With the GCC now widely recognized as one of world’s most robust emerging markets for the boating industry, an industry analyst has estimated that with the dominance of waterfront property and reclamation projects, the sector is on course for growth of up to 30 percent in the next 12 months.
“There are a number of very strong indicators for expansion in the Gulf’s yachting sector, including the billions of dollars being invested to provide berthing space on reclamation projects in the region, the increased move towards a five-day week, and the growing export of yachts from the United States and Europe into this market,” said Toby Haws, editor of Boat Owner ME magazine.
Haws cites the UAE, Saudi Arabia and Kuwait as the largest markets for luxury boat ownership at present, with Kuwait reporting one boat for every 50 residents. Increasingly, European manufacturers are capitalizing on the growing demand for yachts in the region, with Italian boating exports to the UAE alone amounting to 14.3 million euros. This is a 27% growth compared to the previous year, confirming the dynamic nature of the GCC market for yachts made in Italy, according to Nautical Web .
To recognize the development taking place in this industry, the inaugural Arabian Gulf Yachting Awards 2007 will take place on 10th November and will recognize the outstanding contribution of companies to the growth of the GCC’s leisure yachting market, highlighting products and individuals that have made a difference in 2007.
“We chose to hold the Awards in November as the industry will be picking up following the summer period, and it allows those who win an award to market that achievement throughout the season,” explained Toby Haws, Editor, Boat Owner magazine, who is heading up the judging panel. “Following a massive injection of companies over the past few years, the market is now settled enough to reward those who have pioneered to create the stability of product, service and range the boating consumer is offered.”
The awards evening, conceived by Boat Owner Middle East magazine, the region’s foremost monthly yachting publication, will include 17 awards over seven categories. The independent panel of judges for the Arabian Gulf Yachting Awards 2007 includes Wael Juju, CEO Knotika Holding; Mairead Browne, Sales & Marketing Manager, Dubai Marina Yacht Club; and Helen Wynd, Project Manager, Dubai International Boat Show.
IGY, the global luxury marina developer, who designs, develops and manages marinas in the Middle East, is the headline sponsor of the inaugural Arabian Gulf Yachting Awards 2007. The organization's Marketing Director, Wayne Lowery, believes that through their sponsorship IGY will assist in raising the profile of waterfront development in the region and thereby drive the industry forward.
"IGY is proud to be associated with the Arabian Gulf Yachting Awards 2007. We see this as a way of demonstrating the growth of waterfront development and yachting in the Middle East, which is fast becoming the next warm water yachting destination of choice. With a growing number of water front developments to choose from, hi-tech marina development is following suit", says Lowery.
Award categories include: Best Motor and Sail Yachts for the Middle East; Best Industry Initiative; Best Charter Company; Best Marine Event; and Contribution to the Industry trophies, with the whole ceremony being filmed and fully documented for Boat Owner’s online and December issue reports.
A shortlist of nominations will be published in the November issue of Boat Owner magazine, while those interested in attending or joining headline sponsor, IGY, in having an active presence, should contact Scott Walker on Email: scott@itp.com; Tel: 04 210 8408.
Introduced in 2005, and distributed throughout the GCC, ITP’s flagship title, Boat Owner Middle East provides a monthly window on the GCC yachting industry, offering in-depth power and sail yacht reviews, local industry perspective, local personality interviews and local club racing results. Combined with international features of interest to the enthusiastic yacht owner, Boat Owner also provides the only comprehensive directory of yacht brands and marine related companies in the Middle East.
ITP Group
ITP is the largest business and consumer magazine publisher in the Middle East, with a wide range of market-leading titles covering almost all major areas of interest. A full list of titles and information about ITP Group can be found online at www.itp.com
For more information please contact Sue Holt, Marketing Director, ITP Consumer Publishing, tel: + 971 4 210 8256 or email: sue.holt@itp.com
For more information on advertising opportunities at the Arabian Gulf Yachting Awards, please contact Scott Walker, Advertising Manager, ITP Consumer Publishing, tel: + 971 4 210 8408 or email: scott@itp.com
ABOUT IGY
IGY focuses on developing, acquiring, controlling and servicing luxury-yacht marinas and the surrounding upland real estate properties. The IGY management team has participated in the design, engineering and development of more than 300 marinas throughout the world and has brought new levels of technology, service and design expertise to the industry.
IGY operates the only mega-yacht facilities in the Caribbean and is currently developing additional mega-yacht marina properties in places such as Dubai’s The Palm Jumeirah, Nassau, St Lucia, the British Virgin Islands, St. Maarten and Anguilla. In the Middle East IGY is headquartered in Dubai with dedicated marina design, development, engineering, management and marketing operations. This year IGY has launched two new marinas in Dubai and other major GCC projects will be unveiled soon.
