Dubai Boat Show: UAE is becoming key player in global yacht trade

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The United Arab Emirates is quickly becoming a major player in the global trade for yachts. Nawied Jabarkhyl has the story from Dubai.

The sun may have been missing this year. But there was still plenty to catch the eye at the Dubai International Boat Show. More than $400 million worth of sea-craft is on display here, as the Middle Eastern city looks to become a key maritime location.

SAEED HAREB, SR. ADVISOR DUBAI INT'L BOAT SHOW "Dubai and the UAE is in the middle to connect continents. It's an easy destination, for Europe to come to Dubai, Africa to come to Dubai, and Asia to come to Dubai."

Companies from 61 nations are showcasing their products here, with almost 30,000 visitors expected.

NAWIED JABARKHYL DUBAI "The UAE isn't renowned as a cruise destination but it is a major player when it comes to building these sorts of vessels. According to Boat International – which tracks the industry – it's the ninth-largest yacht producer worldwide, closely behind much larger countries like Germany and China."

The firm driving most of the industry here is Gulf Craft. Headquartered in the small, coastal city of Ajman, it's taking on some of the world's leading yacht-makers.

ERWIN BAMPS, CEO GULF CRAFT "The UAE has a large boating heritage and as such, the entire GCC [Gulf Cooperation Council]. You can never take the boating out of people."

Economies here in the Gulf are coming to terms with lower oil prices, which is forcing many to tighten their belts. But, it seems the region's super-rich are still buying. Gulf Craft says it's expecting a growth in orders in 2018, and is even benefitting from the government's economic reforms.

ERWIN BAMPS, CEO GULF CRAFT "There is a drive for a consideration of the industrial activity, the manufacturing sector of Dubai and the UAE in general, to be considered a strong pillar for sustainable growth of the GDP of the UAE. We’re very happy to see that increased focus."

Spending on yachts shows little sign of slowing down this year, with 773 currently being built around the world. For those wondering, this model will set you back about $17 million. Time to break open that piggy bank, perhaps? Nawied Jabarkhyl, CGTN, Dubai.