Worries over the global cost-of-living crisis were cast aside as a fleet of super yachts sailed into town for the opening of the Dubai International Boat Show.
Buyers, sellers and boating enthusiasts descended on Dubai Marina on Wednesday to watch the event unfold.
This year's show features Dh2.5 billion worth of boats, including 35 super yachts.
The National spoke to industry insiders who said business was booming despite all the upheavals in recent years, with new markets playing a key role.
The global yacht market has seen a dramatic post-pandemic boom, with 2022 thought to be among the busiest years ever for the industry.
Whenever there’s a crisis, it is the middle-class and small businesses who are impacted the most. Multimillionaires and billionaires keep on making money
Michel Torbey,
Sanlorenzo Yachts
There were 1,024 superyachts being built or on order last year - up 24.7 per cent from 821 the year before, the Boat International Order Book report showed.
The global yacht market in 2021 was valued at $10.80billion - and predicted to rise to more than $15billion by 2026.
“Demand is outstripping supply right now,” said Michel Torbey, Middle Eastern sales representative for manufacturer Sanlorenzo Yachts. "In some cases, used yachts are selling for more than they did when they were brand new.
“We haven’t seen it like this for a long, long time. I would say you would have to go back as far as before the crash of 2008 to see a similarity in how strong the market is right now.
“Business is growing at an insanely expansive rate right now.”
Mr Torbey was in town to promote his company’s yachts, one of which would typically set you back in the region of Dh26 million ($7.08 million).
More than 1,000 companies from 54 countries were taking part in the event, which lasts until Sunday.
Russia's invasion of Ukraine a year ago, along with the subsequent cost-of-living crisis, have played havoc with many sectors, yet the super-yacht market remains buoyant.
“People have got used to the war, last year it was still fairly new but now they don’t have as much fear as they used to about it,” said Mr Torbey.
“The war didn’t actually affect sales all that much at all, to be honest. The Russian market is less than 10 per cent of our client base anyway.
“The owners of yachts were not really affected because whenever there’s a crisis, it is the middle-class and small businesses who are impacted the most.
“Multimillionaires and billionaires keep on making money.”
Boost from China
He explained how a resurgent Chinese market, helped by the country opening up again following pandemic lockdowns, was helping to boost business.
“The Asian market was already doing very well but it’s even better now with the Chinese back again,” said Mr Torbey.
“A lot of our clients in this region are GCC citizens living in this region, while other buyers tend to come from Europe or North America.
“They like having their yachts here and they like using them here.”
Throughout the pandemic many people took up new habits due to social-distancing restrictions — and yachting was no different.
“We saw a lot of new people coming to yachting during the pandemic,” said Alessandro Tirelli, sales director for Italian shipbuilding firm Ferretti Spa.
“The market actually expanded for us because we had new customers added to our existing customer base.
“Many people found it the perfect way to escape during the pandemic and continue to do so.”
The UAE’s role in the global yachting sector should not be underestimated, said Mr Tirelli.
“This is a market that is growing fast and we’re seeing huge opportunity in the entire area,” he said.
“The whole GCC is working together and we’re seeing the market grow. Saudi Arabia has great potential, too, with all the work they are doing on their eastern coast.
“If you look at Dubai as well, it has several marinas all within an hour of each other. There’s been a lot of positive work from both the authorities and the private sector.”
Dubai at the 'epicentre of international events'
The large turnout of super yachts was a sign of how Dubai, and the UAE, was outperforming other areas when it came to hosting international events, said one of the show’s organisers.
“This [Dubai] is the new world, this is the nucleus and epicentre of international events right now,” said Trixie LohMirmand, executive vice president of Dubai World Trade Centre, organisers of the exhibition.
“If you’re not here, then you’re not part of what’s happening next in the world.”
Recent events held in Dubai, including the Gitex technology conference and Gulfood trade show, outperformed similar events in Europe and the US, showing the international appeal of Dubai, she added.
“It’s not just about what’s happening here in the UAE,” said Ms LohMirmand.
“When people come to the UAE, they come here to see what’s happening in the world."
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
UAE currency: the story behind the money in your pockets
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.
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
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
More from our neighbourhood series:
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Killing of Qassem Suleimani
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Company%20Profile
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Killing of Qassem Suleimani
THREE
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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
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
