The Gulf Superyacht Summit commenced on Wednesday 22 November at the Hilton Abu Dhabi, Yas Island. Held under the patronage of P&O Marinas, the two-day event seeks to inform, assist and advise yachting clients and related interested stakeholders, with the goal to develop the Gulf as a leading winter superyacht destination. SuperYacht Times takes a look at everything you may have missed from this year’s packed programme. 
Since 2017 there has been an increase of almost double the amount of yachts transmitting AIS signals (Automatic Identification System) in the Gulf. Figures show that around 66 yachts were transmitting in 2017, while figures in 2022 now show around 129 yachts. If figures continue to increase over the next few years, 2024 could expect to see around 175 yachts visiting the region.
You can download the full Gulf Superyacht Report for free , to find out more about yachting in the Gulf region.
With a potential of around 900 yachts in the region, the Gulf Superyacht Summit sat down with a panel of experienced yacht captains to discuss cruising in the Middle East.
The inaugural panel at the Superyacht Times Gulf Superyacht Summit showcased a diverse group of captains, each contributing unique perspectives and experiences in navigating the Gulf region. Captain Denys Liamin, with a tenure in the UAE since 2007, emphasised the substantial growth and support from marina authorities in Dubai and Abu Dhabi. His insight into the cruising destinations, particularly around Abu Dhabi and Oman added depth to the discussion.
Captain Patricia Caswell, Gulf Craft’s Quality Control Manager, echoed Liamin's sentiments, highlighting Oman's underdeveloped yet diverse landscape, offering ample opportunities for a two-week itinerary that combines cruising and exploration. Both captains emphasised the evolving nature of the region's infrastructure and the challenges faced, such as limited resources compared to the Americas and Europe. Patricia Caswell touched on how Gulf Craft has opened its doors to non- Gulf Craft vessels for refit and how this has led to an increase for their services and refits in the region.
James Plukowski, captain of the motor yacht Saffuriya, brought attention to the complexities of dealing with immigration, underscoring the importance of local agents in facilitating smoother processes. His insights into utilising agents for entry and exit permits, especially in Oman, shed light on the critical role these professionals play in navigating the region. Plukowski also addressed the challenges of obtaining spare parts, emphasising the still nascent/less developed state of refit services in the area, a sentiment shared by Captain Patricia Caswell.
Captain Nabeel Hijris provided a unique perspective on the significant changes in the yachting landscape over the last decade, noting a substantial increase in the size and recognition of vessels entering the region. He stressed the need for more guidance, particularly in showcasing the vast and untouched areas offering breathtaking scenery. Nabeel aligned with his fellow panellists on the necessity of more agents to facilitate seamless operations in the Gulf.
Denys Liamin further shared his experiences at Al Seer Marine, emphasising the need for a proper refit superyacht yard in Abu Dhabi. Liamin also highlighted the ongoing challenges in sourcing quality spare parts, reinforcing the importance of having the right technicians for the job.
In this discussion about the future of the Gulf, Chief Operating Officer of P&O Marinas, Hamza Mustafa noted that the number of yachts in the Gulf has been growing, and he expects this trend to continue in 2024. The UAE is actively working to attract foreign boats, and there have been discussions about the challenges faced in the region.
Hamza Mustafa also addressed the UAE's competitiveness compared to the Caribbean, acknowledging the lack of a mature cruising ground, but also highlighting the Gulf's potential. The talk touched on regional developments and the UAE's comparative guest experience.
Captain Saif Al Mehiri highlighted initiatives, including a superyacht strategy with pillars covering industry requirements, destination appeal, and regulation ease. He also noted that improvements needed to be made to infrastructure to meet the current demands of the Gulf region.
Abeer Alshaali, Deputy Managing Director of Gulf Craft, discussed the importance of refits and the challenge of engaging in business year-round. During this discussion she pointed out that growth and investment are desired, but barriers, including a lack of strong support from banks still needs addressing.
