The burgeoning Middle Eastern market

Peters & May has experienced first hand the growth of the superyacht market in the Middle East, with dedicated agents based there and increasing shipments being made to and from the region. A report by the Superyacht Builders Association in association with Boston Consulting in 2014 revealed a ‘propensity to buy’ in the Middle East of 48% – higher than anywhere else in the world. The Middle East’s ultra-high net worth (UHNW) population is forecast to grow 58% in the decade up to 2022, according to Knight Frank, and the number of US dollar billionaires in the region is set to grow 45%.

With a specific team dedicated to the Middle Eastern trade, Peters & May is ideally placed to support owners, yards and brokers, having shipped numerous yachts to and from the region. One of which was M/Y Reem 1, a 50 metre, 295 tonne superyacht built in 2013 by Trinity Yachts - one of the leading custom yacht builders in the USA. The Peters & May team became involved directly after the yacht’s completion to organise its shipment to its new home in Dubai. M/Y Reem 1 was loaded in West Palm Beach, and made its way to the new owners in Dubai via Gibraltar. Shane Brearley, Peters & May expert loadmaster, commented: “At the time of shipment, M/Y Reem 1 was the largest yacht ever shipped by Peters & May, making it one of the biggest jobs of my career. The whole team worked tirelessly to cover every last detail and ensure a smooth sailing, and it’s always a pleasure to ship a new yacht to its new owner!” You can watch the time-lapse of her loading here.

Peters & May ships over 4,000 yachts and motorboats per year with regular shipments to and from the Middle East and is the Official Freight Forwarder for Qatar International Boat Show. Peters & May have several shipments to and from Middle East in the next few months, so get in touch with or visit the team at Qatar Boat Show on stand SP7 for more information.

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