A superyacht inspired by the wooden dhows of yesteryear is set to turn heads on the waters of the Arabian Gulf.
Yacht brokerage Bush & Noble on Monday said the vessel was on the market in Dubai for $9,995,000 (Dh36,706,637).
The superyacht is clad in teak, has six state rooms and is styled with trappings “all sourced from Italy at no expense spared”.
Dhows, traditional Arabian sailing boats, connected the region for hundreds of years and are still integral to trade across the Gulf with Dubai serving as a regional hub.
This rich history has inspired the creation of the 50-metre wooden superyacht.
It was “designed and engineered” by Henderson Marine International and construction started in 2020.
The vessel was built using teak and fibreglass, with further teak on the "superstructures", which is industry parlance for the main area of a yacht that holds the accommodation, bridge and other elements.
Bush & Noble claims it is the “largest wooden superyacht ever built”.
The boat has a 10.56m beam, meaning there is plenty of room for socialising in the breakfast bar, two screening areas and a formal dining area.
The superyacht — the name typically given to yachts over 24m in length — has six state rooms and can accommodate as many as 12 guests alongside five crew members.
Bush & Noble said the boat was “cavernous” and styled with trappings “all sourced from Italy at no expense spared”. Powered by diesel engines, it can travel at a top speed of 18 knots, about 33kph.
“We are thrilled to have this stunning custom wooden yacht as part of our fleet,” said Brett Noble, co-founder of Bush & Noble.
“It truly is a one-of-a-kind yacht that is sure to impress even the most discerning yachting enthusiasts.”
These types of boats are rare and do not typically appear at boat shows or are advertised widely and tend to be custom-made. According to Bush & Noble's website, anyone interested in having a look at the yacht can contact the company to learn more or organise a viewing.
It comes as the UAE is firmly establishing itself as a yachting destination. This year’s Dubai International Boat Show at Dubai Harbour, for example, featured Dh2.5 billion worth of boats, including 35 super yachts.
Experts at the show held at one of Dubai’s glittering new marinas said business was booming.
“We haven’t seen it like this for a long, long time," said Michel Torbey, Middle Eastern sales representative for manufacturer Sanlorenzo Yachts.
"I would say you would have to go back as far as before the crash of 2008 to see a similarity in how strong the market is right now."
In another sign of the booming trade across the UAE, Sunreef, which counts Rafa Nadal and Fernando Alonso among its clients, is building a huge new shipyard in Ras Al Khaimah.
It said last month that construction has begun on a factory that will build sleek boats to supply a growing demand in the Middle East and Asia.
Opening day of Dubai Boat Show - in pictures
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.”