The discussion also touched on the need for more refit facilities, marinas, and the demographic changes in yacht buyers. The focus is on increasing interest in the maritime field and developing accessible infrastructure. The potential of 3D-printed yachts was also mentioned, with the panel expressing a commitment to investing in this aspect of the industry. 
Moderated by Ralph Dazert, Head of Intelligence at SuperYacht Times, the esteemed panel of guests discussed the refit and operation of yachts in the Middle East.
Director of Yacht Refit & Services at Lürssen, Alberto Perrone Da Zara, shared insights on the growing refit capacity in the Middle East. He acknowledged the progress, but highlighted the need for collaborative efforts to address labour challenges. Emphasising the importance of proper education and skill development, Perrone sees it as a long-term goal for both Lürssen and other businesses to cultivate the expertise required for various refits in the region.
Jean-Marc Bolinger, CEO of the MB92 Group, provided an update on the NEOM Sindalah Island, mentioning that the strategic planning is near completion. The project aims to build a comprehensive ecosystem for the supply and delivery of superyachts. Although the four to five-year completion plan is not immediate, operations are set to begin in 2024. Bollinger expressed optimism about offering potential refit and maintenance work for yachts in Abu Dhabi.
Director of the Marine and Yacht Department at DryDocks World, Matthew Plumtree, highlighted the existing ecosystem, with companies capable of undertaking repairs and external contractors contributing to this. However, he noted a lack of continuity and long-term experience due to the relatively small number of yachts in the region. Plumtree stressed the need to attract more yachts, leading to increased training opportunities and the development of a sustainable model for the industry.
The next discussion was facilitated by SuperYacht Times Writer, Enrico Chhibber, who posed questions to the panellists on the topic of encouraging more yachts to cruise in the Middle East.
Stefano Tositti, Founder and CEO of Acquera discussed their decision to open a company in the Middle East, emphasising the region's significant potential for the superyacht industry. During the discussion he highlighted their innovative approach to formalities handling based on Acquera’s experience in the Mediterranean, introducing a platform to streamline operations.
Stefano Tositti pointed out the importance of education and training, detailing their initiative to collaborate with a university and start an academy to educate young generations about the yachting sector. He clarified the distinct roles of management companies and agents, stressing the need for united efforts among stakeholders for the region's success. Stefano commended the region's hospitality and advanced infrastructure, seeing opportunities to attract more yachts from the Mediterranean, and underscored the importance of collaborative growth in the Middle East's superyacht market.
Menelaus Kouzoupis stressed the importance of effective marketing, education, and showcasing the region's potential at trade shows to raise awareness and position the Middle East as a competitive alternative to the Mediterranean. Menelaus expressed optimism about the region's growth in the superyacht industry, envisioning continued development and the establishment of harmonised regulations over the next five years.
Bahi Naguib, Red Sea Operations Director for Felix Maritime Agency, discussed efforts to address the challenges faced by vessels passing through the Suez Canal, particularly the high transportation costs. His work involves collaborating with the Suez Canal Authority and bringing stakeholders to illustrate the significance of the yachting industry. The Suez Canal has recently opened its first marina in Somalia, with plans for two more in Port Saeed and Suez. The goal is to attract passing yachts to stay in the region, offering world-class facilities an hour away from the pyramids. 
Concerning security issues, Bahi mentioned the role of security services provided by insurance companies and expressed hope for improved security conditions in the Bab el Mandeb region. He stressed the importance of collaboration, suggesting that governments play a crucial role in harmonising regulations and fostering competition while encouraging a collaborative approach within the industry. Finally, he proposed the idea of bringing government representatives to future events to showcase the benefits of the yachting industry to their respective countries.
Designer Luca Dini is well-known for his unique approach to design and architecture in the superyacht industry. With 30 years of experience, especially in custom yachts, he stands out for his distinctive style, setting him apart from other designers. Notably, his expertise extends to marina designs.
