The Middle East remains a key market for the global yachting industry, say delegates at a conference currently under way in Dubai, UAE.

Leading figures within the yacht manufacturing industry are outlining their predictions for growth in the market at the 10^th Middle East Yachting Conference ahead of Dubai International Boat Show, which opens tomorrow.

Superyacht Builders Association (SYBAss) Director of Operations Robert van Tol and Italian yacht builder Mondo Marine’s CEO Roberto Zambrini are providing an overview and forecast of the regional superyacht market, as part of a discussion during one-day conference. 

A separate presentation by Udo Kleinitz, Secretary General of the International Council of Marine Industry Associations (ICOMA) is discussing the importance of the Middle East within the global context.

“The 55 per cent ‘propensity to buy’ for the Middle East is the highest of all the regions,” says Robert van Tol. “This percentage is based on historic ownership of superyachts versus the number of ultra high net worth individuals (UHNWIs) at that time, but it also means that if there is an increase in the number of UHNWIs in the Middle East, then 55 per cent of them are likely to buy a superyacht. Therefore this region will always remain very important.”

The annual conference has brought together global experts and industry authorities, as well as boating enthusiasts, to address the latest trends, technologies, plans and regulations affecting the marine leisure sector in Dubai and beyond. 

The theme for 2016 is ‘Investing for the future, defining future strategies’. Topics for discussion include the region's waterfront projects, maritime legislation and laws, the maritime community's aspirations, and navigation at local and regional levels.

“Yachting has become an integral part of the luxury lifestyle in the Middle East, and it touches on many areas: manufacturing, sales, design, and has also had a significant influence on how cities in the region have grown, with so many large-scale sea front development projects planned,” says Nabeel Farhat, Editor in Chief of World of Yachts & Boats magazine, who is moderating the panel discussion on superyachts. “The conference is an opportunity to discuss matters of market and lifestyle, and talk about the future of the industry, but also bring important issues such as rules and regulations into the conversation.”

High profile speakers include representatives of Dubai Maritime City Authority (DMCA), the maritime regulatory body for Dubai; TASNEEF, the UAE’s marine classification society; the International Council of Marine Industry Associations; SYBAss; Dubai Offshore Sailing Club; and the UAE Sailing and Rowing Federation. 

John Leonida, Head of Global Super Yacht Law at international law firm Clyde and Co, is also speaking on legal best practice in superyacht purchase.

Conference sessions include presentations in important regional issues, including from DCMA on the first-of-its-kind Dubai Maritime Sector Strategy, and from TASNEEF on marine classification systems in the UAE. The Dubai Maritime Sector Strategy guides the city’s growth as a leading global maritime centre, with the sector estimated to provide 4.6 per cent of the city’s gross domestic product (GDP) and 3.3 per cent of its employment.

“The maritime sector plays a pivotal role in Dubai’s sustainable economic development,” says Mohammed Al Bastaki, Director of DMCA's Maritime Operations, who will speak on growth, sustainability and innovation. “The Middle East Yachting Conference is a platform where we can discuss existing regulations and policies, and best practices related to the maritime sector, with key figures in the marine leisure sector.”

The 10th Middle East Yachting Conference is taking place at the Habtoor Grand Beach Resort & Spa Autograph Collection.

Now in its 24^th edition, the Dubai International Boat Show will be held at the Dubai International Marine Club in Mina Seyahi from March 1 to 5. 

The show showcases the latest leisure boats, equipment and associated services in the Middle East. Exhibitors include both local and international boat manufacturers as well as the latest innovations in marine equipment and supplies. More than 26,000 international and local visitors attend including key buyers from Bahrain, Kuwait, Qatar and Saudi Arabia. 

It is open trade visitors and the general public from 3 pm to 9.30 pm daily, with a single entry ticket costing of AED60 ($16).