Middle East marine industry revenues set to exceed USD 300 million by 2011
Jotun Paints showcases ‘Megayacht Professional’ at ‘Emirates Boat Show International 2008’
Revenues from Marine Industry in the Middle East are projected to exceed USD 300 million by 2011, according to previously published reports. Underlining the rising need for vessel protection products across the region, Jotun Paints, one of the world’s leading producers and suppliers of paints and coatings, is showcasing its ‘Megayacht Professional’ at the ‘Emirates Boat Show International 2008’. The leading paint manufacturer is highlighting its range of paints especially designed for superyachts at the inaugural staging of the ‘Emirates Boat Show International’ in Abu Dhabi, which opened today (November 25) and will run until November 29, 2008 at the Abu Dhabi International Marine Sports Club (ADIMSC).
Currently, GCC countries top the list in buying and rental of yachts, with the UAE emerging as the leading regional yacht and boat market, witnessing an annual demand of about 1,500 units. As the richest emirate with a large expatriate population, Abu Dhabi accommodates a growing number of private superyachts within its marinas. Jotun has identified the outstanding opportunity in participating at the high profile event being held at the UAE capital, where it aims to highlight its range of high performance top coats, antifoulings, primers, undercoats, fillers and sealers, which have been formulated to give luxurious water vessels a silky gloss finish while keeping their underwater hulls clean.
“The exceptional growth of the regional maritime sector underscores its enormous potential to become an important revenue generating industry for today’s leading Middle East economies,” said Stein Kjolberg, Regional Marine Director, Jotun Paints. “Through our participation at the ‘Emirates Boat Show International’ in Abu Dhabi, we are expecting to gather significant customer insight and expand our network, which can aid us in fully leveraging the current market uptrend. As boating enthusiasts turn towards regionally-based companies for the manufacturing, product support and services of their superyachts, we are committed to providing products specifically designed to address the high quality standards of global clients.”
Developed through leading edge technology in paint and coating production, the ‘Megayacht Professional’ range includes Tributylin (TBT)-free antifoulings, which provide effective protection against algae and slime for vessels that are docked for long periods of time. A number of local yacht builders including Gulf Craft Inc., Riviera Boats, Dubai Marine, Duboats, Al Seer Marine, Al Shaali Marine, and Platinum Yachts, have attested to the outstanding quality of the manufacturer’s specialised paint range by showcasing Jotun-painted vessels during recent regional boating events. With the Middle East being home to 150,000 yachts including 12,000 in the Arabian Gulf, and 80 factories, which account for more than 15 per cent of the world’s production, Jotun is focused on building a strong repute for its Megayacht Professional’ in the region. The company recently partnered with Sapphire Marine, a luxury yacht builder based in Salalah Oman, who will be instrumental for building a strong reputation for ‘Megayacht’ in the region.
“The rapid expansion of the region’s economy and the increasing number of high net worth individuals who are seeking to settle or just take a holiday within the Middle East’s most sought-after cities are driving the regional maritime industry’s repute as a world hotspot for leisure marine activity. In addition, regional governments have also taken significant steps towards the development of their maritime infrastructure and marine facilities, thereby further strengthening the region’s potential to be a major hub for boating and yachting activities. This will definitely increase the demand for top quality vessel protection paints, and our focus is to address this need, which can significantly contribute to the growth of the industry as a whole,” concluded Kjolberg.
