Dubai Maritime City Authority attends Middle East Yacht Conference 2018

The Dubai Maritime City Authority (DMCA) has joined the Middle East Yacht Conference 2018 to explore the future of luxury yachts alongside the requirements of the 21st century. The DMCA representatives, together with a group of decision makers, regional and international experts, and industry leaders, looked into key emerging trends and future prospects for the luxury yacht industry at the local and regional levels. Apart from highlighting trends over the past decade, the 12th edition gave the attendees a platform to discuss ways to enhance confidence in the Middle East’s luxury yacht industry through  relevant marketing strategies.
Hamed Hassan, Director – Registration and Licensing, DMCA, said, “The luxury yacht sector has proved to be a key contributor to Dubai’s achievements as one of the five most competitive and attractive maritime clusters in the world, thereby boosting the growth of the local maritime sector. The local maritime segment currently hosts more than 7,400 companies and at least 13,000 maritime and investment activities, contributing to the creation of over 76,000 jobs. Expectations are high that the sector’s share in the emirate’s gross domestic product (GDP) will reach 25 per cent over the next few years. Overall, the total value of the maritime sector in the UAE is expected to hit the USD 66-billion target by the end of 2018 and the value of the leisure boat industry will range between USD 1.3 billion and USD  1.5 billion. The UAE ranked ninth worldwide in the number of luxury yachts manufactured so far this year, solidifying further its leading position in the leisure maritime sector. To date, we have locally implemented 14 new luxury yacht projects with a combined length of 611 meters.”