After struggling to stay afloat during the global financial crunch last year, the leisure marine market in Dubai seems to be recovering slowly, it was learnt. Never before has the marine market had cancellations of orders for yachts, a key feature during the recession last year that affected the entire industry. However, interest in yachts has picked up since January this year. “The mid-segment, which was hit globally, is now recovering. We have seen a lot of interest since January this year,” said Christopher Behne, Managing Partner of BehenMar, one of the exhibitors at the Dubai International Boat Show (DIBS) slated to kick off on March 9.
Erwin Bamps, CEO of Gulf Craft, concurred: “Last year, even those with money were being very tight-fisted because of the uncertainty and insecurity brought on by the recession. However, a year down the line, people more or less know where the market is going, where the economy of their country is going, and how their company is doing.”
In this regard, the International Boat Show is an encouraging sign, added Bamps, since it shows that people are willing to invest in the marine market once again. This year’s show is going to be the 18th of its kind and attracts buyers and exhibitors from all over the world. “Dibs attracts people from as far as the US, India, Russia, Germany and Austria. Of course there is a strong regional representation with people coming in from Kuwait and Qatar. This is because, DIBS is more diversified as it caters to a larger audience in the leisure marine business,” said Bamps.