Dubai Int'l Boat Show reflects UAE's economic growth

The ongoing Dubai International Boat Show is expected to attract an unprecedented 26,000 visitors, including high net worth individuals, reflecting the still solid economic outlook in the Gulf Arab sheikhdom despite the recent slump in oil prices.

The 23rd boat show started Tuesday with 10 percent more new brands and companies than last year. It features 430 boats worth around 270 million U.S. dollars and hosts 45 global and regional launches.

According to a global consultancy company, the Gulf Arab region's private wealth market is worth 2.2 trillion dollars, 74 percent of which is distributed in the UAE and Saudi Arabia.

The willingness or tendency to buy a superyacht among the super-rich in the Middle East and Africa grew to 51 percent from 48 percent last year, according to a report launched in January by the Superyacht Builders Association.

"The size of the exhibition speaks for the growing global significance of the show," said Saeed Hareb, the managing director of the boat show.

Albeit the Brent oil price is traded at 51 dollars per barrel, more than half below their peak price from mid-2014, the International Monetary Fund still expects the UAE's economy to grow at a solid rate of 3.5 percent this year.

The maritime industry is valued at more than 61 billion dollars, according to data from the Dubai Council for Marine and Maritime Industries.

The five-day Dubai boat show runs until March 7 and it is the largest, most important and established event of its kind in the region. Endit