Huge growth in regional boating industry

Dubai: The region's boating industry is enjoying unprecedented growth, as boat-builders are increasingly entering the Gulf market. Creating a gateway is Dubai International Boat Show (DIBS), the largest exhibition in the Middle East for the leisure marine industry.

The Middle East region has over 150,000 yachts in total, with local factories accounting for approximately 15 per cent of world production, reports say.

Local distributor Emirates Yachting has seen a 500 per cent growth in the past two years.

Initiated with one boat, the company now has 70 boats and markets six different brands.

"We expect to sell more than 40 boats at the Dubai international boat show 2008. The event creates an entry not only to the Dubai market but also to the whole Middle East," said Peter Titize, president of the company.

"Our strength lies in 20-32 foot boats and yachts and we have witnessed genuine growth of 20-40 per cent directly and indirectly due to the boat show," said Kourosh Nouri, vice-president of Aqua Speed, Boats and Yachts.

"There is not enough support from banks to fin-ance private boating companies as there is in the real estate sector. Their support would really boost the boat business," he added.

Gulf Craft leisure yacht builder, with an annual production of over 700 vessels, has grown from a small production sports boat builder to occupying several premises and building a diverse range of production and semi- custom sports boats and luxury boats of up to 150 feet.

With over 30,000 anticipated berth spaces and an additional 1,500 km of coastline, the waterside developments in Dubai and the surrounding region are generating increased demand for leisure boats, equipment and associated services.

DIBS 2008 takes place from March 11-15. It has seen 20 per cent growth and will feature over 400 boats. Last year, the event attracted 24,456 visitors.