Luca Dini delved into the specifics of the NEOM Sindalah Island development, emphasising the aim to transform urban living. The Sindalah marina development is envisioned as a catalyst for change, intending to alter the way people live in the city. The project encompasses various elements, including golf, with the overarching goal of showcasing an alternative and enhanced outdoor lifestyle for the Saudi community. 
During the discussion, Luca Dini touched upon the emergence of Albania as a promising yachting destination. This highlights a growing trend and interest in exploring new and diverse locations within the superyacht industry. The mention of Albania as a potential destination suggests a shift in focus and an expanding horizon for yacht enthusiasts and industry professionals. 
Francesca Webster, Editor-in-Chief at SuperYacht Times took to the stage to moderate an informative talk on marinas. The discussion explored the viewpoint, are they just pretty pictures for real estate, or are they homes for superyachts?
Billy Cañellas, Head of Asset Management at NEOM, discussed the essential aspects when approaching the NEOM project, emphasising natural beauty and a strategic geo-location, particularly close to the Red Sea and the Mediterranean. He highlighted the importance of considering legislation, infrastructure, and marketing in the project. When discussing opportunities in the superyacht marina sector, Billy Cañellas highlighted sustainability as a key consideration, citing the example of Sindalah, which prioritises eco-friendly practices.
Billy also discussed challenges in developing marinas in mature destinations like Barcelona versus upcoming destinations like Saudi Arabia, noting the importance of understanding the market state and surrounding marinas with high-end shops.
Senior Associate at Marina Projects Jeff Houlgrave brought a wealth of experience in marina design and development to the panel. He addressed common mistakes when considering superyacht marinas, and emphasised the challenges in planning and consulting briefs, especially due to the large scale of marinas in the Middle East. Jeff stressed the importance of understanding market intelligence and adjusting berth sizes to accommodate the average yacht size.
Billy addressed the question of whether there will be enough yachts to fill up the berths in new developments, stating that, considering the long-term nature of these projects (10-15 years), they aim to understand demand in the next three to five years before building.
Regarding challenges in building marinas in the Middle East, Saed Khalifa Al Marri mentioned the lack of services within the marinas. Jeff Houlgrave added that provision of utilities, especially fuel storage and delivery for future fuels, poses significant challenges and he emphasised the need for separate delivery points for different fuel types.
Overall, the talk covered considerations for developing marinas in the Middle East, addressing challenges, opportunities, and the importance of sustainable practices and amenities for yacht owners and crews.
Aaron Fidler, the owner of 41.1-metre superyacht AK Royalty, originally hailed from Australia, but found his way into the yachting industry as a deckhand in Fort Lauderdale. His journey involved working on various yachts, and he has developed an aspirational story, expressing a particular fondness for Palmer Johnson yachts. After moving to the UAE a couple of years ago, he has been actively engaged in day charters, exploring the region's beautiful destinations and recognising its full potential.
Aaron expressed that the primary challenge hindering larger yachts from coming to the region, is the existing day charter setup, which he believes needs more development and investment. Despite this, there is a growing demand for yacht charters, with an increasing interest in week-long trips. Fidler acknowledged the need for further development in marketing and itineraries, and he highlighted connectivity issues, such as those with Starlink, that require improvement.
Aaron Fidler is collaborating with Burgess to develop itineraries and enhance advertising strategies. While acknowledging the existence of itineraries, he emphasised the necessity for their further development and to create more tailored itineraries for the Gulf region.
Aaron expressed his willingness to send crew to the region for development, intending to help them progress in their careers. He also highlighted the region's perfect weather as a competitive advantage, making it an appealing destination compared to the Mediterranean.
Fidler noted that while hotel marinas are excellent, there is a notable absence of large promenades, commonly found in Europe. He believes such features would enhance the overall superyacht owner experience and there is a recognised need for more vision and marketing efforts to promote destinations in the region.
The second day of the Gulf Superyacht Summit 2023 offered another busy programme of talks and discussions. The programme focused on individual talks from key players in the superyacht industry, alongside panels moderated by the SuperYacht Times team.
