First Arabian Gulf Yachting Awards this week

by IBI Magazine on 6 Nov 2007 The first Arabian Gulf Yachting Awards will take place on November 10 to recognise the growth of the GCC yachting market. Some analysts estimate that the industry could grow by 30 per cent over the next 12 months.

'There are strong indicators for expansion in the Gulf's yachting sector, including the billions of dollars being invested to provide berthing space on reclamation projects, the increased move towards a five-day week, and the growing export of yachts from the United States and Europe into this market,' said Toby Haws, editor of Boat Owner ME magazine, in a statement. Haws said that the UAE, Saudi Arabia and Kuwait are the largest markets for recreational boat ownership. Kuwait, he said, has one boat for every 50 residents.

'We chose to hold the Awards in November as the industry will be picking up following the summer period, and it allows those who win an award to market that achievement throughout the season,' said Haws. 'Following a massive injection of companies over the past few years, the market is now settled enough to reward those who have pioneered to create the stability of product, service and range the boating consumer is offered.'

The ceremony will present seventeen awards over seven categories. Marina developer IGY has signed on as the headline sponsor. Marketing Director Wayne Lowery said that IGY's sponsorship will help raise the profile of waterfront development in the region. 'We see this as a way of demonstrating the growth of waterfront development and yachting in the Middle East, which is fast becoming the next warm water yachting destination of choice,' said Lowery in the statement.

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