Dubai under New Deal Is Going to Become Global Marinas Hub

Dubai is looking forward to become a global capital for luxury yacht marinas after the signing of a joint venture with the operator of the largest chain of marinas is the Eastern Mediterranean. In alliance with Dubai Holding, Meraas declared that it has endorsed an accord with D-Marin in order to lure international investments in the yacht sector. It would also uphold Dubai as the favored destination for luxury yachts and international boating.

The joint venture accord was signed by Abdulla Al Habbai, group chairman of Meraas and chairman of Dubai Holding and Ferit Sahenk, chairman of the Dogus Group, which is the parent company of D-Marin.

The newly created joint venture would handle and operate the present and future marinas which are being started by Meraas and Dubai Holding, which consists of marinas in Port de la Mer, Jumeirah Beach Hotel, and Dubai Harbour.

The partnership looks forward to set up a regional centre with global standard for remodeling, service and maintenance of luxury yachts and boats in Dubai, which would be similar to D-Marin backed MB92.

It also consists of long-term assistance for the development of extra marina lifestyle offerings via a bigger ecosystem of services and investments that would expand into other sectors in the Middle East and also in the Far East regions.

With the finishing of Dubai Harbour, Meraas will own and handle the largest marina in the Middle East as well as in North Africa with 1,100 berths, magnifying the berths available in the UAE.

Al Habbai stated that this accord will help to bring new foreign investment to Dubai, as it has high rates of direct investment growth in high value sectors.

The total value of the maritime sector in the UAE is supposed to reach about $66 billion by the end of 2018; whereas the value of the amusement boat industry ranges from $1.3-$1.5 billion. The UAE has been enjoying the ninth position in the world corroborating its leading position in the leisure maritime sector with the development of 14 new luxury yacht projects with a united length of 611 metres being manufactured locally this year.