Commenting on Silsal’s first international project, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “This is an important moment for us as we prepare to implement the first applied blockchain solution of its kind between Abu Dhabi and the world. Our technology experts at Maqta Gateway are working with world-class international partners, such as the Port of Antwerp, to deliver fast, reliable, and secure trade transactions through rigorous development and testing programs.”
Captain Al Shamisi added: “We will continue to work towards using blockchain and other technologies further across all trade transactions in Abu Dhabi, driven by the long-term vision and direction of the nation’s leadership to deliver constant innovation in order to help transform the Emirate’s trade and logistics sectors.”
Dr Noura Al Dhaheri, CEO of Maqta Gateway, explained the system further by saying: “We realized early on that blockchain technology can provide the very things necessary for reliability and integrity in the increasingly complex global supply chain. Silsal’s first international step today, working with the Port of Antwerp, is a manifestation of Abu Dhabi Ports’ commitment to secure Abu Dhabi’s global standing as a premier logistics, transport and trade hub, and support the Abu Dhabi Economic Vision 2030.”
Blockchain technology acts as an open digital ledger that can be used by trade actors to record and extract transaction details with greater security, transparency and efficiency. First unveiled in June 2018, the Silsal project has been rolled out in several operational phases and will be offered first to freight forwarders and their customers, and subsequently offered to the rest of the trade community as a complementary tool to Maqta Port Community System.
As part of the pilot project, Maqta Gateway will use Silsal to run a Proof of Concept test with the Port of Antwerp for the handling of international trade documentation using blockchain technology. The two sides have already established and agreed the technical specifications of the test, which will be achieved in the fourth quarter of 2018.
Mr. Erwin Verstraelen, Chief Digitaland Information Officer (CDIO), Port of Antwerp, commented: "We once again illustrate our ambition to be an open innovation hub that introduces new technologies, as we continue to believe that innovation and digitization are crucial for the success of trade in the long term, and therefore one of our core priorities. With Maqta Gateway and Abu Dhabi Ports we found a strong partner in searching for global collaboration initiatives, to come up with innovative solutions that enable safer and more efficient processes in the Port."
Research has revealed that distributed ledger technology such as blockchain could boost trade by more than $1 trillion in the next 10 years; according to a white paper published by World Economic Forum in collaboration with Bain & Company. Titled “Trade Tech – A New Age for Trade and Supply Chain Finance”, the report reveals that by dismantling financing barriers for small and medium-sized enterprises (SMEs) and emerging markets, distributed ledger technology could facilitate up to $1.1 trillion of new trade volume, significantly plugging the global trade financing gap.
Abu Dhabi Port’s latest participation in the annual GITEX Technology Week comes at a time when the port operator is strengthening its relationship with institutions that can support Abu Dhabi’s digital transformation. In September, Maqta Gateway signed a Memorandum of understanding (MoU) with Abu Dhabi Global Market, the International Financial Centre in Abu Dhabi, to collaborate on innovation projects, technologies and knowledge transfer. As part of the partnership, both entities will exchange expertise and partner for joint innovation projects to develop and apply technologies in the areas of digital and mobile payments, blockchain and distributed ledgers, flexible platforms, among others.
About Abu Dhabi Ports
Established in 2006, Abu Dhabi Ports, the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, in addition to the Port of Fujairah, as well as the trade and logistics hub, Khalifa Industrial Zone Abu Dhabi (KIZAD), in which Khalifa Port Free Trade Zone attracts direct investments to over 100 km2 of free zone opportunities, the largest in the Middle East region.
Inaugurated on December 12, 2012 by President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, Khalifa Port is the flagship port of Abu Dhabi Ports and is considered to be the first semi-automated container port in the region. Abu Dhabi Ports also owns 50% of Abu Dhabi Terminals, which operates and manages Khalifa Port Container Terminal with a full suite of logistics solutions to benefit trade partners and shipping lines. In addition to the current capacity of 2.5 million TEUs, the recent deal Abu Dhabi Ports signed with COSCO SHIPPING Ports Limited, which is expected to commence operations by 2019, will raise the annual capacity to 6 million TEUs in both container terminals.
Abu Dhabi Ports’ subsidiaries include Abu Dhabi Marine Services “SAFEEN”, providing a comprehensive range of marine, navigational and ancillary quayside services as well as VTS Services and fleet maintenance in a safe, secure and efficient manner; Maqta Gateway, developer and operator of the first port community in the emirate; and Abu Dhabi Cruise Terminal, the first permanent cruise terminal in the region. To meet the increasing demand of cruise liners and passengers, Sir Bani Yas Cruise Beach was developed, offerings cruise ship passengers a new beach destination with unmatched tourism experiences. Additionally, Abu Dhabi Ports also manages the Maritime Training Centre at Musaffah Port.
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For more information, contact:
Account Director, Brunswick Group
Mobile: +971 56 996 3427
Shady Abdel Hamid
Account Director, Brunswick Group
Mobile: +971 56 503 2072
© Press Release 2018