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."
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
Zayed Sustainability Prize
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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Our rating: 4/5
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The five pillars of Islam
DEADPOOL & WOLVERINE
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Director: Shawn Levy
Rating: 3/5
The White Lotus: Season three
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KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
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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
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Company%20profile
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Company%20profile
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
65
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Killing of Qassem Suleimani
