Gulf Region To Be The Next Boating Hub!!

10 March 2009 No Comment

The future of the yacht and leisure boating industry lies in the Middle East. This is what experts and participants at the just-concluded Dubai International Boat Show (Dibs) had to say. Even though the Dibs did feel the effects of the ongoing global economic crisis, it did better than most of the shows held in the West this year, they said.

Marine industry expert Mike Derett told Emirates Business: “There has been a slowdown in the yacht and leisure boating industry worldwide and the future is now in Asia, particularly in the Middle East. “The marine industry is now moving from the West to the East because the market there is saturated and this is a new emerging market as it is a fast growing region.

“Also, money drives the yacht and leisure boating industry and the West at this point of time has taken a beating because of the economic crisis so this is the place where the industry will continue to grow. “Even though right now things might be a bit slow here due to the economic crisis, the fact remains the future is here in the medium and long term.” Wael Juju, Chief Executive Officer, Knotika Holding, said: “Even though the region has also been hit by the economic crisis, the GCC is the fastest growing marine market in the world by a wide margin. It is one of the only markets left in the world today that is still showing positive growth.”

Patrick Sulzer, Executive Manager, aQuatech Yachts, said: “There has been a massive slowdown in general in the yachting industry globally. It is not a rosy picture at the moment. The recent boat show in Miami had a very poor turnout. This region has also been hit but the future looks good as they have a pragmatic leadership and they are also ensuring that all companies who do business here also have to set up their production facilities here. They are growing the industry here.”

This fact that the GCC is considered to be the next big thing in the marine circles was reflected in the fact that even if the boat show did not grow larger this year it did not show a negative growth either. In fact its super-yacht pavilion grew by 45 per cent this year. Trixee Loh, Senior Vice-President, Dubai World Trade Centre, organisers of Dibs, said: “This year 700 companies from 50 countries participated in the show. The size and stature of the show has remained the same.