In partnership with Dubai Holding, Meraas signed an agreement with D-Marin, operator of the largest chain of marinas in the Eastern Mediterranean in six major international destinations, to attract international investments in the yacht sector and various supporting sectors and to promote Dubai as the preferred destination for luxury yachting and boating internationally.    

The joint venture agreement was signed at MB92 premises in Barcelona by His Excellency Abdulla Al Habbai, group chairman of Meraas and Chairman of Dubai Holding, and Ferit Şahenk, chairman of the Doğuş Group, the parent company of D-Marin. It reflects a commitment by Meraas and Dubai Holding to contribute to the diversification and growth of Dubai’s economy and enhance its position as a major holiday and luxury marine tourism destination in the region and the world.

The newly established joint venture will manage and operate the existing and future marinas being developed by Meraas and Dubai Holding, including marinas in Port de la Mer, Dubai Harbour and Jumeirah Beach Hotel. The partnership seeks to also establish a regional center with global standard for renovation, service and maintenance of luxury yachts and boats in Dubai, similar to D-Marin backed MB92, which is currently serviced by branches in Barcelona, Spain and La Ciotat, France. It also includes long-term provisions for the development of additional marina lifestyle offerings through a broader ecosystem of services and investments that extend into other sectors in the Middle East and Far East regions.

With the completion of Dubai Harbour, Meraas will own and operate the largest marina in the Middle East and North Africa with 1,100 berths, doubling the berths available in the UAE.

Al Habbai said: “This move is in line with the sustained efforts of Meraas and Dubai Holding to realize the Dubai Plan 2021 to diversify the UAE’s economy and promote its sustainable growth through increasing the contribution to GDP of vital sectors such as tourism and related activities, including luxury yachting and maritime transportation. In doing so, the companies seek to boost Dubai’s status as one of the top five global tourism, trade, transport and finance hubs.”

As part of this partnership, D-Marin focuses on managing marinas through its advisory services on the technical and design aspects of building marinas at a competitive cost. The establishment of a local base in Dubai will also ensure integration with its current operations in South East Europe and the Eastern Mediterranean region. The company will additionally provide marketing and advertising support and offer the accumulated experience and best practices of its senior management team. The partnership aims to provide world class services to boat and yacht owners and users around the world and to create a calendar of marine activities, boat races and other marine events, contributing to strengthening Dubai’s position as a global hub for this sector.

Ferit Şahenk, chairman of the Doğuş Group said: “Dubai has become an inspiring story over the past decades. As Doğuş Group, we have been actively growing in Dubai since 2011 with our real estate and food & beverage business and are very grateful for the opportunities Dubai has offered us. Through this partnership and our regional centre in Dubai, we will invest in the long-term potential of this city and look forward to taking advantage of opportunities in the management and development of marinas in the GCC region.”

More marinas are needed in the UAE as demand from the region continues to grow. According to Frost & Sullivan, the global recreational boat market is expected to be worth approximately USD 23 billion in 2018. The global consultancy and research firm also predicted that the market would grow to between USD 28 billion and USD 30 billion by 2022 in a recently published report.

With the sector witnessing remarkable development in Dubai, the UAE is positioned as a preferred global destination for lifestyle and an ideal place for the rich from all over the world seeking luxury living. The total value of the maritime sector in the UAE is expected to reach about USD 66 billion by end-2018, while the value of the recreational boat industry ranges between USD 1.3 billion and USD 1.5 billion. The UAE ranks 9th in the world confirming its leading position in the leisure maritime sector with the build of 14 new luxury yacht projects with a combined length of 611 metres being manufactured locally this year.