How Dubai's yacht industry will attract more high-net worth millionaires
This is the view shared by experts and industry leaders at the ongoing Dubai International Boat Show (DIBS) which opened on Wednesday. The annual trade show, which runs until Sunday (February 23), is showcasing more than 200 yachts and watercraft from 60 countries. More than 35,000 visitors are expected to visit the five-day event which is considered as the largest maritime and lifestyle event in the Middle East.
But beyond the regular boating aficionados, the main target of a high-profile event like DIBS is to attract the UHNWIs or those with net worth of at least $30 million (more than Dh110 million) – they are composed of the wealthiest people in the world who control a huge amount of global wealth.
Speaking to Khaleej Times, Mohammed Alshaali, chairman of UAE-based superyacht builder Gulf Craft, said: 'DIBS is not only about promoting tourism but also boosting the UAE economy.
People who are buying yachts are not coming here only as tourists – they have long-term plans.'
Alshaali noted superyacht buyers have an option to become long-term UAE residents. In Abu Dhabi, an initiative was launched in December last year offering Golden Visa to superyacht owners in the Capital . The 'Golden Quay' is designed to attract high-net-worth individuals to invest in and explore Abu Dhabi.
Dubai is also offering 'flexible solutions for investors, yacht owners, and entrepreneurs to enhance their residency and mobility experience within the emirate.'
'With these initiatives, tourism is no longer about visiting the UAE for three to four days or weeks but they come here for some time and even consider residing and investing here,' Alshaali added.
Trixie LohMirmand, executive vice president at Dubai World Trade Centre, also observed families from Europe, Americas and Asia are coming to the UAE because of the value system in the country. 'Safety and security means a lot to them,' she added.
'Expats are no longer thinking as transient individuals like 20 years ago when I first came here,' said LohMirmand, noting more investors are now moving not just their businesses but also their families to Dubai.
Artur Połoczański, PR director of Sunreef Yachts, which has set up a boat manufacturing facility in Ras Al Khaimah, underscored the welcoming and robust business atmosphere as the main attraction for investors.
He told Khaleej Times: 'What we have witnessed here is a very business-friendly approach. In Europe, things sometimes can be a little time consuming in terms of administration and having the right permits.
'Here, we had a very friendly and smooth process in terms of establishing our business. Right now, we have a new range superyachts being built in RAK and we see strong interest not only from local clientele and the Middle East, but also from Australia, New Zealand, and some countries in Asia,' added Połoczański.
Yacht owners are also getting younger, noted Zakkak Migliorini, chief marketing officer at Azimut Yachts, who said: 'The average age of yacht owners has moved from 65-70 years old to 40-45 years old. This requires us to engage them with emotional experience — the desire of owning something that they were not considering at the very beginning.'
'Fifteen years ago, people were looking into size, then we see a second phase where volume became a purchasing driver. Nowadays it's all about the experience, the emotional experience, especially when considering the new billionaires, we need to surprise them, need to create some sort of immersion,' Migliorini added.
Meanwhile, Saeed Mohammed Hareb, senior advisor to DIBS, said Dubai is expanding the number of berths available for yacht owners.
'DIBS each year attracts the most prestigious leaders and decision makers, gathering together to decide the future of the industry. Luxury yachts consider Dubai their premier destination and we are working with our partners to achieve the ambitious target of a total 52,000 berths,' he said.
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