Sheikh will meet chic as Gulf Craft, the UAE’s only maker of superyachts, exhibits one of its US$6 million Majesty 105s at the Monaco Yacht Show, which starts today.
Two weeks ago, the Gulf-based manufacturer was displaying its wares at the neighbouring Cannes boat show, where it debuted its Majest 105 model, with an eye on how the world’s wealthy were feeling about splashing out.
“It’s a barometer for how the consumer confidence is today.” said Erwin Bamps, the chief operating officer of Gulf Craft. “We had some worries on the first two days of the show because there weren’t too many people there, but then the third day it started picking up and a lot more people were participating and we found an interested crowd for the rest of the week.”
A superyacht is classified as being at least 101ft in length.
It is an important period for Gulf Craft as the ripples of the global financial crisis are still rocking the boat-building world – in 2009-10 boat sales in Europe dropped 70 per cent. However, the company insulated itself against the squalls by looking higher up the value chain.
“We focused more and more on bigger yachts and that is where we saw the growth,” said Mr Bamps. “We have never sold as many superyachts as over the past four years. That interest in the market has continued. Whoever had the money to buy a $6m yacht had that money and still had that money. In the last 12 months globally there have been 200 superyachts produced and delivered. We have delivered seven out of those; that is not a massive market share but it is far more than we used to do by double.”
This week it launched its latest Majesty 135 model, which costs upwards of $16m. Earlier this year Gulf Craft said it was building a 155ft superyacht slated for completion in 2015. This is 20ft longer than its current longest model.
Gulf Craft said recently it was looking at an IPO, after an attempt in 2006, and is working towards that aim over the next couple of years.
“Our company is being reshaped into a technology company,” said Mr Bamps “In the past we were seen as a company that could put a boat together in an artisanal way. Now we are testing the limits of engineering, construction and corporate governance. We are rethinking everything we do from design, style and assembly.
“We have a huge growth potential regionally but also globally. We have always wanted to make boat- owning democratic and the smallest boats we sell with the engines are below the Dh200,000 mark, so everybody who can afford a decent car can afford a boat.”
ascott@thenational.ae
Poacher
Director: Richie Mehta
Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya
Rating: 3/5
Bob Marley: One Love
Director: Reinaldo Marcus Green
Starring: Kingsley Ben-Adir, Lashana Lynch, James Norton
Rating: 2/5
The specs
Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Law 41.9.4 of men’s T20I playing conditions
The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
• A new batter comes to the wicket between overs.
• An official drinks interval has been called.
• The umpires have approved the on field treatment of an injury to a batter or fielder.
• The time lost is for any circumstances beyond the control of the fielding side.
• The third umpire starts the clock either when the ball has become dead at the end of the previous over, or a review has been completed.
• The team gets two warnings if they are not ready to start overs after the clock reaches zero.
• On the third and any subsequent occasion in an innings, the bowler’s end umpire awards five runs.
Representing UAE overseas
If Catherine Richards debuts for Wales in the Six Nations, she will be the latest to have made it from the UAE to the top tier of the international game in the oval ball codes.
Seren Gough-Walters (Wales rugby league)
Born in Dubai, raised in Sharjah, and once an immigration officer at the British Embassy in Abu Dhabi, she debuted for Wales in rugby league in 2021.
Sophie Shams (England sevens)
With an Emirati father and English mother, Shams excelled at rugby at school in Dubai, and went on to represent England on the sevens circuit.
Fiona Reidy (Ireland)
Made her Test rugby bow for Ireland against England in 2015, having played for four years in the capital with Abu Dhabi Harlequins previously.
GRAN TURISMO
Director: Neill Blomkamp
Stars: David Harbour, Orlando Bloom, Archie Madekwe, Darren Barnet
Rating: 3/5
Pros and cons of BNPL
Pros
- Easy to use and require less rigorous credit checks than traditional credit options
- Offers the ability to spread the cost of purchases over time, often interest-free
- Convenient and can be integrated directly into the checkout process, useful for online shopping
- Helps facilitate cash flow planning when used wisely
Cons
- The ease of making purchases can lead to overspending and accumulation of debt
- Missing payments can result in hefty fees and, in some cases, high interest rates after an initial interest-free period
- Failure to make payments can impact credit score negatively
- Refunds can be complicated and delayed
Courtesy: Carol Glynn
The Little Mermaid
Director: Rob Marshall
Stars: Halle Bailey, Jonah Hauer-King, Melissa McCarthy, Javier Bardem
Rating: 2/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
UAE'S YOUNG GUNS
1 Esha Oza, age 26, 79 matches
2 Theertha Satish, age 20, 66 matches
3 Khushi Sharma, age 21, 65 matches
4 Kavisha Kumari, age 21, 79 matches
5 Heena Hotchandani, age 23, 16 matches
6 Rinitha Rajith, age 18, 34 matches
7 Samaira Dharnidharka, age 17, 53 matches
8 Vaishnave Mahesh, age 17, 68 matches
9 Lavanya Keny, age 17, 33 matches
10 Siya Gokhale, age 18, 33 matches
11 Indhuja Nandakumar, age 18, 46 matches