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.