Showboating: More than 840 international brands from 50 countries came together at last year’s Dubai International Boat Show. Pawan Singh / The National
Showboating: More than 840 international brands from 50 countries came together at last year’s Dubai International Boat Show. Pawan Singh / The National

Setting sail in style: super yachts in the UAE



Next month, Middle Eastern royalty will gather alongside the rich, the aspirational and the plain inquisitive at the Dubai International Marine Club for the 22nd edition of the Dubai International Boat Show (DIBS), the largest, oldest and best-attended event in the region’s maritime calendar. Last year, DIBS hosted more than 840 international brands from 50 countries, showcased 30 premier launches and welcomed more than 26,000 visitors, including 5,000 VIPs – and there’s plenty more to celebrate this year. Not only does the yacht market finally appear to be recovering after its recent buffeting by the global financial crisis, but, for the first time, the UAE now features at number nine on a list of the world’s top 10 super-yacht-building nations, according to the recently released 2014 Global Order Book, an annual report by the Boat International group.

Remarkably, the UAE has a single yard to thank for its appearance on the chart. Gulf Craft is an Ajman-based company that currently has 15 yachts under construction, measuring 515 metres in overall length – an order book that also makes the company the 10th-busiest super-yacht manufacturer in the world. It’s an achievement of which Erwin Bamps, Gulf Crafts’ chief operating officer, is justifiably proud.

“The biggest challenges we have had to overcome is the prejudice associated with ‘made in the Middle East’. The idea of the UAE as a super-yacht-manufacturing country is still new to most people,” the Belgian explains.

“We want to create a legacy, to show the world the practical entrepreneurship and engineering that’s prevalent in the Middle East, and to show the world that we can build a home-grown brand and sell it to one of the most demanding client bases in the world.”

Gulf Craft manufactures semi-custom boats at its four yards that range in price from Dh100,000 to Dh90 million. To achieve this, it has 1,700 employees, all of whom work in-house. Gulf Crafts is a vertically integrated operation, something that provides the company with its competitive edge, but which is not without its attendant issues.

“When you are a semi-custom builder, you have to sell the project first and then build to order from scratch. That’s not a production-line model. We’re more like a construction company than a manufacturing company,” Bamps explains. “First we appear as a consultancy company. Then we become a construction company and then, when we deliver our yachts, we become a hospitality company. That makes this one of the most complex businesses to be in, because even though you may think of yourself as a construction company, the client sees you as the manager of a five-star hotel.”

The similarities with five-star hotels don’t end once the yacht is delivered, however, and as any hotel manager or ship’s captain will tell you, a yacht (or hotel), regardless of its size or spec, is only ever as “super” as its crew. In the case of the very largest super yachts, a captain may eventually be in charge of a €100m (Dh500.9m) business with anything up to 60 members of crew. Maintaining such an investment is a responsibility that many yacht owners, quite understandably, are keen to outsource.

“Captains and crew are becoming business managers; they are in the entertainment industry,” explains Gregor Stinner, the chief executive of Dubai’s Art Marine. “It’s all very well for us to sell our clients a yacht, but if the yacht isn’t used in the right way, then there’s no pleasure in it for the client.”

Not only does Art Marine sell yachts, representing companies such as Riva, Itama and CRN, but it also provides operational training for yacht crews and a yacht valet service that includes everything from arranging fresh flowers to emptying the bilges and cleaning the engine room. Thanks to its extensive marina management business, Art Marine also provides yacht owners with somewhere to moor their objects of desire, the most exclusive of which is the Emirates Palace Marina in Abu Dhabi.

Back in Dubai, the organisers of DIBS hope that this year’s event will eclipse 2013’s success, as does Rory Trahair, the head of marketing at Edmiston, a market leader in the world of super-yacht sales, marketing, management and chartering. Trahair will be at the boat show to find a buyer for what is likely to be one of the event’s star exhibits, the 75.5-metre, €125m (Dh621.5m) motor yacht Anastasia. It’s a mission that he’s determined to accomplish.

“It’s fair to say that the last three years have been trying, to say the least,” the Monaco resident explains. “The perception that our market was immune to the recession was not true at all. The first things people stop purchasing are luxury items, and a yacht has to be at the highest end of that. You have to be confident. It’s more likely to sell here than the Maldives and, quite frankly, the Med. It’s a good time and place to have it.”

Luckily, Anastasia was built to turn heads. Designed by Australia’s Sam Sorgiovanni Designs and constructed at the Oceanco shipyard near Rotterdam in the Netherlands, the super yacht has seven decks, six state rooms and can accommodate 12 guests. As well as boasting four tenders, four jet skis and a Jacuzzi, it’s also equipped with a full gym, aquarium and disco lounge. It was launched in 2008.

If the Anastasia sounds like the stuff of fantasy, that’s essentially because it is. Super yachts are built, first and foremost, to deliver a certain lifestyle to their owners, and the job of their designers is to realise and exceed their clients’ wildest dreams. It’s a skill that the yacht designer Andrew Winch has spent almost 30 years perfecting.

