Awareness and Regulatory Reform Essential to Promoting GCC as Yachting Destination

Dubai, 14 October 2015 – The Middle East’s dynamic economy, growing affluent population, and flourishing waterfront developments make it a promising yachting destination, but Chief Executive of UAE-based shipyard Gulf Craft, Erwin Bamps, says more needs to be done to attract sea travelers to GCC waters.

The Middle East is home to the world’s fastest growing Ultra High Net Worth (UHNW) population and wealth, according to the 2014 World Ultra Wealth Report by Wealth-X and UBS. Both have increased by approximately 13 per cent year-on-year, nearly two times the global average, with a total combined wealth of more than USD 995 billion. The same report shows that the region’s UHNW population is expected to grow by approximately 30 per cent between 2014 and 2019 – from an ultra wealthy population of 5,975 to nearly 8,000.

Erwin Bamps, CEO of Gulf Craft

Speaking at the recent MARE Forum Monaco Yacht Summit in Monte Carlo, Bamps said the Middle East’s favorable economic environment presents great opportunity for the leisure marine industry.

“Not only is the region growing considerably in terms of collective wealth, but reports show this wealth is diversified, signifying a healthy economy and mitigating any risks associated with the rise and fall of oil prices,” Bamps said.

“More than one-fifth of UHNW wealth in the UAE comes from various industrial entities, reflecting the confidence that both investors and private companies have in the economy.”

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