The first discussion of the day was moderated by SuperYacht Times Editor-in-Chief Francesca Webster, alongside panellists Paris Baloumis, Nitin Mathur, Kevin Laverty, and Kristian Pascoli. The discussion focused on the opportunities and challenges posed by existing fleets and ways the industry can rejuvenate them.
Paris Baloumis, Group Marketing Director of Oceanco, discussed Oceanco's recent rebuild and relaunch of Project H, emphasising the complexity of the project and the need for a certain type of owner to be interested in bespoke projects. He highlighted the pivotal time where many yachts with outdated specifications present an opportunity for revitalisation.
Kevin Laverty, Director of Projects at Hill Robinson, emphasised the passion required for large-scale rebuilds like Project H, acknowledging the challenges of reverse engineering without original drawings.
Kristian Pascoli, Founder of Pascoli International, discussed the complexities for designers in balancing modern features with existing constraints, emphasising the importance of understanding how the client intends to use the boat.
The discussion touched on sustainability concerns, with Kevin Laverty addressing the potential waste in refit-rebuild projects. While Head of Commercial Maritime Management at Al Seer Marine, Nitin Mathur provided a commercial perspective, emphasising the repurposing of vessels through recycling, artificial reef creation, and humanitarian efforts.
Paris Baloumis discussed Oceanco's Energy Transition Platform, a positive approach to future-proof yachts by accommodating evolving technologies. Challenges in integrating new features, complying with regulations, and the design perspective on future fuels and propulsion were also explored.
The talk delved into the issue of outdated yachts and the challenges of sustainability. Kevin Laverty highlighted the sustainability challenges for older vessels, especially those between 24 to 40-metres, while Nitin Mathur emphasised finding the right balance at the end of a yacht's useful life.
The panellists discussed the potential conversion of gas and oil vessels into yachts, addressing challenges in engineering and the importance of staying true to the core business. The discussion touched on the transparency needed in estimating the costs of refit/conversion projects.
The session concluded with insights into the expected lifespan of commercial vessels, the importance of considering future refits during yacht construction, and the potential use of sodium-ion batteries as an alternative. The panellists also discussed the future of 3D printing in yacht construction, acknowledging its potential but noting it's not currently applied by Oceanco.
Next to the stage was Christoph Ballin, co-founder of Tyde, who addressed the audience on the future of yachting, with the focus on bringing environmental sustainability and luxury together in the yachting industry.
The luxury Germany-based yacht manufacturer aims to disrupt the luxury leisure world with innovative, ground-breaking technology. Tyde aims to aggressively pursue climate-friendly mobility, while prioritising the utmost comfort on the water.
The discussion delved into various aspects of sustainability, with a specific focus on decarbonisation within the recreational yachting industry. Christoph noted that the industry is not currently on track to meet the 20 to 30 percent reduction target by 2023.
Christoph pointed out that e-fuels are presented as a charming alternative, particularly in operational effectiveness, but their limited availability suggests a need for diverse solutions. He emphasised the inadequacy of relying solely on e-fuels and proposed two main direct solutions: drivetrain and hull innovations. Additionally, there is a call to explore hydrogen as a crucial element in achieving sustainability goals.
Christoph Ballin introduced an ongoing solution involving hydrofoils as an example of breaking the deadlock in making yachting more climate-friendly. The reduction of specific working points is highlighted as a practical approach to making this change. Overall, the talk underscores the importance of combining innovative solutions in drive train and hull design, exploring hydrogen, and implementing unique technologies like hydrofoils to pave the way for a greener and more luxurious future in yachting.
Presented by Chief Operating Officer of Innovation, Defence & Technology of Al Seer Marine, Holger Schulte-Hillen discussed the company’s vision to construct large ships rapidly and in an environmentally friendly manner.
Holger Schulte-Hillen outlined their capability to 3D print a variety of steels and plastics, showcasing the science behind this process. The recent unveiling of the world's largest 3D printer enables them to print pieces up to 36-metres, with a Guinness World Record for the largest 3D printed yacht.
