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
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
Major honours
ARSENAL
BARCELONA
- La Liga - 2013
- Copa del Rey - 2012
- Fifa Club World Cup - 2011
CHELSEA
- Premier League - 2015, 2017
- FA Cup - 2018
- League Cup - 2015
SPAIN
- World Cup - 2010
- European Championship - 2008, 2012