Dubai seeks larger share of global yacht market

Dubai’s tourism and maritime authorities are exploring ways to boost the emirate’s yacht industry including simplified visa and registration processes.

At a workshop this week, members from Dubai Tourism, Dubai Maritime City, the Federal Transport Authority, Department of Naturalisation and Residency, Ports, Customs and Free Zones Corporation, Dubai Coast Guard and Dubai Sports Council met with operators and manufacturers of luxury yachts.

They discussed means for the emirate to draw a larger share of the global yacht industry, expected to reach $74.2bn by 2022, through initiatives relating to private yachts and boat businesses.

Among the plans are for yachting to be made a more attractive option for tourists, simplified registration for superyachts and boats and streamlined visa processing for staff and crew.

Dubai is also looking to provide better infrastructure for yacht refits and repairs.

“Our renewed approach to capitalising on the huge potential that exists in the luxury yacht and leisure marine sector is aimed at further enhancing our world-class tourism proposition,” said Dubai Tourism director general Helal Saeed Almarri.

“With an advanced marine leisure industry including infrastructure that is on par with international standards, Dubai is well-positioned to capture the mega yachts market and become the region’s preferred yachting hub.”

The plans form part of wider government efforts this year to propose reforms that will boost the economy. Other initiatives include a new mortgage law and fee waivers.

Read: Dubai gov proposes fee waivers, mortgage law, SME incentives to boost economy

Each year the emirate hosts the Dubai International Boat Show featuring the latest maritime developments.

Read: Superyachts and water sports on the menu at the 2018 Dubai International Boat Show</strong>