UAE

A Closer Look: What's hot and what's not at Dubai International Boat Show

The National hears from reporter Patrick Ryan about how the superyacht industry is faring in today's climate

The National

March 02, 2023

  • English
  • Arabic

A Closer Look is The National's show where we take an in-depth look at one of the main stories of the week.

Multimillionaires and boating enthusiasts have been perusing some of the best superyachts in the world at this year's Dubai International Boat Show.

Held at Dubai Harbour, a collection of more than 175 yachts and other vessels — worth more than Dh2.5 billion — are on display this week.

The themes of this year's show at Dubai Harbour are technology and innovation, which organisers said are shaping the future of the sector.

The National's reporter Patrick Ryan speaks to host Sarah Forster about what is making waves at this year's event, which runs until March 5.

Read more

Dubai Boat Show: Yacht builders struggle to keep up with billionaires' demands

Dubai International Boat Show sails into town with Dh2.5bn worth of vessels

Dubai International Boat Show — in pictures

  • More than Dh2.5 billion worth of vessels were on display at the Dubai International Boat Show 2023, held at Dubai Harbour. All photos: Antonie Robertson / The National
    More than Dh2.5 billion worth of vessels were on display at the Dubai International Boat Show 2023, held at Dubai Harbour. All photos: Antonie Robertson / The National
  • A collection of more than 175 yachts and other vessels made a big splash with visitors
    A collection of more than 175 yachts and other vessels made a big splash with visitors
  • Frogmen Technologies unveiled one of its remotely operated boats
    Frogmen Technologies unveiled one of its remotely operated boats
  • The theme of last year's show at Dubai Harbour was technology and innovation, concepts the organisers said were shaping the future of the sector
    The theme of last year's show at Dubai Harbour was technology and innovation, concepts the organisers said were shaping the future of the sector
  • The show featured a variety of marine equipment
    The show featured a variety of marine equipment
  • The Middle East is home to more than 12 per cent of the world's super yachts
    The Middle East is home to more than 12 per cent of the world's super yachts
  • The Mena region is also estimated to be the second-highest fleet-to-billionaire ratio in the world, boat show organisers said
    The Mena region is also estimated to be the second-highest fleet-to-billionaire ratio in the world, boat show organisers said
  • Large crowds in attendance on the opening day of last year's boat show
    Large crowds in attendance on the opening day of last year's boat show
  • Boats of all shapes and sizes take centre stage each year
    Boats of all shapes and sizes take centre stage each year
  • Domestic and international companies showcase their latest vessels at the global gathering
    Domestic and international companies showcase their latest vessels at the global gathering
  • Visitors can get close to some of the yachts at Dubai Harbour
    Visitors can get close to some of the yachts at Dubai Harbour
  • This year's Dubai International Boat Show returns to Dubai Harbour from February 28 until March 3
    This year's Dubai International Boat Show returns to Dubai Harbour from February 28 until March 3
World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

The years Ramadan fell in May

1987

1954

1921

1888

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

While you're here
How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

While you're here

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.”

Updated: March 06, 2024, 8:16 AM
DubaiA Closer Look

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