An increasing number of young UAE residents are buying boats.Here’s Why – News

Explained: Who owns these recreational boats and the two main reasons they invest

Vehicles towing private boats are a common sight in the UAE. The country’s waters get very busy, especially on weekends, as residents and tourists set sail for a fun evening.

So, who are these ship owners in the UAE? What do they use the boat for?

According to experts, recreational boating is welcoming a new wave of buyers who are on average 15 years younger than they were 20 years ago and are less likely to come from boat-owning families. Millennial millionaires are increasingly looking to invest in yachts.

At the end of the 2023 Dubai International Boat Show, SF Yachting’s Francesco Pitea said: “Compared to previous editions, we saw a lot of new and younger customers, which is a very important thing for the industry as a whole.”

John Bush of Bush & Noble also reported seeing customer profiles change at his booth. “(They) are people who have moved to Dubai in the past few years and they recognize that the seasons here are very long and the facilities are great. There’s also a real mix of nationalities and demographics, which is great.”

Currently, there are about 10,000 vessels registered in the UAE, Abeer Alshaali, chairman of leisure marine association Mena and deputy general manager of Gulf Craft, told Khaleej Times.

“UAE residents have two main uses for recreational boats, either they have a yacht for family or social purposes, or they have a small boat for fishing or a little cruising offshore,” she said.

To operate a boat, Abeer explained, you need a special license “just like you need a car or motorcycle that reflects the type or size of the boat.”

“In Dubai, the Dubai Maritime Authority provides a licensed service. Prospective boat owners must first obtain sailing training from an accredited sailing academy, for example some of our members offer Dubai Offshore Sailing Club, JLS Yachting Training Academy and Xclusive Marine School Waiting for certification.”

Owners must also be insured and registered with the relevant authorities. “In terms of buying boats, there are showrooms where you can meet importers of foreign-built boats, and there are also a number of UAE-based manufacturers who are customizing high-quality boats for our waters and our people,” Abil added .

It depends on the size of the container.

“Larger vessels need to be berthed at a marina and we have many excellent facilities in the UAE offering full service. Smaller vessels are usually on trailers and parked on private property. Each emirate has guidelines on how to store these Towing regulations,” Abeel said.

Abdulla Binhabtoor, chief portfolio management officer at Shamal Holding and owner and manager of Dubai Harbour, said their marina has nearly 700 berths and can accommodate yachts up to 160 meters in length. “They offer guests and crew a complete homeport solution in one of the most spectacular cruising venues in the world, with direct access to the open waters of the Arabian Gulf with no draft restrictions.”

Most terminals have gas stations. “You just drive the boat from the mooring slip to the bunkering dock and continue your journey,” explains Abeer.

Cafu offers vessel bunkering services in Dubai. In addition, Enoc Group has five offshore service stations in Dubai to meet the fuel needs of ship and yacht owners.

Abdullah said the Dubai Harbor facility consists of three dedicated terminals, offering a variety of bunkering options to meet the needs of all vessels.

Owning a boat also requires cleaning and routine maintenance, the complexity and cost of which will depend on the size of the boat. Abeer says: “Generally, a yacht can cost up to a third of the maintenance cost. Most boats should be towed out once a year after 11 months in the water to clean and defoul the hull, which is something you do. Time for any major maintenance work. Of course, there should be regular inspections of sewers, pumps, etc.”

Abdullah said the maritime culture in the UAE has changed dramatically over the years, from trade to leisure, and continues to evolve to offer a wide range of water activities.

“Strategically, Dubai is centrally located, the gateway to billions of people on four continents, and has some of the most beautiful coastline in the world.

“With world-class local infrastructure and proximity to many sought-after tourist destinations, the city continues to attract private watercraft/yacht owners from around the world.”