Their core business values include a thriving commercial sector, involving ownership and chartering of large ships, yacht management, building boats and maritime platforms, serving the security sector, innovation and sustainability.
To achieve their vision of automating shipbuilding and ensuring efficiency with robots, they underscore the need to control both technology and materials. Holger Schulte-Hillen emphasised that 99 percent of materials in the future will be recycled. The focus is on recycling and printing, where materials can be swapped from stock to an asset for constant reuse. Controlling production and flow is seen as a crucial factor in building ships rapidly and in an environmentally friendly way.
Co-Creative Director of Vripack, Bart Bouwhuis presented a case study on the 69-metre Vripack/Vitters Project Zero, a groundbreaking initiative with the mission to create the world's first fossil-free yacht.
The project is driven by the Foundation Zero, a group of impact investors dedicated to developing sustainable hospitality solutions. The goals of Project 3094 includes achieving zero fossil fuel usage, embracing open-source principles, and maintaining uncompromised aesthetics. Energy elements are categorised into saving, harvesting, storage, and management.
Project Zero features interior and exterior design from Vripack, with naval architecture by Dykstra Naval Architects. She holds high density lithium-ion and PCM salt batteries that are calculated for storing five megawatt hours of energy, which is the battery equivalent of 88 Tesla cars.
To collect and harvest heat, emphasis is placed on utilising solar panels, with a specific focus on vessels below 500 GT. The case study presented by Bart Bouwhuis revolves around an explorer yacht designed for sustainable sailing, especially for three months a year.
The team's brainstorming efforts concentrated on loss reduction, energy harvesting, and energy efficiency. Preliminary results indicate a remarkable 90 percent reduction in CO2 emissions, with the yacht demonstrating a quiet 48 hours on anchor. The presentation underscored the commitment to pioneering marine sustainability and developing reliable fossil-free solutions in the yachting industry.
Engle Jan de Boer, Yacht Segment Director at Lloyd’s Register discussed "Power to X" and the transition in the yachting industry. During his discussion he drew parallels with the automotive transition from diesel to electric to hydrogen. The talk emphasises the importance of the yachting industry in reducing emissions and taking a lead in sustainability.
Engle Jan de Boer pointed out that reactor technologies are highlighted as a crucial element in this transition. Although reactors have been around for many years, he touched on Alvin Weinberg's influence on nuclear reactors and how new technologies offer enhanced safety levels, differing significantly from events such as Chernobyl.
During the talk, Engle Jan de Boer explored the advantages of nuclear as a marine fuel, emphasising on inherent safety, straightforward onboard requirements, infrequent bunkering, zero emissions, and depleted fuel management. However, challenges such as public perception, radioactive waste disposal, and safety considerations have led to a need for secure and sustainable solutions for radioactive waste disposal and stringent safety measures.
Bernhard Urban, Head of Development & Innovation at Lürssen, presented a comprehensive roadmap towards achieving net-zero waste emissions, emphasising the indispensable role of fuel cells in this journey.
His visionary goal is the realisation of a yacht powered entirely by fuel cells. Throughout the presentation, Urban outlined various fuel types, weighing their advantages and disadvantages. An intriguing point raised was the current disparity between discussions on biofuels and their insufficient quantity to sustain the operational needs of the fleet. The ultimate objective is the establishment of a fully fuel-cell-powered yacht. However, Urban emphasised that realising this goal hinges on the initiative of a pioneering owner willing to embrace the risks associated with adopting innovative technologies.
Urban further delved into intricate details during his presentation, expanding on the 98-metre superyacht concept named Alice and Lürssen's Project Cosmos. He provided an overview of how both endeavours are strategically incorporating fuel cell technology into their design and operational frameworks.
