The Middle East's super-rich are back buying superyachts and private jets despite the choppy waters and turbulent headwinds buffeting the global economy.
While luxury boat builders struggle to generate sales in Europe, the number of vessels at the Dubai International Boat Show this week is up about 10 per cent on last year.
Gulf Craft, the UAE's only maker of superyachts, announced it had started its biggest project to date, building a 155-foot superyacht slated for completion in 2015. This is 20ft longer than its current longest model.
The global market for private and executive jets is also staging a major recovery, aided by growing demand in the Middle East, especially in Arabian Gulf states such as the UAE.
As manufacturers and customers convened for the start of the Abu Dhabi Air Expo at Al Bateen Executive Airport yesterday, they could be confident that they had left the global downturn behind them.
Annual sales of new aircraft and overhauled second-hand ones are expected to double to almost US$35 billion (Dh128.55bn) by 2030, and the annual global growth rate in the years between 2010 and 2030 will amount to about 4 per cent, according to a study by Roland Berger Strategy Consultants. "Countries like the UAE are driving this growth and will even exceed the region's growth rate," said Holger Lipowsky, the project manager at Roland Berger.
Private jet-charter companies are also reporting a rebound.
Royal Jet, the Abu Dhabi-based private plane operator said revenues for its Gulfstream aircraft rose 27 per cent last year, while income for its Boeing Business Jets increased 6 per cent.
The company, which does not publish full financial figures regarding its performance, said 2012 was its seventh consecutive year of profitability.
lgutcher@thenational.ae
CHATGPT%20ENTERPRISE%20FEATURES
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Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
WRESTLING HIGHLIGHTS
A list of the animal rescue organisations in the UAE
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The%20specs
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
