.<br />
More than 7,000 participants from 67 countries are expected<br />
throughout the show, which is set to evaluate current market<br />
challenges as well as look at ground-breaking case studies such<br />
as Egypt's Suez Canal expansion, alongside a series of technical<br />
forums in association with IMarEST.<br />
New aviation safety and<br />
security commitments<br />
adopted in Riyadh summit<br />
ICAO Middle Eastern Member States took a series of bold steps<br />
towards improving their cooperation and partnership on civil<br />
aviation safety and security objectives as the Global Aviation<br />
Ministerial Summit in Riyadh, Saudi Arabia, came to its successful<br />
conclusion.<br />
Organized with ICAO's support by the General Authority of Civil<br />
Aviation of Saudi Arabia, and featuring a high-level address by<br />
ICAO Council President Dr. Olumuyiwa Benard Aliu, the Summit<br />
was attended by 104 officials representing 54 countries from the<br />
Middle East, Africa and other regions.<br />
Its goal was to spur greater regional and global cooperation and<br />
alignment on air transport objectives, and among other outcomes<br />
it led to the new Riyadh Declaration on Aviation Security and<br />
Facilitation in the Arab Civil Aviation Commission (ACAC) and ICAO<br />
Middle East (MID) Regions, reaffirming States' need to enhance<br />
regional development and integration initiatives for aviation<br />
security while seeking new efficiencies for collaborative<br />
information sharing and security and facilitation training.<br />
“Recent terrorist incidents at airport facilities in Istanbul and<br />
Brussels have introduced new and important landside security<br />
concerns, helping to underscore the need for this Declaration at<br />
this time,” commented Council President Aliu.<br />
“ICAO has begun building on the tremendous success of our<br />
Global Plans for safety and air navigation by developing a new<br />
Global Aviation Security Plan (GASeP), which we expect to be<br />
endorsed by our upcoming 39th Assembly and which will bring<br />
important global targets and alignment to all regional and national<br />
security planning.”<br />
In the aviation safety domain, and stressing the productive<br />
cooperative arrangements already in place between ICAO and the<br />
Arab Civil Aviation Commission (ACAC), Council President Aliu<br />
further highlighted the need for rapid agreement on a new Middle<br />
East/North African Regional Safety Oversight Organization (MENA<br />
RSOO).<br />
Dr. Aliu remarked, “Here in the Middle East it would assist many<br />
States with meeting the targets established under the ICAO Global<br />
Aviation Safety Plan (GASP), as well as associated MID Regional<br />
Aviation Safety Group (RASG) objectives.”<br />
Sep-Oct 2016 / 24
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