Erwin Bamps, Gulf Craft chief executive. David Dunn for The National
Erwin Bamps, Gulf Craft chief executive. David Dunn for The National
Erwin Bamps, Gulf Craft chief executive. David Dunn for The National
Erwin Bamps, Gulf Craft chief executive. David Dunn for The National

Week in the Life: Gulf Craft chief keeps things shipshape


  • English
  • Arabic

Belgian Erwin Bamps, 48, is the chief executive of Gulf Craft, a globally recognised UAE-based manufacturer of luxury leisure, fishing and utility craft, including family cruisers and superyachts.

The father-of-two joined in 2002, having worked in Japan, Hong Kong and the Philippines in factory automation and telecoms. Gulf Craft has since grown from a firm of 200 employees to over 1,500 based in Ajman, Umm Al Quwain and the Maldives. Here Mr Bamps talks to The National about his week.

SUNDAY

We have a number of set meetings for the week that allow me an overview, most at the beginning. What I do is coordination; make sure everybody talks to everybody, is in sync. We get weekly updates from different departments. I go through what’s on my desk, my PA has put there, and go into the first meeting, having one department after another report, talk about the action plan for the week. Afternoon is usually reserved for non-scheduled items; suppliers to have a strategic discussion, a CEO in from overseas to talk about more internal cooperation, creating partnership for some new technology to be introduced.

MONDAY

We do the full sales and marketing review; which events are coming up. I try to keep afternoons open for meetings being created continuously. I walk the [boat-building] plants. We have three facilities; I’m moving around between them every day, allowing us to communicate with people. You cannot derive everything from data sheets and your online dashboard. A lot needs to be seen on the floor, things not covered in your operational management systems; things you can change. You need to watch people work. You can always lift the bar. This is A-to-Z manufacturing; there’s a lot of handwork involved in building boats, because it’s mostly made to order or custom built. You give credit where credit is due.

TUESDAY

I do quality checks - random checking rather than total quality control (QC) - on every vessel we produce, to show the commitment of top management. I take pride in and responsibility for every product we release. I do walks on the boats whenever I can, in the afternoons. On the smaller craft, before delivery, I sign off QC inspection sheets, usually sent on Tuesday or Wednesday afternoons. My desk and PA are in Ajman, our headquarters. Umm Al Quwain is the largest of four facilities.

___________

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Gulf Craft says Maldives offers rich rewards

___________

We have another one in Ajman and in the Maldives where we have service and manufacturing. We have not just Gulf Craft yachts in for service. I’m interested in things that are recurring or systematic problems, things we can change structurally. One of my main roles is the press. People want someone in the executive office to discuss strategic steps of the company. Not only journalists, clients want to know where you’re heading. People are putting money into a company to build a boat delivered 24 months from now. We see clients following us on social media and in the press.

WEDNESDAY

Sales [staff] like me to have a word with the dealers. VAT is the topic of the day. The reassurance part is where I come in. We have different relationships with different people in different markets. You are building a superyacht, a US$10 million $20m toy, and it’s unique … most clients are businessmen, rulers or presidents, royalty or anything in between. They want to know they have commitment from top to bottom. With big yachts I meet every client. With smaller boats I usually meet people who are corporate owners or own 20 boats and put them at a hotel, or military; bulk buyers, or dealers working with us over multiple-year periods. Somebody is dropping by on transit through Dubai, wants to shake hands and remind me I’ve committed to deliver the boat for his birthday [for instance]. We welcome this. We want people to take pride in the decision to work with us. Having this relationship builds emotion into the product.

THURSDAY

We have a meeting of the total management board; a performance review of the last week. The yard operates five days. I find myself often on Thursday afternoon in wrap-up conversations with clients or dealers, who’ve spent three/four days with us on a technical journey, want to touch on commercial or strategic issues. Since we are in the luxury industry, the storytelling is important; people need to know the heritage of your business. You give them the vision of the company so they buy into the long-term.

FRIDAY

I try to take time off. Usually my family plans my weekend. I live by the mangroves. We go cycling or hiking, go to RAK. There’s gardening I use in a therapeutic way, or shopping. We do work on Fridays and Saturdays; clients want a private dinner because they’re thinking about a project. You end up in a hotel discussing plans, ideas. We find ourselves at events mingling; networking is a big part of our job, not only a boat show/marine event, but Formula 1 or a motor show where there are a lot of our clientele.

SATURDAY

The company is globalising. I started out selling to its home market; today most of the largest yachts we sell in the surrounding region, 3,000km radius. We network a lot out of "duty hours"; go to Dubai Marina, coffee with existing clients and hope somebody else drops by. Most sales come from word of mouth. You’re never disconnected. These decisions people make when they’ve time to reflect, which isn’t during the week.

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Rating: 1/5

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Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29

MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

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UAE currency: the story behind the money in your pockets
Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates

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.”

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Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars

Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
THE SPECS

Engine: 3.5-litre supercharged V6

Power: 416hp at 7,000rpm

Torque: 410Nm at 3,500rpm

Transmission: 6-speed manual

Fuel consumption: 10.2 l/100km

Price: Dh375,000 

On sale: now 

Specs

Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Gulf Under 19s final

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