In partnership with the UAE Ministry of Foreign Affairs, we’ve crystallised efforts to tackle piracy in the Horn of Africa and elsewhere.
Piracy has a huge economic and social cost, which directly affects the shipping industry. Somali-based piracy cost the global economy an estimated US$2.3 billion in 2014, with incidents in the Gulf of Guinea costing another U$983 million. More than 5,000 seafarers were attacked by pirates worldwide, with many detained and held hostage.
Since 2011, we’ve hosted the UAE Counter-Piracy Conference with the UAE Ministry of Foreign Affairs.
The two-day event brings together governments and private sector companies to help coordinate national, regional and international efforts to combat maritime piracy. The aim is to develop constructive solutions for securing the world’s shipping lanes and keeping seafarers safe, and for tackling the instability on land that drives piracy at sea.
We’ve also held separate events to support these initiatives. For example, we held a series of three panel discussions in Dubai to promote foreign investment and encourage economic stability and independence in Somalia, with a particular focus on creating jobs and opportunities for young people.
On average over 600 delegates have attended each conference, including senior figures from government, non-governmental organisations and industry from many countries.
There are signs that the measures government and business have put in place to counter piracy over the last few years are bearing fruit.