Saeed Hareb, Senior Advisor to the Dubai International Boat Show

‘The New Nautical Code: Innovation, Influence and Experience’ was the theme of this year’s Annual Dubai Boat Show Leisure Yachting Conference on February 18. Over 300 industry professionals attended the one-day conference at The Westin Dubai Mina Seyahi Beach Resort & Marina, located beside the entrance to Dubai Harbour, host of the Dubai International Boat Show from February 19-23 (click for tickets).

The conference’s theme acted as a springboard for discussions around technology in the sector, AI and autonomous cruising, digital resilience, sustainability mandates, marketing and how to reach UHNWIs, one of the key audience groups for yachting.

Saeed Hareb, Secretary General of Dubai Sports Council, and Senior Advisor to the Dubai International Boat Show, and Alex Nicholl, Dubai World Trade Centre’s Vice President – New Industries, welcomed guests and led the opening remarks. Both underscored the development of the sector and the importance of collaboration to continue furthering these advancements.

Hareb said: “Each year, Dubai International Boat Show attracts the most prestigious leaders and decision makers who gather to decide the future of the industry. Luxury yachts consider Dubai their premier destination and we are working with our partners to achieve the ambitious target of a total 52,000 berths.”

Over 300 industry professionals attended the conference

Initial panel discussions centred around market trends around the Gulf, including ongoing developments in Saudi Arabia, and Abu Dhabi’s wellness and leisure expansions.

Dubai’s status as the gateway to the Gulf’s expanding leisure marine market was also discussed, with a focus on the city’s world-class marinas, brokerage services and luxury developments. The UAE is becoming a preferred destination for billionaires, with wealth surging by 39.5 per cent in 2024, aligning with rising demand for yacht charters, sales and related services.

Transaction trends were discussed, with fractional ownership identified as an area that has not become popular globally. However, off-market transactions – which have seen a 20 per cent increase – were discussed in depth.

Mohamed Al Zaabi, founder and CEO of Dubai-based Royal Yachts, said: “There are three factors behind the 20 per cent increase in off-market transactions. The first is privacy, especially in our region, as many owners don’t feel comfortable listing their assets publicly. The second is scarcity as there is a limited number of top-tier yachts in the market.

Mohamed Al Zaabi, founder and CEO of Royal Yachts

“The third is speed as transactions tend to be considerably faster than a publicly listed yacht. This type of transaction strengthens the role of the broker who has access to these sellers. However, it might make it harder to track price trends.”

Technology’s impact on the maritime industry was one of the overarching themes throughout the conference. Officials discussed how AI and automation are reshaping navigation and enhancing yacht performance, safety and guest experience.

Green technology, specifically the link between AI and sustainability – and its effect specifically on the luxury sector – were also discussed.

Nicolas Lapp, co-founder of Polish shipyard Sunreef Yachts, which also has a production facility in UAE, said: “We are seeing more people asking for the entire boat to be sustainable. In turn, we get more requests from customers who hadn’t considered catamarans in the past but are now looking for something more eco-responsible.

“Our goal is always to seek solutions to problems. We’re consistently looking at how we can use less energy. The cheapest energy will always be the wind, so now we’re working on more automated sail plans. We’ve just begun rolling out AI technology including making lighter boats and for sailing performance, as occasionally AI can calculate a quicker route.”

Robert Myers of Superyacht Interiors

The conference also saw a series of panel discussions leading on how to be adaptive and create bespoke services for the new elite owner expectations. Industry leaders explored the ongoing topic of how UHNWIs continue to redefine trends in the luxury segment and how they can be targeted.

Jad Zakkak Migliorini, Chief Marketing Officer of Italian builder Azimut, said: “15 years ago, people were looking into size, then we saw a second phase where volume became a purchasing driver. Nowadays it’s all about the experience, the emotional experience, especially when considering the new billionaires. We need to surprise them, need to create some sort of immersion … otherwise it’s just a product.

“The average age of yacht owners has moved from 65-70 to 40-45. This requires us to engage them with emotional experience – the desire of owning something they weren’t initially considering.”

The conference was followed by the five-day Dubai International Boat Show, the Middle East’s largest maritime and lifestyle event, featuring 1,000 brands and 200 yachts and watercraft.

boatshowdubai.com