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 marine@petersandmay.com or visit the team at Qatar Boat Show on stand SP7 for more information.

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