Dubai is poised to become a global capital for luxury yacht marinas as it continues to attract international companies to invest in the vital sector and capitalise on its growth opportunities, locally and regionally.
In partnership with Dubai Holding, Meraas announced that it has signed an agreement with D-Marin, operator of the largest chain of marinas in the Eastern Mediterranean in six major international destinations, to attract international investments in the yacht sector and various supporting sectors and to promote Dubai as the preferred destination for luxury yachting and boating internationally.
With the completion of Dubai Harbour, Meraas will own and operate the largest marina in the Middle East and North Africa with 1,100 berths, doubling the berths available in the UAE.
According to Frost & Sullivan, the global recreational boat market is expected to be worth approximately $23 billion in 2018. The global consultancy and research firm also predicted that the market would grow to between $28 billion and $30 billion by 2022 in a recently published report.
With the sector witnessing remarkable development in Dubai, the UAE is positioned as a preferred global destination for lifestyle and an ideal place for the rich from all over the world seeking luxury living. The total value of the maritime sector in the UAE is expected to reach about $66 billion by end-2018, while the value of the recreational boat industry ranges between $1.3 billion and $1.5 billion. The UAE ranks ninth in the world confirming its leading position in the leisure maritime sector with the build of 14 new luxury yacht projects this year.