Gulf Craft, one of the largest yacht manufacturers in the Middle East, increased sales by 20 per cent in the first six months of the year as superyachts sailed off the shelves.
The boat maker, which this week delivered a 125-foot yacht to a client in the French Riviera, had a strong first half for superyachts and smaller pleasure boats.
"We have been satisfied with the growth compared to last year," said Erwin Bamps, the chief operating officer for Gulf Craft.
"In general the 20 per cent revenue growth is driven by volume increases and big yachts."
The robust growth in sales is the latest data underpinning the booming retail, travel and hospitality market in the Arabian Gulf, where most of the boat maker's trade is plied.
Retailers and hoteliers have reported heady sales and high occupancies so far this year as GCC government spending on infrastructure and direct transfers to nationals have increased.
Further illustrating the trend, Fawaz Alhokair and Company, one of the biggest retailers in the region and headquartered in Saudi Arabia, yesterday announced a 48 per cent increase in net profits to 120.9 million Saudi riyals (Dh118.4m) for its first quarter ending on June 30.
The company partners more than 70 brands, including Marks & Spencer, Zara and Gap, across 1,200 stores in seven countries.
Mr Bamps said superyachts and smaller boats were selling well,but boats in the middle, between 45ft and 85ft, remained in choppy waters. "You either have people with a lot of money to spend or a little money to spend," he said. "There is limited financing for people that want to buy in the middle range."
Boats in this range sell for between US$500,000 (Dh1.8m) and $4m with high global supply in this range also affecting the market, Mr Bamps said.
Many boat owners overstretched their finances running up to the financial crisis, particularly in Dubai, and had to quickly offload their vessels, leading to a supply glut in the market.
Mr Bamps said that extra supply meant those buyers considering a yacht were often looking at pre-owned market first.
Al-Futtaim Group, one of the biggest family-owned conglomerates in the UAE, launched a boat services unit called Al-Futtaim Marine in March in part to buy and sell pre-owned and new yachts.
The new company also offers maintenance and repair services, insurance and sales of new engines and marine component parts, as the UAE becomes a yachting hub for the Middle East region.
Gulf Craft's latest superyacht, the Majesty 125, was partly custom-built for its owner and features a bespoke interior, a Jacuzzi and sun beds on the upper deck.
"We have been a company that's been aggressive in pricing and providing a value product," said Mr Bamps, adding that the brand generally priced about 20 per cent cheaper than the competition for similarly sized boats.
rjones@thenational.ae
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
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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 White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
States of Passion by Nihad Sirees,
Pushkin Press
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
