Concentrated efforts to transform Dubai into a preferred destination for yacht owners, ship charters and cruise passengers are paying off, with the emirate gearing up for a bumper season.
The emirate’s world-class infrastructure, picturesque coastline, simplified access procedures, open anchorage areas, luxury marinas and diverse sea and land-based experiences have all combined to establish Dubai as a global hub for nautical tourism. The pandemic has also played a part in fuelling the industry, as residents and tourists seek out more private and closed-group activities.
“We are seeing a rapid rise in yachting and cruising, two key offerings that support our tourism growth strategy in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,” says Issam Kazim, chief executive of Dubai Corporation for Tourism and Commerce Marketing.
“Dubai’s range of yacht tourism facilities that meet the highest international standards, combined with its diverse destination proposition and commitment to prioritising the health and safety of people, has enabled Dubai to build a thriving global yachting community and offer leisure and adventure activities featuring the most modern watercraft.”
Central to this growth has been the development of appropriate infrastructure. Following the launch of Dubai Harbour in 2020 and the expansion of several marinas across the emirate in the past 18 months, Dubai is now home to 15 marinas with more than 3,000 berths. These facilities can accommodate a range of pleasure craft and luxury yachts, including superyachts and gigayachts.
Dubai Harbour Marinas – the region’s largest – can accommodate 700 berths and also offer the city’s first marina dedicated to superyachts, which can house boats up to 160 metres in length. The world’s first Bulgari Yacht Club offers a 50-berth harbour where superyachts can anchor in the bay free of charge.
According to the Oxford Business Group, more than 200 superyachts (those measuring between 37 metres and 60 metres) were registered across the Middle East as of 2019, with Dubai being the base for many of these vessels. Dubai’s diverse attractions, from its fine-dining restaurants and luxury shopping outlets to its beach facilities and family-oriented experiences, are acting as an added draw for superyacht owners.
"At P&O Marinas, through our collection of sought-after yachting and coastal destinations, our sole purpose is to develop and promote Dubai as a comprehensive maritime hub and a global destination for marine tourism,” says Hamza Mustafa, chief operating officer, P&O Marinas.
“Our assemblage of marinas is one of the most comprehensive in the Middle East, with a total capacity of 1,200 wet berths, 600 dry berths, and an ability to accommodate 60 superyachts ranging between 25 metres and 160 metres. In addition to this, we are continually working to ensure that the emirate remains the epicentre for yacht and superyacht owners."
Also appealing to superyacht owners are the seamless services offered by authorities in Dubai. Under the directives of Sheikh Mansoor Al Maktoum, chairman of the Dubai Council for Border Crossing Points Security, a cross-governmental task force was established to ensure that all foreign-flagged yachts, whether shipped or sailing to Dubai, have a smooth experience on arrival and benefit from full access to advanced marina-based facilities.
“Dubai’s leadership is committed to providing the world-class infrastructure, facilities and support necessary for maritime tourism to flourish in the emirate and for tourists to have a smooth, hassle-free and enriching experience,” says Sheikh Mansoor.
Combined, these various attributes are creating plenty of opportunities in this niche segment of the industry. The Yacht Brothers, for example, was established during the pandemic, and operates a wide range of vessels, from 17 metres to 50 metres.
“Not many businesses were formed during the pandemic, but we offered the people of Dubai an accessible, safe and luxurious domestic tourism option over the last 18 months,” says Isa Hijris, chief executive and co-founder of The Yacht Brothers.
“All our yachts are deep cleaned and sanitised between each trip to provide a secure environment for all our guests. As the world continues to open up, we are delighted to be able to bring a slice of the waterborne high life to customers from around the world via our hourly rental rates and an easy-to-navigate platform.”
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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RESULT
Deportivo La Coruna 2 Barcelona 4
Deportivo: Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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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.”
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
Apple%20Mac%20through%20the%20years
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Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.
The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.
All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.
No person who has received refuge in Poland will be sent back to a country torn by war.
UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UAE currency: the story behind the money in your pockets
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
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iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
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Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
