Some of the world’s top superyachts have this week sailed into town for the Dubai International Boat Show.
But there was one megayacht to rule them all.
Moonlight II is so big it dropped anchor outside Dubai Harbour – the new home of the boat show.
The 91.4-metre vessel designed for entertaining on an elite scale can carry 36 guests in 18 cabins along with 35 crew and is equipped with a cinema, helipad, spa, beach club, lift, Jacuzzi, gym and a room for a number of jet skis.
The six-deck boat is not for sale, is owned by an Emirati and is being operated as a luxury yacht for charter. Boats of similar size sell for €80 million to €90 million ($88.3m-99.3m).
The National was granted rare access to the superyacht by its operator – Burgess Yachts - on the first day of Dubai Boat Show.
It costs as much as €644,000 a week to rent a week – that doesn’t even include fuel or food but does grant you luxury and privacy.
We push out past Dubai Marina and JBR skylines as Skydive Dubai planes fly overhead and dock at the boat's “beach club”, a lounge area for watersports. Two wings drop down on either side of this so people can use jet skis, kayaks or even go scuba diving.
Moonlight II was built in 2005 in Onex Neorion Shipyards in Syros, Greece and runs at cruising speeds of 13 knots, propelled by two diesel engines.
It has two lifeboats and its two anchors, each weighing two tonnes, keep the superyacht firmly secured, allowing the guests to retire to cabins featuring plasma screens.
Who rents 'Moonlight II' for a week?
This was not disclosed but expect a mix of high earners from traditional sectors such as oil and gas to techies to even cryptocurrency gurus.
Burgess Yachts can devise itineraries for those with the pockets deep enough, with a tour of the Arabian Gulf and into the Sea of Oman to Muscat among the most popular for a week’s rental.
Standing at the bridge is Captain Arni Brzac. He is a veteran of the industry, having worked in commercial shipping for years before switching to superyachts.
“It is very challenging,” he said of the career switch to ferrying around the super-rich. “It is like a complete turn. But I prefer superyachts and I prefer the challenge. But forget the word 'no'. No is not a word in our vocabulary.”
The superyacht is among the scores of luxury vessels on display at the Dubai Boat Show until Sunday. It is back after missing two years due to the Covid-19 pandemic and in a new home at Dubai Harbour.
The event, now in its 28th year, is about 20 per cent bigger than 2019 in terms of companies and exhibitors, organisers say. It features 800 brands and vessels from more than 54 countries in a region that is home to 12.6 per cent of the world's superyachts. The show’s "superyacht avenue" will showcase about 50 of the vessels from some of the world’s leading companies such as Feadship, Majesty and Nomad.
Visitors will be able to witness launches from brands such as Gulf Craft, Sunreef Yachts, Al Daen, Blue Gulf Boats and Al Fajer.
Other innovations include urban hydrogen flying boats, which operate with foils that lift the hull clear of the water; electric powered boats; and “e-foils”, which are essentially surfboards that enable riders to travel above the water.
“What the city missed in not having a boat show was made up for by people taking boats out to discover the great outdoors,” said Trixie LohMirmand, executive vice president of events management at Dubai World Trade Centre, organisers of the event.
Sea trials of boats for interested clients take place for the first time, while an increased focus on marine lifestyle, leisure and futuristic gadgets draws in more people than in previous years when the show was more trade-focused.
“Covid has changed the recreation preferences of people," said Ms LohMirmand. "Some of the clients will tell you the past two years were the best for them in recent times. While we were not able to run the boat show, it provided a great opportunity for people to take the boats out and discover. The last two years gave Dubai and UAE the time to prep for the big comeback.”
Dubai Boat Show runs at Dubai Harbour until Sunday and is open to the public. Tickets starts at Dh35 for adults. For more information visit www.boatshowdubai.com
First vessels arrive at Dubai Harbour in 2020 - in pictures
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
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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