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Navigating The Blue Economy: A Global Comparison | |
| Sumita Pawar |
The blue economy focuses on sustainably utilizing the ocean's resources to drive economic growth and improve the overall quality of life.
In 2019, SDG 14 received the lowest amount of funding among the 17 goals, totalling US$1.92 billion. However, as the United Nations Decade of Ocean Science for Sustainable Development (2021-2030) commences, investors are beginning to recognize the purpose and potential of the blue economy.
Considering that assets were valued at US$24 trillion in 2015 and the annual value of goods and services generated from ocean-related economic activities was estimated at $2.5 trillion, the investment opportunity is not complex. Nonetheless, the challenge lies in finding ways to achieve both sustainable impact and significant returns on investment.
The push for an economy centered around the ocean began in 2018 with the launch of PROBLUE by the World Bank. PROBLUE is a multi-donor trust fund designed to assist countries in adopting a blue economy approach. Since its inception, PROBLUE has supported over 100 activities in 70 countries, with partners contributing over US$200 million.
The Middle East region has vast coastal areas and a strategic location that hold tremendous potential for the development of a vibrant blue economy. Oxagon, the world's largest floating city, and the biggest blue ammonia plant being developed in Qatar - are some of the blue-economy projects emerging in the Middle East.
This year, King Abdullah University of Science and Technology (KAUST) and the Marine Technology Society (MTS) have jointly announced the establishment of the Red Sea Section, marking the first MTS Section in the Middle East.
Red Sea Section is headquartered at KAUST, and its primary objective of the section is to foster collaboration among stakeholders in the field of marine science and technology, both local and international.
Recognizing the importance of the blue economy, the United Nations has declared the current decade as the Decade of Ocean Science. This initiative aims to encourage the development of new technologies that facilitate sustainable ocean exploration and environmental monitoring. Saudi Arabia, responding to this call to action and has made a commitment to ocean science research, emphasizing the preservation of its rich biodiversity and the cultivation of new ocean-related industries.
Dr. Lloyd Smith, the director of the KAUST Coastal and Marine Resources Core Lab, expressed his optimism about the newly formed Red Sea Section, stating, "Marine technology in the Kingdom is on par with any other region in the world and is constantly evolving. Moreover, investments in marine research have attracted a growing number of global partners. By establishing the Red Sea Section, we gain access to MTS' comprehensive professional development programs, which will enable KAUST to train individuals in the Kingdom to meet the rising demand in this specialized field."
Justin Manley, the president of the Marine Technology Society, also expressed his opinion on the significance of KAUST. While speaking to the media, he stated, "MTS quickly recognized the importance of KAUST in the context of marine technology. The Red Sea Section will act as a gateway for leading academic and industry organizations to collaborate with Saudi Arabia, enabling the efficient utilization of marine resources, facilitating the testing and development of new marine technologies, and nurturing local talent."
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The Ministry of Energy and Infrastructure (MOEI) in the United Arab Emirates (UAE) recently engaged in a meeting with the Ministry of Transport in Egypt.
This discussion took place during the Arab Academy for Science, Technology and Maritime Transport's General Assembly, providing an opportunity to explore potential collaborations in the maritime sector.
During the meeting, both parties focused on planned development projects that aim to stimulate growth in the maritime industry. These projects also seek to create investment prospects in scientific research and technology, particularly in the enhancement of ports and logistics services.
UAE, a significant player in the maritime industry, boasts an impressive portfolio, featuring more than 20 leading seaports and the world's largest oil export terminals. DP World, another significant entity based in the UAE, is a leading smart trade enabler that offers innovative solutions to revolutionize the global supply chain.
On the other hand, Egypt possesses a coastline that stretches 3,000 kilometres along the Red Sea and the Mediterranean Sea. This extensive coastal stretch encompasses abundant petroleum and gas resources and hosts several coastal cities.
UAE's expertise and experience in the maritime industry and Egypt's strategic geographical location and rich resources holds great potential. It can facilitate the advancement of maritime infrastructure, foster trade and economic growth, and enhance the efficiency and effectiveness of ports and logistics services in the region.
“The UAE’s Blue Economy Strategy is based on several pillars, including innovation, creativity, research and development, as well as an effective system of links with academic institutions, universities and research centres that can keep pace with the scientific and technological developments, adapt them to local need,” MOEI’s Undersecretary for Infrastructure and Transport Affairs, Hassan Al Mansouri said.
Al Mansouri further underscored the robust relationship between the UAE and Egypt stressing that the country looks forward to strengthening ties and cooperation with Egypt in all key areas, with a deep focus on the maritime sector to encourage joint investments and develop existing investments.
Egypt’s Ministry of Transport has announced a comprehensive development plan to boost the country’s maritime transport capabilities to compete with its top international counterparts, as part of its strategy to transform into a leading hub for global trade and logistics.
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Under the directives of H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Quwain, the Emirate of Umm Al Quwain has inaugurated the Sustainable Blue Economy Office.
This office is a pivotal component in the implementation of the emirate's Sustainable Blue Economy Strategy 2031, which was launched during the World Government Summit 2022 focusing on sustainable economic development, preservation and rehabilitation of the maritime environment, and optimal utilization of natural resources, the Sustainable Blue Economy Office will oversee the execution of eight transformative projects over the next decade. \
Comprised of three primary committees, the Office is led by the Higher Committee headed by Sheikh Majid bin Saud Al Mualla, Chairman of the Department of Tourism and Archaeology.
Additionally, there is the Executive Committee led by Sheikh Sager bin Saud Al Mualla, Chairman of the Smart Government Department, and the Advisory Committee encompassing various teams dedicated to different areas, such as environment and urban planning, economic incentives and business environment improvement, foreign investment and private sector attraction, media and marketing, and performance indicators monitoring.
Sheikh Majid Al Mualla, as the head of the Sustainable Blue Economy Strategy Higher Committee, expressed that the establishment of the Sustainable Blue Economy Office aligns with the vision of the Ruler of Umm Al Quwain.
The aim is to position the emirate as a leading model and investment destination in the blue economy sectors within the region by 2031. Furthermore, the goal is to increase the blue economy's contribution to the emirate's GDP by at least 40 percent.
It emphasizes the Office's focus on implementing transformative projects outlined in the Strategy. Moreover, it aims to foster opportunities for private sector investment in priority sectors that support the strategy's objectives in the environmental, tourism, and economic domains.
The Sustainable Blue Economy Office will formulate a comprehensive roadmap encompassing legislative frameworks, bylaws, policies, and the requirements for the emirate's physical and digital infrastructure. Such measures will enable the successful implementation of the Strategy's eight transformative projects.
A sustainable blue economy can be achieved through global partnerships and collaborative efforts. The Middle East’s efforts to achieve this goal reflect such partnerships. The world will be coming to the United Arab Emirates, and it is committed offers an immense potential for the sustainable, environmentally friendly development of its people.
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