Dubai’s Golden Quay to Abu Dhabi initiative, which offers eligible yacht owners the opportunity to be nominated for a 10-year UAE Golden Visa, has garnered interest in the UAE. However, yachting experts at the Dubai International Boat Show suggest that the scheme has not yet led to a significant spike in boat sales.
Abeer AlShaali, Deputy Managing Director at Gulf Craft, noted that the initiative has benefited the yachting industry by encouraging yacht ownership. While the original Golden Visa scheme, which launched in 2019, did boost yacht sales, the latest expansion to the Golden Quay scheme has not resulted in a noticeable sales increase. Gulf Craft, known for producing a range of boats and yachts, has noticed a steady demand. Yet, there has been no sharp rise since the initiative’s announcement.
Reports also indicate a decline in global yacht sales from 2021’s record year. For 2024, SuperYacht iQ’s State of Yachting report recorded 195 new yacht sales and 305 used yacht sales. This shows a slight downturn compared to previous years. Despite this, the yachting industry remains optimistic, with expectations of strong sales in 2025, particularly following the Dubai Boat Show.
Experts in the industry, like Jad Zakkak Migliorini from Azimut Yachts, noted that while the market remains unpredictable, residency visa schemes for yacht owners could potentially attract more buyers. Furthermore, regional geopolitical tensions are not expected to negatively impact yacht sales in 2025.
With positive forecasts, Gulf Craft is displaying 18 boats, including new launches, at the Dubai Boat Show. They expect strong sales and have already filled their order books for the year.
The Dubai residency community will also showcase services supporting the yachting sector, such as multiple-entry visas for yacht crew. It is still uncertain whether Dubai will introduce a similar residency initiative to the Golden Quay.
