Superyachts are enjoying a surge in popularity and orders continue to increase year-on-year, especially in emerging economies in the Asia-Pacific.
dubai — Superyachts are enjoying a surge in popularity and orders for vessels in the category continue to increase year-on-year, especially in emerging economies in the Asia-Pacific region, experts said at the 2019 Dubai International Boat Show.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, inaugurated the 27th edition of the event, which is running until Saturday at the Dubai Canal. The annual event welcomed more than 800 global brands and over 400 boats worth around Dh1.5 billion, ranging from fishing boats and weekend pleasure-craft to 50-metre superyachts.
Farouk Nefzi, marketing and brand director at Feadship, spoke about the evolution of the superyacht industry, and how it had impacted order books for manufacturers. “If you look at the industry as a whole since the economic downturn in 2008, then there is a clear decline. However, we have been witnessing a positive turnaround right now. Examining the recovery shows that superyacht orders are picking up; these are yachts that start from 60 metres. We are building bigger yachts, and this is reflective of the shifting wealth in the world. The number of billionaires in the world rose by 8 per cent last year, primarily in the Asia-Pacific region. This is very important for us as an industry and we have to focus on the needs of this market. In addition, we have to pay close attention to not only to high net worth individuals in emerging economies, but also the new generations that have a totally different mindset.”
The Middle East is officially home to buyers of the world’s biggest superyachts, with the average locally-owned private vessel now measuring 63 metres in length. Global analysis compiled by the Superyacht Builders Association found that the region tops other major yachting hubs across the US, Europe, and Asia in being home to the fleet of most sizeable personal pleasure vessels. The superyachts — found docked across the UAE’s 5,000+ berths — tend to not only be longer in length but greater in volume too, averaging 1,618 in gross tonnage.
As the region continues to grow as a yachting hub, the research by the independent bodies found that the percentage of superyachts owned by local buyers has also climbed. The Middle East is now home to 12.6 per cent of all 40-metre-plus superyachts — a total of 216 mega-vessels. Supplemented by an estimated 10,000 registered small-to-midsize pleasure-craft, the growth is further proof that the UAE is continuing to make significant waves as a world-class maritime hub.
Kiran Jay Haslam, marketing director at Princess Yachts, said that the Middle East is a very important market for ship builders, and will only grow in importance in the next few years.
“The Middle East has always been a very strong and consistent market... what we have seen is a lovely increase in size as users across the Middle East continue to evolve. This is especially true for demand for vessels from 75 metres to 95 metres. In addition to the UAE, we have seen that Kuwait and Bahrain are really beginning to come alive.”
Mohammed Alshaali, chairman of Gulf Craft, spoke about the importance of innovation in the industry and the recent trends that have been observed.
“We are increasingly seeing yachts being used for family and a shift towards more sustainability. Because of this, we see 2019 as the year of our Nomad Yachts.”
Gulf Craft is introducing its allnew range of innovative solarpowered Nomad Yachts. The new yachts have been built using lighter, stronger and rigid advanced composites like Kevlar and carbon fibre to increase stability and fuel-efficiency.