UAE: Why young residents are increasingly buying boats

UAE: Why young residents are increasingly buying boats

Explained: Who owns these leisure vessels and the two main reasons why they invest

Published: Mon 24 Apr 2023, 6:00 AM Last updated: Mon 24 Apr 2023, 6:30 AM

Vehicles tugging private boats on the roads is a common sight in the UAE. Waters off the country get pretty busy, especially over the weekends, as residents and tourists set sail for an evening of fun.

So, who exactly are these boat owners in the UAE and what do they use their vessels for?

According to experts, recreational boating is seeing a fresh wave of new buyers, who are on average 15 years younger than they were 20 years ago, and less likely to come from boat-owning families. Millennial millionaires are increasingly looking to invest in yachts.

Speaking at the conclusion of the Dubai International Boat Show 2023, SF Yachts’ Francesco Pitea said: “We have seen a lot of new, younger customers compared to previous editions, which is a very important thing for the whole industry.”

Bush & Noble’s John Bush also reported seeing a change in customer profile at his stand. “(They are) people who’ve moved to Dubai in the last couple of years and recognise that the seasons are very long here and that the