The day's second panel, moderated by Editor-in-Chief Francesca Webster, centred on envisioning the future of yachts. The panellists included Nicholas Lapp, CTO and co-founder of Sunreef Yachts, Sales Director of Lürssen, Michael Breman, Stefano de Vivo, COO of Ferretti Group and MD of Wally Yachts, and Bart Bouwhuis, Co-Creative Director of Vripack. Together, they engaged in a comprehensive discussion exploring the evolving landscape of yacht design and technology.
Nicholas Lapp provided insightful details during the discussion, shedding light on Sunreef's development in the electrification of yachts. Lapp emphasised the ongoing refinement of their electrification initiatives, underlying Sunreef's commitment to continuous improvement. He expressed concerns about the complexity current sailing technologies, noting a perceived lack of evolution in sailing equipment over the past two decades. 
Stefano de Vivo addressed the prevalent concern of greenwashing. He emphasised the importance of focusing on tangible developments and improvements rather than speculative claims.
Moreover, de Vivo acknowledged the challenges in pushing boundaries within the realm of series production, citing the necessity for a visionary owner to drive innovative projects in the superyacht sector. Contrasting this with series productions, he highlighted the increased difficulty and boldness required to introduce revolutionary, untested concepts.
In terms of ongoing projects, Ferretti Group is actively involved in the development of complete electric yachts ranging from 30 feet to superyachts with CRN. De Vivo underscored their commitment to showcasing tangible accomplishments, referencing collaborations with RINA and Ballard, a Canadian company specialising in fuel cell development for platforms over 50 metres.
Addressing the prospect of integrating fuel cells into existing fleets, Breman expressed a confident outlook, asserting that it is merely a matter of time before this transition occurs. He conveyed optimism about the gradual displacement of diesel by fuel cells in the foreseeable future, acknowledging the uncertainty surrounding the specific timeline for this evolution. Breman emphasised the importance of being open to the possibility of setbacks when conducting research, recognising that a willingness to navigate challenges is integral to the pursuit of innovation.
De Vivo concurred with Bouwhuis on the potential significance of foiling. He revealed that his company is actively exploring applications of foiling in catamarans across a range of sizes, spanning from eight to 90 metres. Moreover, De Vivo aligned with Michael's observation that once the technology is developed, it will permeate the industry, with major companies seeking to incorporate these advancements.
The panel then further transitioned into a discussion about diverse solutions, with Lapp underscoring Sunreef's proactive approach in experimenting with multiple solutions to discern the optimal and future-oriented strategies. He emphasised the multifaceted nature of their exploration, focusing on minimising the load on the vessel, reducing hull resistance, and investigating innovative foil systems utilised in some catamarans. Lapp elucidated that the challenge extends beyond identifying the most environmentally friendly fuel, encompassing a broader goal of curbing overall boat energy consumption.
De Vivo underscored a critical point, the absence of certification in their pursuit of innovative solutions. He emphasised the proactive step taken by Ferretti Group in collaboration with RINA to establish rules, making them accessible industry-wide. This concerted effort not only enhances safety standards but also contributes to an open-source platform, fostering collaboration with other shipyards. 
All panellists unanimously emphasised a recurring challenge in the adoption of innovative technologies. Owners are often averse to complications and unforeseen issues. Despite harbouring initial enthusiasm and creative ideas, many owners find themselves reverting to conventional approaches due to external factors such as surveyors' recommendations or sales concerns. The reluctance to embark on untested paths, fearing potential setbacks, forms a significant resistance to the integration of new technologies. This aversion to risk is particularly pronounced in larger vessels, making the implementation of new technology more feasible and prevalent in the context of smaller boats.
The final panel discussion was moderated by SuperYacht Times Head of Intelligence Ralph Dazert alongside panellists: Jonathan Hind, Managing Director of Burgess Dubai, Jonny Dodge, CEO of My Ocean, Giovanni Alessi Anghini, Managing Director for Camper & Nicholsons Middle East and Nick Gelevert, Founder & CEO at Boatsters Black.
