While the world feels the impact of the Covid-19 pandemic, the mega-rich have been seeking added sanctuary by snapping up yachts so they can physically distance in the lap of luxury.
Boat brokers are struggling to meet demand, but that is good news for one privately owned UAE company.
Far from the bustling berths of Monaco and Cannes, where most superyachts spend the summer, is the emirate of Umm Al Quwain, on a peninsula in the north of the UAE.
Along a coastline dominated by mangroves and blue-clawed crabs is one of the world's top ten shipyards. Gulf Craft employs more than 1,000 people, and has made more than 10,000 vessels since it was established by Emirati businessman Mohammed Alshaali in 1982.
We have doubled production for our larger yachts, and maybe even tripled production of smaller vessels
Talal Nasralla,
Gulf Craft chief executive
Inside cavernous indoor warehouses that cover an area bigger than four football pitches, Gulf Craft makes some of the world's most luxurious superyachts.
This is not an assembly plant; nearly every element of each vessel is designed and built in Umm Al Quwain – from the moulding of the carbon-fibre hulls, to the joinery of the five-star interiors and the welding of the sleek metalwork which surrounds the decks.
Chief executive Talal Nasralla said this is a point of pride for the company, but it also makes them competitive on price.
"At Gulf Craft we look at the craftsmanship. We compete on the world stage in terms of taste, finish and quality because our team of craftsmen work with their hands and look at the very fine details," said Mr Nasralla, who took over as chief executive in February.
"We are a vertically integrated company. Everything is made in-house, and that brings down costs."
Gulf Craft can make 200 boats a year and specialises in composite yachts made out of carbon fibre and vinyl ester rather than from steel and aluminium, which also brings down the price.
Composite vessels consume less fuel than their metal counterparts, do not rust and have a shallow draft – meaning their keel is not far below the waterline – ideal for navigating the shallow waters around the UAE, the Caribbean and the Mediterranean Sea.
Prices start at $70,000 (Dh257,000) for a 31 foot day boat, and soar to $17m (Dh63m) for a Majesty 140.
The National toured the shipyard and watched the boatbuilders at work – sanding, cutting and welding.
Outside, two 150-tonne travel lifts designed to raise the biggest of yachts stood idle. But moored up along the quayside were some of Gulf Craft's newest vessels, their decks covered in protective blue sheets as labourers added the finishing touches.
One was the flagship megayacht called Majesty 175, which was sold to a prominent Emirati businessman for $35m (Dh129m).
Measuring 53 metres, it is the world's largest composite production vessel, comprising four decks, seven en suite bedrooms, a gym, a lift, a professional kitchen and discrete staff quarters for 10.
It looked ready to sail – just the infinity swimming pool needed filling.
The impact of the pandemic
During the local and international lockdowns of 2020, the Gulf Craft boatyards had to close, and supply chains were disrupted, causing production delays. Sales slowed to a trickle, as the world's population stayed home.
But this year, the company bounced back with a stronger first quarter than the past three years, Mr Nasralla said.
"The company took a very wise decision to continue building during 2020, so we came out on the other side of the pandemic with a wealth of stock. This meant we were able to meet the rising demand at the beginning of 2021.
"In the past we've seen the yard build up to two or three large yachts, maximum, a year. Now we have five, nearly six orders for our 100ft yacht.
"We have doubled production for our larger yachts, and maybe even tripled production of smaller vessels. We have a build backlog up to mid-2022."
Gulf Craft sells its boats to buyers all over the world, including to the GCC, Turkey, Russia, Italy, Slovenia and the US. In America, sales of vessels, marine products and services surged to a 13-year high last year – $47 billion – an increase of nine per cent from the previous year, according to the National Marine Manufacturers Association.
Gulf Craft's customers are not all established industry leaders with deep pockets, Mr Nasralla said.
"We have a good mix of clients, but what we've seen lately is that the younger generation of buyers are coming into the picture, and especially in the last couple of years, we have seen younger people more interested in being at sea with their families.
"There's a generation of those younger nomads, buying our smaller yachts."
Socially distanced at sea
Mr Nasralla believes the yachting industry's recovery in the past six months is in part down to last year's lockdowns.
"We believe that this is partly driven by the social distancing that people feel when they are on the yacht with their families," he said.
"Of course, the lack of travel during 2020 is contributing as well, plus the closure of certain destinations, but people have also realised that spending time on a yacht with their family and friends provides them with the ultimate vacation at home.
"Plus, when travel restrictions ease in the future, it will be relatively easy for them to take their yachts around the world, so it's a full solution."
In pictures: Gulf Craft's Majesty 140
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
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So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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Barbie
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Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Killing of Qassem Suleimani
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
More from Neighbourhood Watch
Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
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Killing of Qassem Suleimani
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
