Skip to content Skip to Search
Skip navigation

Buoyant yacht market in full view at Dubai Boat Show

AGBI reports from the Dubai International Boat Show 2023

The Dubai International Boat Show 2023 hosted exhibitors from 51 countries and showcased more than 175 vessels worth over $2.5 billion as the yachting boom continues.

In our video report from the boat show, Francesco Pitea, CEO of SF Yachts, admits that boats are not a great investment. But that does not dampen demand for super yachts by the super rich.

“It’s like saying a Lamborghini is an investment,” says Pitea. “Today, building a super yacht is much more convenient than buying a used super yacht as you will save more than 40 percent.”

With more than 12 percent of the world’s super yachts in the Middle East, the UAE is becoming a nautical hub.

Polish manufacturer and designer Sunreef Yachts inaugurated the company’s Dubai office in February and has announced plans to unveil another facility in Ras Al Khaimah. Marketing director Marta Sledziewska says. “We’re reaching new markets.”

Watch the video above to find out how much the most expensive yacht in the world is. (Clue: more than Buckingham Palace).

Latest articles

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]