United Arab Emirates; May 11, 2022: Gulf Craft, one of the world’s leading boat and yacht manufacturers, is highlighting the growing opportunity in the Middle East for customers to charter their yachts, adding return on investment to the list of benefits of yacht ownership. This also underpins the value of purchasing yachts as a long-term and viable investment to generate sustained returns.
According to the Global Yacht Charter Market 2020-2027 report by Allied Market Research, the global yacht charter market is expected to grow at a Compound Annual Growth Rate of 15 percent and is expected to be valued at about $28 billion, almost double the value of $15 billion in 2015. The demand for chartering yachts with luxurious amenities backed by superb performance is driven by both vacation and corporate segments.
The yacht charter market is also driven by young marine enthusiasts, according to a report by Future Market Insights, highlighting that a growing number of high net worth individuals are turning to chartering large luxury yachts for events including destination weddings and family gatherings - a trend that has gained strength during the pandemic.
This has also translated to increased demand for luxury vessels. A report by Superyacht Group observes that the sale of luxury vessels longer than 30 metres increased by 8 percent in the first nine months of 2021 compared to the same period in 2019.
Yacht chartering has long been popular and continues to grow in demand, in Europe, and that trend is gaining traction in the GCC region. Chartering offers a remarkable opportunity for yacht owners to gain stronger, long-term returns on investment, making the purchase of a yacht as significant and valuable a proposition as investing in other assets. With five brands in its portfolio, Gulf Craft is ideally suited to meet the diverse needs for chartering – from smaller yachts for fishing and family outings to mega yachts for adventure and luxury cruises.
According to one Gulf Craft customer, the net profit from chartering his yacht earned over 384,000 Euros in just five weeks. The customer noticed a demand for chartering yachts recorded considerable growth last year in Europe with an advance booking period of about three to four months earning him a weekly revenue of 110,000 Euros during the peak months - July and August.
The GCC region is witnessing a similar growth in demand for chartering services. In the UAE, Dubai has made great strides in becoming a worldwide yachting phenomenon with its state-of-the-art infrastructure and picturesque coastline. Gulf Craft recently expanded its presence in Dubai with the opening of its Client Experience Centre in the city’s home port, Mina Rashid, to further boost its product and service offering to local and international customers. Saudi Arabia’s Red Sea Coast is another popular destination for divers to experience its thriving marine life whilst the Al Mouj Al Marina in the Sultanate of Oman offers multiple activities for water sport enthusiasts to engage with.
Gulf Craft is supporting customers in benefiting from the growing popularity of chartering by providing market information and ensuring that its broad range of yachts manufactured at its shipyard meets the diverse requirements of the yacht charter market.
Founded in the United Arab Emirates in 1982, Gulf Craft has three facilities in the UAE and the Maldives and has a manufacturing capacity of 200 boats per year. The company has built more than 10,000 boats already, serving clients around the world. Gulf Craft’s brands include its flagship Majesty; Silvercraft featuring day boats and fishing vessels; Oryx sports cruisers; Nomad explorer yachts and Touring Passenger Vessels.