Dubai Ruler’s companies Meraas Holding and Dubai Holding have partnered with Turkey’s D-Marin to manage world-class marinas in Dubai.
In partnership with Dubai Holding, Meraas Holding has signed an agreement with D-Marin, operator of the largest chain of marinas in the Eastern Mediterranean in six major international destinations, to attract international investments in the yacht sector and various supporting sectors and to promote Dubai as the preferred destination for luxury yachting and boating internationally.
The joint venture agreement was signed at MB92 premises in Barcelona by His Excellency Abdulla Al Habbai, Group Chairman of Meraas Holding 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.
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.
H.E. Abdulla Al Habbai said: “Dubai has attractive comparative advantages in the marina sector due to the UAE’s long-standing maritime heritage.”
As part of this partnership, D-Marin focuses 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.
The yacht market with its requirement of marina berths, logistical needs, maintenance and management is characterized by high spending rates, while the demand for yachts and luxury boats from international tourism is growing. This is also increasingly contributing to attracting wealthy yacht owners for tourism and investment.
More marinas are needed in the UAE as demand from the region continues to grow. According to Frost & Sullivan, the global recreational boat market is expected to be worth approximately $23 billion in 2018. The global consultancy and research firm also predicted that the market would grow to between USD 28 billion and USD 30 billion by 2022 in a recently published report.
The total value of the maritime sector in the UAE is expected to reach about USD 66 billion by end-2018, while the value of the recreational boat industry ranges between USD 1.3 billion and USD 1.5 billion.
The UAE ranks 9th 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 meters being manufactured locally this year.
In the GCC and the Middle East in general, there is a growing need for marinas. The region is a major market for luxury yachts with 205 luxury yachts requiring a berthing length of more than 40 meters, representing 13 per cent of the world’s yacht fleet.
The region has contributed to the growth of the number of luxury yachts worldwide by 7 per cent over the past three years, as per a recent report by the Superyacht Builders Association.
For more information, visit http://www.meraas.com/.