LUXUO speaks to Dubai World Trade Centre’s Executive Vice President Trixie LohMirmand. Since 2005 LohMirmand has been the long-time organiser of the Dubai International Boat Show and believes this year’s edition from February 28 to March 3 will reflect the emirate’s growing status.
What is your expectation for this event compared to the last one, which had about 200 boats and 1,000 companies, as well as 28,000 visitors?
The industry continues to support the landmark 30th edition, and is looking forward to welcoming Cigarette Racing and new countries. Sanlorenzo Sunreef Sunseeker and other repeat exhibitors are returning with bigger fleets.
What is the difference between this year and last?
The show will once again take place at the spectacular seafront district of Dubai Harbour. This strategic location is in the center of Dubai and offers direct water access to popular destinations such as Bluewaters Marina, Palm Jumeirah, and Dubai Marina.
Three consecutive years, we have been a part of this marina that is the largest and most technologically advanced in the MENA. This year’s show is located adjacent to the Cruise Terminal and Dubai’s newest beach resort, Be Beach.
As in the past, our guests will enjoy all of the anticipated hospitality and showcase experiences. With every edition there, we update the show’s presentation and offerings in coordination with the dynamics of the venue to deliver the best experience possible.
Last year, the 68m Soaring by Abeking & Rasmussen berthed on the other side of the road from the show’s main in-water display. Will you be expecting large yachts to appear at the show this year, and if yes, will they again be in their own area?
We’re expecting an attractive line-up of superyachts. Depending on the capacity of the yachts and requests from clients for private access to their guests, some yachts may be berthed outside of this main staging area. We will facilitate sea trials for the participating boats. Meanwhile, the show continues to showcase a stunning lineup of luxury automobiles.
Are there any new initiatives, such as those for hybrid/electric boats or other sectors that are growing?
After last year’s launch of our sustainability initiative, SEA Mission, we will continue to build on the growing appetite for sustainability among our exhibitors and visitors this year and will host an extended programme of green initiatives.
At the end of last year, Dubai proudly hosted the UN Climate Change Conference, COP28, and we’re more keenly aware than ever of our responsibilities towards the planet at a critical time for transformative action.
How has the financial profile changed in recent years for UAE citizens and residents?
Dubai has emerged as one of the world’s three most attractive cities for the wealthy. This growing appeal to high-net-worth people (HNWIs), in turn, supports the Dubai Economic Agenda D33’s goal to increase the foreign direct investment (FDI) inflows by an average of AED60B (USD 16B) per year over the next ten years.
Dubai is home to many HNWIs. From June 2021, the number of HNWIs was 54,000. By June 2022, it had risen to 67900. The UAE is expected to attract nearly 10,000 millionaires between 2022-2024. This number will increase by more than 50% in the next ten years.
Knight Frank has predicted that Dubai will continue to attract families with high net worth. The value of the family offices on the market is expected to reach AED3.67 billion by 2028. This will be boosted by the 39 percent rise in HNWIs by 2026.
Dubai’s state-of-the-art infrastructure, unmatched lifestyle offerings, high-quality education, healthcare, and cosmopolitan culture provide HNWIs with an exceptional quality of life and an attractive calendar of experiential events in Dubai, such as the recent COP28 and annual Dubai International Boat Show, which continues to generate worldwide appeal.
Dubai has several initiatives to become the preferred destination for HNWIs. These include the golden visa, the 10-year residency program, and the economic incentive initiatives, which offer an attractive environment for startups and entrepreneurs who want to set up their businesses in Dubai.
In addition to these, Dubai’s key attractions for HNWIs include it being tax-free, global, luxurious and forward-looking, according to a survey by Knight Frank with YouGov.
Does yacht ownership increase in the UAE or the Middle East region?
The Middle East is one of the world’s leading superyacht markets, with many of the region’s ultra-high-net-worth individuals (UHNWIs) either owning or intending to buy a superyacht.
According to the 2023 Gulf Superyacht Market Report published by SuperYacht Times, there will be more than 297 yachts in the GCC as of October 2023. This represents 5.2 percent the global fleet. With 136 of these yachts owned in the UAE alone, the statistics are further evidence of Dubai’s ongoing appeal for superyacht owners.
Globally demand has risen. According to Boat International’s Global Order Book (Global Order Book), superyachts projects increased from 821 in 2020 to 1,024 by 2022 and 1203 last year.
The global yacht market will grow from USD 10.8 Billion in 2021 to US$15 Billion by 2026. The Dubai International Boat Show is expected to expand to accommodate this growth, providing visitors and exhibitors a memorable experience.
www.boatshowdubai.com
This article first appeared on Yachtstyle.co
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