The Dubai Maritime City Authority (DMCA) highlighted ongoing trends and discussed the importance of maritime licensing policies for the future of luxury yachts industry, at the recently concluded Middle East Yacht Conference 2018, held in Abu Dhabi, UAE.

The DMCA representatives, together with a group of decision-makers, regional and international experts, and industry leaders, looked into key emerging trends and future prospects for the luxury yacht industry at the local and regional levels, said a statement.

Apart from highlighting trends over the past decade, the 12th edition of the event also gave the attendees a platform to discuss ways to enhance confidence in the Middle East’s luxury yacht industry through relevant marketing strategies, it said.

Hamed Hassan, director, DMCA’s Registration and Licensing, said: “The luxury yacht sector has proved to be a key contributor to Dubai's achievements as one of the five most competitive and attractive maritime clusters in the world, thereby boosting the growth of the local maritime sector.”

“The local maritime segment currently hosts more than 7,400 companies and at least 13,000 maritime and investment activities, contributing to the creation of over 76,000 jobs. Expectations are high that the sector’s share in the emirate’s gross domestic product (GDP) will reach 25 per cent over the next few years,” he said.

Hassan continued: “Overall, the total value of the maritime sector in the UAE is expected to hit the $66-billion target by the end of 2018 and the value of the leisure boat industry will range between $1.3 billion and $1.5 billion.”

“The UAE ranked ninth worldwide in the number of luxury yachts manufactured so far this year, solidifying further its leading position in the leisure maritime sector. To date, we have locally implemented 14 new luxury yacht projects with a combined length of 611 m,” he added.

Hassan continued: “Our participation in the conference aimed to help enhance the confidence of regional and international investors’ in the luxury yacht market in Dubai, which is at the forefront of building one of the world's most exclusive, comprehensive, and attractive maritime communities based on the pillars of creativity, innovation, excellence, and technology.”

“We are looking forward to supporting national and regional efforts to accelerate the growth of the yacht market. We are closely developing a leisure maritime tourism plan concerning luxury yachts in collaboration with Department of Tourism and Commerce Marketing (DTCM),” he said.

“One of the strategies that we are looking at is introducing a package of incentives, including investment and legislative initiatives, designed to increase Dubai’s share in the global yacht sector to $74.7 billion by 2022. The event had paved the way for a meaningful exchange of experiences and best practices among regional and international maritime sector leaders, as well as led to the identification of modern mechanisms to drive Dubai and the Middle East’s leisure industries,” he added.

Hassan joined a panel of industry experts in a forum titled “GCC Superyacht Charter business opportunities from the Government Perspective.’

During the session, he gave a detailed presentation of the DMCA’s outstanding progress in upgrading the licensing mechanism for maritime leisure facilities and luxury yachts in the emirate.

He also discussed effective measures enhancing maritime safety and operational efficiency to ensure safe navigation in Dubai waters and increased investors’ confidence in the local maritime leisure sector. All these efforts are aligned with the ongoing efforts to increase the industry’s economic contribution to Dh300 billion ($81.67 billion) as envisioned by the Dubai Tourism Vision 2020.

Hasan concluded: “The conference served as an ideal platform for us to highlight Dubai as an important centre for maritime leisure tourism, supported by state-of-the-art infrastructure and up-to-date policies, regulatory frameworks, and licensing procedures that cater to the needs of owners and operators of luxury yachts and boats.”

“We are looking forward to exploring opportunities in the luxury yacht sector in the GCC and the Middle East, bearing in mind the need for strong cooperation among maritime leaders to drive the growth, sustainability, and competitiveness of the yacht industry,” he added.

Held at Yas Marina in Abu Dhabi, the conference was attended by leading speakers, local, regional, and international experts, and maritime industry leaders. They participated in seminars and panel discussions where they tackled pressing maritime issues, including increasing investors’ confidence in the luxury yacht sector in the Middle East through marketing strategies that would resonate to today’s generation.

Some of the participants included Yas Marina; The World of Yakhts; Dubai International Boat Show; Oceanco; Meraas; the Department of Transport in Abu Dhabi; the Department of Culture and Tourism; DMCA; Gulf Craft; DP World; Burgess; Feadship; Riva Yacht; and JLS Charter Services Company, it stated. – TradeArabia News Service