Dh2trn marine projects in pipeline

The GCC marine industry is booming with more than 30,000 leisure boats registered and projects worth Dh1.96 trillion planned or under way, said a new report.

And the sector is set to see huge growth with the UAE and Kuwait leading the way.

"Despite the global slowdown the GCC's marine industry is exhibiting a growth trend," adds the report, which was released on the eve of the first Abu Dhabi Yacht Show.

"According to the latest figures from the Kuwaiti Government there are now more than 18,000 registered leisure boats in that country alone. A recent study found that about one third of world's 100 largest yachts were owned by Arab nationals, with the world's top five located in Dubai, Oman, Saudi Arabia and Egypt."

The report is based on three recent studies and surveys conducted by Mike Derrett Market Research, Coastal Policy and Politics and International UK. It says there are more than 30 waterfront projects and resorts in the GCC and more than seven marinas and boat clubs in the UAE alone.

A spokesman for the Abu Dhabi Tourism Authority (Adta), which is organising the show, said that until recently the number of super-yacht berths in the UAE was limited but now with billions being invested things were changing rapidly.

The show, which will begin on Thursday and continue until Saturday, will feature 20 of the world's most luxurious super and mega-yachts worth Dh1.8 billion combined.

The vessels have sailed from around the world for the event at the Abu Dhabi National Exhibition Centre (Adnec) waterfront.

About 90 exhibitors from 25 countries are taking part, which is to be held annually.

Adta Chairman Sheikh Sultan bin Tahnoun Al Nahyan said: "It is a clear indication of continuing confidence in emirate's robust and resilient economy. There can be few places as well suited as Abu Dhabi to host an event of this nature. Abu Dhabi remains committed to progressing its measured expansion plans and the waterfront and island destinations – many boasting state-of-the-art marinas – which had been master planned over the past few years and are now taking shape."

Faisal Al Sheikh, head of Adta's events management section, said the authority intended to provide strong support for the show and make it one of the best super-yacht events in the world.

"The show fits in well with authority's aim of building a world-class destination with events that enrich the lives of visitors and residents alike."

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