The Arabian Gulf region will be among the world’s top four super yacht markets within 5-10 years, according to a global transport finance expert.

Addressing delegates at Middle East Money & Ships - the region’s conference for maritime financiers, insurers, lawyers, banks and investors – which was held in Dubai recently – Hugo Modderman, representative of Frankfurt’s DVB Bank, said that although the Gulf’s super yacht industry was not yet fully developed, the scenario would change in the long term.
“The Gulf has a strong maritime tradition that dates back over 200 years and it’s natural that it develops its relationship with the sea. This region currently has over 130 yachts in service, which is almost 5 per cent of the world fleet.
“The UAE and Qatar in particular have strong links with the marine industry and I see demand on the rise particularly from these countries.”
Modderman said that by 2015 the Gulf would follow more mature super yacht markets such as the US, Russia and Europe.
“I also see demand from other GCC countries such as Oman and Bahrain,” added Modderman.
“The main issues surrounding super yachts in this region are the quality of construction which determines its retail value and the high quality of maintenance.“
He also added that in super yacht financing, the biggest challenge was finding the right client who cared about the asset and had a steady income from a reliable source.
Middle East Money & Ships, organised by Seatrade, attracted a powerful speaker line up and addressing the latest issues impacting maritime development, including investment risks, environmental impact and energy transportation in both oil and LNG sectors.
Sponsors were NITC, NSCSA, Det Norske Veritas, Emarat Maritime, International Tanker Management, LMG/Cooper Gray and Lloyd’s Register. It was fully endorsed and supported by Dubai Maritime City and DP World.