Sustainability might not be the first thing that springs to mind when you think about luxury superyachts.
But that is what most people considering buying superyachts are concerned about right now, according to experts gathered at the first day of the 30th Dubai International Boat Show.
The National spoke to industry insiders who said it was not uncommon for potential buyers to avoid the usual luxurious trappings of a superyacht if it failed to deliver on sustainability.
Our clients today are concerned with the environment
Abeer Alshaali,
deputy managing director, Gulf Craft
"The drive towards sustainability is down to the regulation that's coming in to push it, and also because consumers are very interested, especially after seeing the growth spurt with electric vehicles," said Abeer Alshaali, deputy managing director of UAE-based superyacht manufacturers Gulf Craft.
"Clients still want that level of luxury but they understand that comes at a price [to the environment] and that the price might not be worth paying.
"That means they are looking for sustainable solutions."
One example of how superyacht manufacturers are providing those solutions is by providing touches such as onboard carpets made from used fishing wire.
30th edition
This year's boat show started in Dubai on Wednesday afternoon, featuring more than 1,000 brands and 200-plus boats from internationally renowned shipyards.
Dubai Harbour was packed out with a fleet of superyachts worth millions of dirhams.
Among the companies with boats on display were Azimut, Sunseeker Gulf, Gulf Craft, Finnmaster, HP Watermakers, Oceano and Althaus Yachts.
"Our clients today are concerned with the environment, they are concerned with having more [energy] efficient boats and the maintenance and service," Ms Alshaali said.
Privacy on superyachts is a rising trend
Potential buyers also appear to be increasingly keen on making their boats a homely environment.
"There is trend right now to look for family-friendly boats that provide [the opportunity for] quality time," Ms Alshaali said.
"I think Covid-19 taught a lot of people that quality of life really matters. And it taught a lot of people that they want to make sure their home environment is comfortable and that they are happy.
"[These boats] are a home on water – it's an expansion of your home environment."
Who is buying superyachts?
"Superyacht clients are often people who grew up with boats and can now afford to buy the larger yachts and want that as part of their lifestyle," Ms Alshaali said.
"Others are also people interested in investing.
"People who buy a superyacht often only use it [themselves] for two to three weeks of the year and put it out to charter for the rest of the time."
Longer cruise times
Superyacht owners are also now more likely to take their boats on longer voyages than before, said another expert at the boat show.
"They're not going out for a one or two-day cruise, now they're aiming for a week or 10-day cruise minimum," said Michel Torbey, sales representative in the Middle East for yacht manufacturers Sanlorenzo.
"People are looking for bigger boats than before as well.
"They want more room for the family to go on bigger excursions than perhaps they're used to.
"Everyone wants bigger boats since the pandemic."
However, if you are thinking of buying a superyacht of your own, you might want to start saving.
Although a luxury yacht can be priced in the single digit millions, Mr Torbey estimated you would need at least €30 million (Dh119 million) to buy your own 'superyacht'.
A sense of adventure
While sustainability and spending more time with family members are growing factors in deciding to buy a boat, for many it's still the adventure and sense of fun that remain the main lure.
That was according to Michel Antoun, sales representative with Grande Marine Ships and Boats Trading.
"People still want luxury. They want to discover the sea and reach that faraway horizon," he said on the sidelines of the boat show.
"They still want to have those adventures. It's the younger generations that are more concerned with the environment."
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
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.
ASHES SCHEDULE
First Test
November 23-27 (The Gabba, Brisbane)
Second Test
December 2-6 (Adelaide Oval, Adelaide)
Third Test
December 14-18 (Waca Ground, Perth)
Fourth Test
December 26-30 (Melbourne Cricket Ground, Melbourne)
Fifth Test
January 4-8, 2018 (Sydney Cricket Ground, Sydney)
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