When asked about factors hindering the growth of the charter market, Jonny pointed out that while numerous opportunities exist, there are certain impediments, particularly in terms of legislation. He expressed that the prevailing bureaucratic culture and extensive paperwork create ambiguous areas, posing challenges. However, Jonny noted an optimistic shift, acknowledging ongoing changes in this landscape. While discussions often revolve around charter itineraries, the practical challenge lies in navigating the complexities of implementation.
Giovanni further expanded, asserting that it extends beyond mere itinerary paperwork concerns. He emphasised that it's a regional issue, impacting not only Dubai and Abu Dhabi but the broader context as well. The key, according to him, lies in fostering increased cooperation. Giovanni noted a positive trend in the improving quality of collaboration year by year. Looking ahead, he expressed hope that the authorities in Oman and Saudi Arabia would join the cooperative efforts, signalling a potential positive shift in the regional dynamics, which was further echoed by Jonathan Hind.
The sentiment echoed by most panel members is a call for easier regulations and increased cooperation. Moreover, Jonathan noted a recent increase in charter yacht activity in Dubai, identifying significant potential in this trend. He emphasised the importance of ensuring a high-quality offering, including accessible onboard amenities, and expressed the intention to expand these services. The goal is to enhance itineraries and extend the cruising areas, fostering both feeder charters and leaving charters. Jonathan also highlighted the relatively straightforward process of designing an Abu Dhabi charter, given the available itineraries and growing interest. He pointed out the similarity between owners using a yacht and charter clients, emphasising the seamless experience irrespective of ownership status.
Giovanni emphasised that the approach to clients remains consistent regardless of location, although the clients vary between those in the wintering season, who keep their vessels in the Mediterranean. He highlighted a crucial aspect, noting the influx of new owners and charters entering the industry. Giovanni underscored the necessity for additional efforts in refining contracts and the imperative role of a developed CA agency in this process.
Jonny concurred with this sentiment, highlighting that the local market is still in its nascent stage. He emphasised that, by definition, they are in their infancy, with several elements to consider. The goal is to become a preferred destination, distinct from the Caribbean, particularly in the context of day charters. Jonny expressed the aspiration to create an environment akin to St. Tropez, acknowledging that the majority of boat owners engage in day charters. However, he acknowledged the need for gradual progress, recognising that transforming into the South of France overnight is not realistic. The key is to establish an inviting environment similar to St. Tropez without the need for excessive layers of security.
The panel unanimously maintained that transparency is undeniably a key factor that will facilitate the adoption of new clients in the industry.
The talk from The Superyacht Life Foundation, featuring Feadship Chief Marketing Officer, Farouk Nefzi and Merijn de Waard, Founder and Director of SuperYacht Times.
Farouk underscored the need to reshape the perception of yachting, emphasising that yacht owners are not inherently negative individuals. They emphasised the extensive work conducted behind the scenes to showcase the positive aspects of the industry. Merijn highlighted the importance of collaborating with major publications such as CNN to improve the overall publicity of yachting. The aim is to amplify positive stories and counteract negative perceptions.
Farouk identified three significant challenges impacting the industry: wealth inequality, sustainability concerns, and the notable visibility of a new generation of billionaires, including figures like Elon Musk and Jeff Bezos. 
The panel urged the industry to recognise and adapt to these impactful trends. The geopolitical landscape, marked by events like Brexit, the China-US trade war, and conflicts such as the Israel-Hamas war, was identified as a significant external factor impacting the superyacht industry.
Farouk highlighted a demographic shift, noting that the predominant purchasing of superyachts is from an ageing population in the Western world. Contrasting this, regions like India, China, the Middle East, and Africa are witnessing the creation of new wealth with a different demographic profile. The panel stressed the necessity for the industry to adjust its focus and respect local cultures, particularly in emerging regions with increasing wealth creation.
