MENA’s ultra-high net worth individuals set to continue growing region’s fleet of superyachts – report
SYBAss Annual Economic Report 2016 highlights importance of Middle East to superyacht world, underlines Dubai International Boat Show status as global industry showcase
Conclusions drawn from the latest statistics report by the Superyacht Builders Association (SYBAss), the Monegasque organisation representing superyacht builders around the world, have been shared publically for the first time today in conjunction with Dubai World Trade Centre (DWTC), organisers of the Dubai International Boat Show running from 28 February to 4 March.
According to the SYBAss Annual Economic Report 2016, the propensity of ultra-high net worth individuals (UHNWIs) in the MENA region to buy superyachts built within the last 15 years is 20%.
This is the second highest in the world after Eastern Europe (46%), with propensity to buy based on historic data of wealth increase versus superyacht ownership.
The 25th anniversary edition of the Dubai International Boat Show at Dubai International Marine Club is one of only three boat shows endorsed by SYBAss, the others being the Monaco Yacht Show in Europe and Fort Lauderdale International Boat Show in North America.
The impressive line-up of superyacht manufacturers appearing at the event this year will include SYBAss members Amels, Baglietto, Benetti, CRN, Feadship, Fincantieri, Heesen, Lürssen, Mondomarine and Oceanco.
The status of the Dubai International Boat show as one of the world’s most important showcases for the superyacht industry is backed up by the SYBAss report, prepared in cooperation with the Boston Consulting Group and compiled exclusively for its members on an annual basis.
The report notes that in 2015, UHNWIs from the MENA region owned 197 superyachts – 12% of the global superyacht fleet above 40 meters in length. In the last five years, a further 60 superyachts had been added to those owned by MENA UHNWIs.
Delivered privately to SYBAss members at the General Assembly in Monaco last September, the report put the number of MENA region UHNWIs – a household with a minimum of $US250 million bankable assets – at 628 in 2015, an increase of 19 (3%) on the previous year.
This represented 6.5% of the total number of UHNWIs worldwide, with the biggest growth in 2015 seen in the Asia Pacific where the number of UHNWIs grew by 269 (15%) to 2,100. Overall, North America with 3,698 (38%) had the most UHNWIs followed by Western Europe with 2,250 (23%).
“The SYBAss report underlines the importance of the MENA region to the superyacht industry, and at the same time highlights why the Dubai International Boat Show is among the world’s most significant boating events,” said Trixie LohMirmand, Senior Vice President, Events Management, Dubai World Trade Centre.
“The calibre of superyacht manufacturers that are represented at the show this year will undoubtedly pique interest and demand from the boat owners in the Middle East and the rest of the world, who eagerly anticipating the latest launches from the industry.”
The report quotes that a single new addition to the current number of UHNWIs in the MENA region has a 20% chance of commissioning a new superyacht or buying a pre-owned superyacht that was built within the last 15 years. By comparison, in Western Europe this is 13% and in North America 6%.
Sharing the spotlight with the world’s luxury superyacht makers at the Dubai International Boat Show will be an international line-up of more affordable leisure and fishing boat manufacturers, as well as key suppliers to the Middle East’s growing collection of marinas.
The 25th Dubai International Boat Show returns with support from the Dubai Maritime City Authority; VIP sponsor Feadship; supporting partner Panerai; and official car sponsor Mercedes-Benz (Gargash Enterprises). To learn more about the event and register your attendance, please visit: http://www.boatshowdubai.com/