Dubai set for new wave of yachting luxury

Dubai will roll out the red carpet for owners of luxury yachts with an exhibition in March, with which it hopes to capitalise on the region's position as the home of almost one third of the world's super-yachts.

Some of the world's major yacht builders, including Fincantieri of Italy and Luerssen of Germany, will take part in the Dubai International Boat Show from March 1 to March 5, at the Dubai International Marine Club - Mina Seyahi.

Grant Burgham, an exhibitions director at the Dubai World Trade Centre, which is the organiser of the event, said the Middle East was home to some of the world's highest net-worth individuals, and the market was "perfect" for the high-end marine leisure industry for super-yachts, generally defined as boats longer than 23 metres, and "giga-yachts" - those more than 100 metres in length. "It is an excellent opportunity for the super-yacht buyers in this region to connect with the elite of the industry."

Two years ago, the luxury boat sector was suffering from slack business and lay-offs brought on by the global downturn. That spurred a wave of distress sales as owners rushed to raise cash to pay down debts. At the beginning of this year, 4Yacht Arabia, a brokerage, estimated that 40 per cent of the approximately 150 yachts offered in the UAE were distress sales.

But with global stock markets on the rise and business activity around the world growing, the outlook for big-ticket luxury goods is improving.

This month, business jet manufacturers represented at the Middle East Business Aviation show in Dubai reported improved confidence, even if sales volumes have been slow to recover.

The Dubai boat show will host the biggest gathering of Superyacht Builders Association members in the show's history, organisers said, including the constructors Amels, Benetti, Burger Boat, Heesen Yachts, Oceanco, Sanlorenzo and Trinity Yachts.

Manufacturers are increasing their focus on the Middle East as new marinas, critical to growing sales for the industry, are being built. There are more than US$35 billion (Dh128.54bn) worth of waterfront projects in the pipeline across the region, say the show organisers.

In addition, the UAE is also home to a growing number of yacht builders, such as Abu Dhabi Mar, which is retrofitting two former frigates into VIP luxury craft.

igale@thenational.ae

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COMPANY PROFILE

Name: Kumulus Water

Started: 2021

Founders: Iheb Triki and Mohamed Ali Abid

Based: Tunisia

Sector: Water technology

Number of staff: 22

Investment raised: $4 million

Specs

Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)

Power: 218hp (Cooper and Aceman), 313hp (Countryman)

Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)

On sale: Now

Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

RESULT

Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')

Man of the Match: Rodrigo Moreno (Leeds)

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The team

Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi