As the luxury leisure marine market surges ahead, in tandem with soaring regional consumer confidence, increasing regional high net worth individual growth and new boat project builds, the Dubai International Boat Show has confirmed 30 large luxury boats exceeding 21 metres to be showcased. This year an impressive 19 superyachts – including the largest boat in the history of the show – will be on display among more than 430 boats on land and water.
The 22nd Dubai International Boat Show, the MENA’s leading luxury yacht platform, runs from 4-8 March at Dubai International Marine Club, Mina Seyahi and will feature 840 exhibiting companies and brands – a 12% increase over 2013 – reflecting the UAE’s increasing importance in the international luxury maritime market and heightened consumer confidence across the GCC. According to the McKinsey Global Private Banking Survey 2013, the total high net worth wealth in the Middle East is predicted to increase by USD3.3 trillion by 2014, positively impacting regional buying power and stimulating further growth across the sector.
Marine Industry Growth
With the International Monetary Fund (IMF) having recently increased its forecast economic growth for the GCC to 4.4% in 2014, an increase in new boat project builds will be a solid contributor to the region’s steadily growing leisure marine market.
As reported by US-based ShowBoats International Global Order Book 2014, UAE luxury yacht builders plan to build 18 superyachts – those 24 metres and longer – exceeding 850 metres in total. The definitive guide to the world’s luxury superyacht industry also ranked the UAE ninth among the most productive manufacturers of superyachts.
Erwin Bamps, COO of Gulfcraft, the UAE-based manufacturer of boats and yachts and the world’s top 10 superyacht shipyard said: “More than simply a great place for yacht enthusiasts to visit, there is a vision for the UAE’s superyacht building industry that it will, slowly but surely, increase its output until it is one of the very top manufacturing bases for luxury yachts anywhere in the world. At this point, the UAE’s shipbuilding growth appears really unstoppable.”
With the local and regional luxury yacht sector gaining momentum, Gregor Stinner, CEO of ART MARINE, the Middle East’s largest and most recognised ‘360 degree Regional Leisure Yachting Enterprise’, emphasised the industry must capitalise on its recovery;
“Now is the time for leisure boating companies to show their colours, as we see an upswing in the market and a resurgence of quality buyers looking to purchase boats upwards of 40 metres and the new boat market increasing particularly swiftly,”
Stinner continued “We expect to capture at least 10-15% of the market this year and the Dubai International Boat Show is the region’s premier platform to develop business opportunities for business - it remains the most important event on the yearly calendar.”
Strong International Participation
More than 50 countries are represented by Dubai International Boat Show exhibitors this year, as well as four dedicated country pavilions from Australia, Italy, USA and Turkey, with the USA confirming an impressive 35% increase in companies, highlighting global interest and investment in the lucrative Middle East market.
The show is also expected to draw more than 26,000 visitors from over 70 different countries, including 5,000 VIPs and key buyers. Regional royalty and top buyers from Bahrain, Kuwait, Qatar and Saudi Arabia and the UAE will join the thousands of visitors from Africa, Asia and China while strong visitor footfall from Europe and America is also expected. Dubai International Boat Show organisers believe the participation highlights the resilience of the region’s maritime industry.
Trixie LohMirmand, senior vice president, Dubai World Trade Centre (DWTC), organiser of Dubai International Boat Show commented “The Middle East’s association with the world’s most luxurious superyachts positions the Dubai International Boat Show as the leading showcase for the industry within one of the most significant global markets,”
“The show continues to be the region’s largest and most preferred platform for sales, knowledge exchange, networking and trade. The GCC leisure boating market is well and truly back on track in the wake of the global recession, thanks to the region having established itself as a boat manufacturing hub, increasing leisure marine tourism and growing interest from key buyers in the GCC as well as emerging markets such as Africa, China and India while new exhibitors and trade visitors continue to flock to Dubai.”
For more information, please visit the boat show event page