GCC Maritime Sector to Grow

Maritime projects worth US$35 billion will be implemented in the next three years across the GCC, including three major projects in Saudi Arabia at King Abdullah Economic City, Jizan Economic City and the Kingdom City, said an expert.

"Saudi Arabia remains strongly positioned to contribute to establishing the GCC as a premier boating hub because of the government's proactive development initiatives,' said Al Ahlam Marine Tourism Group chairman Prince Abdullah bin Saud bin Mohammed bin Abdulaziz Al Saud. The kingdom's only international leisure marine and tourism festival, Saudi International Boat Show, will be held from 8-11 December 2010 at the Al Furusya Marina and Yacht Club, Jeddah.

The Dubai World Trade Centre (DWTC) event is being endorsed by the Saudi Commission for Tourism and Antiquities and the venue managed by Al Ahlam Marine Tourism Group. The event provides an ideal marketing and networking platform for leading industry players in the boating and maritime sector. According to Prince Abdullah, the 2010 edition will showcase a broader range of marine products and services to cater to the growing number of maritime developments in the GCC.

"With its proximity to the Red Sea and the growing reclamation projects being undertaken, Jeddah in particular will be crucial in the government's vision to harness the full economic potential of the maritime sector," said Prince Abdullah. "The boat show will serve as an ideal complementary initiative that will generate global awareness and drive more business opportunities in the country," he said.

New business opportunities have emerged for international suppliers with the recent announcement of 12 major maritime projects in the Persian Gulf, he said. The GCC's high disposable income likewise serves as a key catalyst for growth; a study on the salaries of senior management executives, who are key customers for yachts and luxury boats, has revealed that disposable income of managers in the GCC is the highest in the world, with all Gulf countries dominating the top six rankings. "We have made extensive preparations to accommodate an expected increase in the number of visitors and exhibitors at this year's boat show," said DWTC chief executive Helal Saeed Almarri.- Gulf Daily