Yacht makers are switching their focus to high-end buyers as the credit shortage begins to squeeze smaller boat buyers out of the market, industry executives say.
Most exhibitors at the Dubai International Boat Show said they were looking at marketing larger motor yachts valued at up to US$6 million (Dh22m) and ranging in size from 40 feet to 50ft, rather than smaller boats of 20ft. They said sales in this section were stronger.
"The market has changed now and the only people who can buy a boat are the ones who belong to royal families, and they always look for the largest boats," said Mohammed al Mazrooei, the chief executive of Al Mazrooei Craft, a motor boat maker based in Dubai.
Before the crisis, buyers of smaller boats relied on bank loans. "Right now, the banks are not lending money too easily and I don't think anyone would take out a loan to buy a boat when they are at risk of losing their job," said Mr al Mazrooei.
A number of distributors at this year's show are also trying to boost sales volumes by introducing new brands to the region.
"This year we have brought a new Turkish brand of motor yachts called Numarine," said Alessio Tumbiolo, the chairman of ART Marine, the largest luxury yacht distributor in the Middle East.
Numarine prices range from ?900,000 (Dh4.1m) for a 28ft model to ?3m for a 60ft boat.
"Our prices are lower than any other brand by about 30 per cent and since demand in Europe is so much lower right now, given the fact that not many berths are under construction, bringing this brand to the Middle East was a great idea," Mr Tumbiolo said.
But a shortage of berths is also holding back the yachting business in the UAE. Dubai has about 3,000 berths but plans to increase that to 20,000 in the next five years.
"I know a lot of people that want to own yachts, but the fact that so many berths are still in the construction phase is slowing our business," Mr al Mazrooei said.
Island Global Yachting, the luxury marina developer and management company, is building marinas in Dubai, while Aldar Marinas, a division of Aldar Properties, recently announced it would build about 3,500 yacht berths in 14 marinas across Abu Dhabi.
The first four marinas will be on Yas Island and will accommodate about 1,000 boats.
Like many in the industry, Mr Tumbiolo fears delays in property projects in the country will cause some berth projects to be put on hold. "The berth projects are directly linked with real estate projects and right now there are no confirmed dates on when anything will be complete, which will impact on business here," he said.
"But given the fact that the boat culture in the region is still only six years old compared to Europe, where yachts have been around for more than 40 years, people here are still ready to jump into this addictive lifestyle."
The Dubai International Boat Show, at the Dubai International Marine Club, ends on Saturday.
abakr@thenational.ae
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Results
2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).
2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.
3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.
4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.
5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
SPECS
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West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
Company%20profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
