UAE developer Meraas, in partnership with Dubai Holding, has signed an agreement with D-Marin, operator of the largest chain of marinas in the Eastern Mediterranean, to attract international investments in the yacht sector and promote Dubai as the preferred destination for luxury yachting and boating internationally.

The joint venture agreement was signed at MB92 premises in Barcelona by Abdulla Al Habbai, group chairman of Meraas and chairman of Dubai Holding, and Ferit Şahenk, chairman of the Doğuş Group, the parent company of D-Marin.

The newly established joint venture will manage and operate the existing and future marinas being developed by Meraas and Dubai Holding, including marinas in Port de la Mer, Dubai Harbour and Jumeirah Beach Hotel.

The partnership seeks to also establish a regional centre with global standard for renovation, service and maintenance of luxury yachts and boats in Dubai, similar to D-Marin backed MB92, which is currently serviced by branches in Barcelona, Spain and La Ciotat, France. It also includes long-term provisions for the development of additional marina lifestyle offerings through a broader ecosystem of services and investments that extend into other sectors in the Middle East and Far East regions.

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.

Al Habbai said: "The success of the two companies in attracting a global operator such as D-Marin to invest in the luxury marinas sector is aligned with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote Dubai as a leading international tourist destination and position the UAE at the forefront of world’s most business-friendly countries. This agreement will contribute to attracting new foreign investment to Dubai, which has high rates of direct investment growth in high-value sectors."

He added: “Dubai has attractive comparative advantages in the marina sector due to the UAE’s long-standing maritime heritage. This strategic agreement with D-Marin will harness the combined expertise to develop marinas facilities and services and provide infrastructure, as well as enhance Dubai's presence and status as a favourite destination for yacht owners and users around the world.”

As part of this partnership, D-Marin will focus on managing marinas through its advisory services on the technical and design aspects of building marinas at a competitive cost. The establishment of a local base in Dubai will also ensure integration with its current operations in South East Europe and the Eastern Mediterranean region. The company will additionally provide marketing and advertising support and offer the accumulated experience and best practices of its senior management team.

The partnership aims to provide world-class services to boat and yacht owners and users around the world and to create a calendar of marine activities, boat races and other marine events, contributing to strengthening Dubai's position as a global hub for this sector.

Şahenk said: “Dubai has become an inspiring story over the past decades. As Doğuş Group, we have been actively growing in Dubai since 2011 with our real estate and food & beverage business and are very grateful for the opportunities Dubai has offered us. Through this partnership and our regional centre in Dubai, we will invest in the long-term potential of this city and look forward to taking advantage of opportunities in the management and development of marinas in the GCC region."

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 with a combined length of 611 metres being manufactured locally this year. - TradeArabia News Service