The final segment of the Gulf Superyacht Summit featured an interview conducted by Merijn de Waard with Marco Valle, the CEO of Azimut-Benetti Group. At the outset of the interview, Marco Valle shared insights into his extensive tenure with the group since 1996 and his unique appointment as the CEO of the entire group in 2020. This departure from the previous structure, where separate CEOs oversaw Azimut and Benetti, marked a significant shift in leadership. Marco highlighted the success of his tenure so far, when he assumed the leadership role turnover was 700 million Euros and now as of August 2023 it is 1.2 billion Euros. Reflecting on his 27-year career with the group, Valle pointed out that numerous moments stood out, but he particularly highlighted a crucial period, the onset of the pandemic crisis. During this challenging time marked by uncertainty,where clients cancelled their contracts due to the uncertainty, Valle and the team navigated through various strategies to address the unprecedented challenges posed by the global health crisis. Regarding the question about growth, Marco affirmed that while a slowdown is expected, the company is still striving for a 10 percent growth rate.
As the interview developed, Marco reminisced about his first memory in Dubai in 1997 when the city was still in the early stages of development. At that time, they delivered the first 30-metre jumbo and participated in the first international boat show with a 50-footer, marking a significant moment in the company's history. Regarding the importance of the Gulf region for Azimut-Benetti, Marco stressed its crucial role, becoming increasingly significant. The company is actively developing markets in the Gulf, delivering numerous yachts to Dubai, with key locations in Kuwait. The backlog is substantial, with 20 percent coming from the region. 
The company is working on developing key offices in the region, having direct contact with entities in Saudi Arabia. Marco acknowledged it is too early to determine whether they will build yachts in Saudi Arabia, emphasising the need for infrastructure. Highlighting the opposite seasons for refit in the region, Marco emphasised the immense potential, with a strategic partnership in place for warranty work with shipyards. On the topic of brokerage, Marco stated that it is not currently part of their strategy, with MarineMax representing 30 percent of Azimut's turnover. The main focus is on the refit sector, anticipating a demand for servicing after a successful year of sales and deliveries.
Looking ahead, Marco discussed the company's commitment to sustainability. They have explored biofuels, managing logistics and supplying HVO fuel to clients. Marco emphasised the need for concrete measures on emission levels, setting targets, and encouraging industry stakeholders to join their efforts. To promote sustainability, Marco mentioned the use of more eco-friendly materials like cork and the importance of providing measurable data. He noted a 20 percent reduction in consumption in their latest Azimut range compared to previous models.
Marco further highlighted logistical challenges, which the company is addressing by managing logistics in Italy and supplying HVO fuel directly to their clients. Addressing emission levels, Marco emphasised the need for transparency. Azimut-Benetti has requested the inclusion of emission levels in their product range, based on consumption, aligning with the automotive industry's practice. The aim is to provide clients with clear information about the environmental impact of their yachts. Setting and improving emission targets are ongoing efforts, with a call for collaboration from other industry stakeholders. In the pursuit of sustainability, Marco outlined initiatives to incorporate new and eco-friendly materials, such as cork. He stressed the importance of factual evidence to substantiate the sustainability claims, emphasising the need for measurable data. Azimut-Benetti has already achieved a 20 percent reduction in consumption in their latest Azimut range compared to previous models, showcasing their commitment to advancing environmentally conscious practices in yacht manufacturing.
Moreover, Marco unveiled that the creation of the Benetti B.Yond stemmed from Paolo Vitelli's vision to optimise onboard living, and the series has proven highly successful, with ten consecutive units sold, half of which feature hybrid systems. Regarding the current prices of yachts, Marco Valle addressed a notable increase, up to 20 percent in some models. He attributed this surge to a combination of factors, including the scarcity of materials, a delta of components, and overall disruptions in the supply chain. Despite these challenges, he asserted that the prices reflect the necessary margin due to these impacts on the supply chain. Marco also acknowledged a shift in clientele, with a substantial influx of newcomers. However, he expressed a realistic viewpoint, stating that not all of these new entrants will likely remain in the industry. Some may not fully grasp the associated costs, making it the responsibility of industry stakeholders to ensure potential buyers are well-informed before making a purchase. Furthermore, he anticipated an increasing trend of people spending more time aboard yachts.
