Golden visas reel in superyacht owners to UAE

ABU DHABI: Launched last year by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) in collaboration with the Abu Dhabi Investment Office (ADIO) and Yas Marina, the Golden Quay scheme offers eligible yacht owners long-term residency in the UAE. While the program is undeniably drawing new residents to the Emirates, experts at the Dubai International Boat Show note that it hasn’t yet translated into a major spike in yacht purchases.

Abeer AlShaali, Deputy Managing Director at Gulf Craft, praised the residency scheme for its overall boost to the yachting industry. Gulf Craft, a leading manufacturer of fibreglass boats and yachts—from 20-foot runabouts to 135-foot motor yachts—experienced an uptick in demand when the Golden Visa program was first announced back in 2019. However, despite this initial boost, the impact on boat sales remains moderate.

According to the 2024 State of Yachting report by SuperYacht iQ, the past year saw 195 new yacht sales and 305 used yacht sales for vessels over 30 metres. These figures mark a continued, albeit slight, decline following the record year of 2021—with 2024 sales only about 3 to 5 per cent lower than in 2023. Industry insiders remain optimistic, though, with many anticipating a significant uptick in sales by 2025. The yachting community will gather at the Dubai Boat Show, starting February 19, to discuss future prospects and trends.

Jad Zakkak Migliorini, Chief Marketing Officer of Azimut Yachts, emphasized that the pandemic was a disaster from a human point of view. Still, from a business perspective, it brought the yachting business back to the Golden Age. He believes the market is returning to normal and that you can plan production knowing that your portfolio goes up to 2027 or 2029, which gives some stability to look at this more positively.