Dubai continues to build on its position as a global capital of the world’s leading luxury yacht hubs, and aims at attracting international companies to invest and capitalize on the sector’s growth opportunities, locally and within the region.
Local-based holding company, Meraas announced that it has signed an agreement with the largest marina management company in the Eastern Mediterranean, D-Marin, to establish Dubai as a global city for luxury yacht marinas and attract international investors from the yacht sector and other sectors. It’s is also aimed at promoting the city as the chosen destination for international boating and luxury yachting.
At MB92 premises in Barcelona, the joint venture agreement was signed by His Excellency Abdulla Al Habbai, Group Chairman of Meraas and Chairman of Dubai Holding, and Ferit ?ahenk, Chairman of the Do?u? Group, the parent company of D-Marin.
The agreement marks the commitment by the partnered organization to contribute to the growth and diversification of Dubai's economy and enhance the city’s position as a major holiday and luxury marine tourism destination. It will also contribute to attracting new foreign investment to Dubai.
The joint venture will operate and manage the existing and future marinas developed by both Dubai Holding and Meraas as well as marinas in Dubai Harbour, Port de la Mer, and Jumeirah Beach Hotel.
Meraas will own and operate the largest marina in the MENA region with double the berths available in the Emirates.
The agreement is also in line with the Dubai Plan 2021 to promote its sustainable growth and diversify the country’s economy through contributing to the GDP of major sectors such as tourism, maritime transportation, luxury yachting and more, which will increase Dubai’s presence as the destination for yacht owners and users globally.
Additionally, the new partnership with D-Marin to develop world-class marina facilities and services and provide infrastructure in the UAE.
The sector is expected to witness incredible development, with the global recreational boat market is estimated to be worth approximately US$23 billion this year. It’s also predicted that the market would grow to between US$28 billion and US$30 billion in four years. In terms of total value, UAE’s maritime sector is expected to reach about US$66 billion by end this year, while the recreational boat industry ranges between US$1.3 billion and US$1.5 billion.
Marinas or the water-based lifestyle is becoming increasingly popular in Dubai. There is a growing need for marinas. The UAE is ranked 9th in the world in the leisure maritime sector. With the new partnership, the yacht sector is set to expand and grow in the future. Dubai is constantly achieving new heights in the marine industry and bring more visitors to the city.