- Under the theme ‘The New Nautical Code: Innovation, Influence and Experience’, the conference hosted over 300 industry professionals to discuss key maritime sector topics
- Sustainability and technology dominate agenda as industry heavyweights gather to drive the next chapter in maritime
The Annual Dubai Boat Show Leisure Yachting Conference was held today at The Westin Mina Seyahi with a packed agenda covering the most pressing maritime topics.
The yearly gathering is the forerunner to the Dubai International Boat Show and attracts the industry’s most prestigious leaders and decision-makers to stimulating debates and discussions as they travel to Dubai for the globe’s most prestigious luxury yachting event.
This year’s conference theme, ‘The New Nautical Code: Innovation, Influence and Experience,’ acted as a springboard for discussions around technology in the sector, AI and autonomous cruising, digital resilience, sustainability mandates, marketing, and how to reach UHNWI – one of the key audience groups for yachting, amongst others.
His Excellency Saeed Mohammed Hareb, Secretary General of Dubai Sports Council, and Senior Advisor to the Dubai Boat Show, and Alex Nicholl, Vice President – New Industries, Dubai World Trade Centre, led the opening remarks to welcome guests and underscored the development of the sector and the importance of collaboration to continue furthering these advancements.
His Excellency Saeed Mohammed Hareb said: “Dubai International Boat Show each year attracts the most prestigious leaders and decision makers, gathering together 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.”
Market trends
Initial panel discussions in the ballroom of the Westin Mina Seyahi centred around market trends, with the Arabian Gulf and its ongoing developments in Saudi Arabia’s emerging coastlines, and Abu Dhabi’s wellness and leisure expansions earmarked by industry leaders as key areas to focus. The support of Dubai’s leading role in the regional yachting sector as a market driver was also discussed, with leaders agreeing that the city’s world-class marinas, brokerage services, and luxury developments are focal points to further build its status as the gateway to the Gulf’s expanding leisure marine market. It was highlighted that the UAE is become 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, but off market transactions which have seen a 20 per cent increase were discussed in depth with Mohamed Al Zaabi, Founder & CEO, Royal Yachts UAE, highlighting: “There are three factors to 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 meaning specialised client appoint brokers. 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.”
Technological advancements
One of the overarching themes throughout the conference, unsurprisingly, was technology and the impact it has on the entire maritime industry. 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, in addition to cyber security and how practical strategies can be rolled out to protect against threats.
Nicolas Lapp, Co-Founder, Sunreef Yachts, said: “We are seeing more people asking for the entire boat to be sustainable and 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 to be in a better energy balance. The cheapest energy will always be the wind so now we’re working on new sail plans that can be automatised much more. We have just begun rolling out AI technology including making lighter boats and for sailing performance as occasionally AI can calculate a quicker route.”
Commercial strategies
The conference, which was attended by 300 international delegates, 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 UHNWI continue to redefine trends specifically in the luxury segment and how they can be strategically targeted.
Jad Zakkak Migliorini, Chief Marketing Officer, Azimut Yachts, said: “15 years ago, people were looking into size, then we see 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 years to 40/45 years. This requires us to engage them with emotional experience – the desire of owning something that they were not considering at the very beginning.”
The Dubai International Boat Show (DIBS), the Middle East’s largest maritime and lifestyle event, opens its doors to the public from 19-23 February, set to unite the entire sector of maritime professionals, as well as families and friends looking to enjoy the nautical spectacular, which features 1,000 brands and 200 yachts and watercraft.
To purchase tickets, please visit here.