“Andrew Winch Designs is a dream and pleasure factory, and building a yacht is great fun. It’s like custom-car building, but on the scale of a house with, in some cases, 40 to 50 crew on-board and somewhere between 12 and 36 guests,” the Englishman explains.

“If the client isn’t going to enjoy the experience of being with us, spending time together and exploring the most exciting thing you can probably build in your life, then we’re not doing the job well enough.”

Since establishing Andrew Winch Designs with his wife, Jane, in 1986, Winch has designed almost 200 boats and currently has seven projects on the drawing board. “It’s a magical world on the other side of the looking glass,” he says. “Owning a yacht shouldn’t be normal and it shouldn’t be dull. It should be an incredible moment in a client’s life when they get their yacht, whether it’s 30 feet or 300 feet. It should be something that really makes them happy.”

Winch insists that it’s his ability to listen to clients and to interpret their desires that has made his business a success. His 55-strong team, which operates from a Thameside studio in one of the leafier parts of London, not only specialises in the design of motor and sailing yachts, but in bespoke planes, vehicles and property, as well. While admitting that super yachts are status symbols that are inextricably linked with “kudos, ego and passion”, Winch believes that a yacht should be something that its owner loves so much that it ceases to become a luxury and becomes a necessity instead.

It’s a perspective that he has borrowed from the legendary yacht designer Jon Bannenberg, the man who gave Winch his first job as an apprentice designer. “He hated the idea that a yacht was a luxury,” Winch says. “He said: ‘A pair of shoes is a luxury to someone who hasn’t got one; for someone who’s thirsty, it’s a luxury to have a glass of water’. The yacht was a home that you fell in love with and couldn’t do without. It was somewhere to treasure – but it shouldn’t be just a trophy. And I agree with that: you have to love it. I don’t want to design yachts that are tied up on the dock all the time. I’m proud that a lot of our yacht projects have been built because of the client’s passion to be afloat.”

Winch traces the mystique surrounding modern yachts back to vessels such as the Christina O, the private yacht created by the Greek tycoon Aristotle Onassis in 1954. Thanks to his fabulous wealth, glamorous parties and romantic connections, the boat became inextricably associated with Onassis’s guests, who included Winston Churchill, Frank Sinatra, Marilyn Monroe, Richard Burton and Elizabeth Taylor. In 1956, Princess Grace and Prince Rainier held their wedding reception on the yacht and Onassis’s love affair with the opera singer Maria Callas was also played out on-board. In 1968, Onassis ended the affair abruptly when he courted President Kennedy’s widow, Jackie, whom he eventually married. They were often photographed together on-board.

If the Christina O helped to establish the private yacht as the ultimate pleasure palace, Winch also draws a direct link between the 85-metre Nabila, the yacht that his mentor Bannenberg designed for the Saudi millionaire Adnan Khashoggi, and contemporary super yachts such as the Eclipse, owned by the Russian oligarch Roman Abramovich.

“Khashoggi made a statement with that yacht,” Winch explains. “At the time, it was the largest yacht that had ever been built in Italy and ended up being used by the baddy in a Bond movie [Never Say Never Again]. Any yacht is probably suitable for that. It’s an extremely sexy and fantastic sort of folly.”

Nabila, which cost US$100m (Dh367.3m) when it was delivered in 1980, was later sold to the Sultan of Brunei and then to the American business magnate Donald Trump.

Despite recent eye-catching attempts by architects such as Zaha Hadid to change the face of contemporary yacht design, Winch refuses to be drawn on possible future design trends. “Luckily, yacht design doesn’t tend to work in that way at all. You can see trends in fashion or in hotels – the evolution of a concept that eventually filters through to the mainstream – but yachts are a very personal statement of success. You create any yacht you want and nobody can tell you you can’t have it or that it can’t look like that. It reflects who you are and what you have.”

For Winch, a yacht’s success isn’t defined by its size, its style or even its technology, but by the extent to which it meets and exceeds its owner’s expectations, something that makes every project unique. That’s something that he sees in one of his latest creations, Sea Owl, the product of a five-year-long collaboration between the designer, the ship’s owner and the Dutch shipyard that finally delivered the yacht in May 2013.

On the boat’s completion, the owner’s representative described Sea Owl as “quite possibly the most-customised 62-metre yacht ever built”.

“The original brief from the family was that they wanted ‘a magic yacht’. They said: ‘Create magic, Andrew,’” Winch explains. “They wanted a project that would make the hairs on the back of their necks stand up, because they were having so much fun with their family and their grandchildren. At the very end of the project, a carpenter came towards me in the yard and asked: ‘Can anybody tell me where these mice are supposed to go?’”

The rodents in question were a pair of carved, full-sized mice that Winch’s team had designed to emerge from beneath the yacht’s furniture, so that the owner’s young grandchildren could be sent to look for characters from one of their favourite fairy stories. A visit to the other side of the looking glass, indeed.

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Scores

Scotland 54-17 Fiji
England 15-16 New Zealand

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”

Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.