Gulf Craft has reported an increase in demand for leisure cruising products from affluent Qatari millennials. Speaking on Thursday 29th March at their 6th annual Exclusive Preview event on The Pearl, Mohammed Hussein Al Shaali, Chairman of Gulf Craft, commented that recent growth in private wealth and rapid marine developments in Qatar have stimulated the leisure boating sector.
Gulf Craft’s proclamation follows last month’s announcement that Qatari Ministry of Transport and Communications plan to add 1,000 berths for private boats and ships. The extra berths will be spread across four harbours; Al Ruwais, Al Khor, Al Zakhira, and Al Wakra.
Industry output and demand for luxury products in Qatar has risen in the past couple of years; in 2014, the Chalhoub Paper White reported that Qatar had the highest per-capita gross domestic product in the world. Furthermore, personal luxury goods sales in the Middle East grew by 19% in 2015, compared to 16% in the UK, 10% in France and a decrease of 11% in Hong Kong, according to Bain & Company’s Luxury Goods Worldwide Market Study Fall−Winter 2015.
The findings indicate that the market for luxury yachting in Qatar will likely continue to grow and, as Gulf Crafts accounts for more than 40% of Qatar’s leisure craft market, the yacht builder will be at the epicentre of the mounting trend.
Gulf Craft is currently holding its biggest ever Exclusive Preview event at the man-made island The Pearl. The event celebrates the shipyard’s 35th anniversary and showcases 16 Gulf Craft yachts and boats, as well as a variety of luxury cars, and concludes today.
For more information visit Gulf Craft.