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The BBC reports that Dubai, currently hosting the Middle East’s biggest boat show, has seen an increase in the type of boats that are selling – small boats and super yachts. In fact, the average size of super yachts -- luxury yachts that are privately owned and professionally crewed -- has increased to 150 feet from 143 in 2009.
“We’ve never sold as many super yachts as in the last three years,” Erwin Bamps, chief operating officer of Gulf Craft told the BBC. Gulf Craft, which got its start in 1982 building small boats for the coast guard and for fishermen, is the largest yacht maker in the region. “We’ve moved resources to the smaller craft and to the bigger yachts.”
These luxury yachts sell for millions of dollars -- a four-year-old Gulf Craft yacht is currently selling for $7.3 million. They are different from regular yachts because of their size.
Michael Howorth, technical editor of Superyacht World, told the BBC there are fewer people now who can afford such large yachts -- several years ago, more could buy them because of easier access to capital.
“Yachting is about enjoying it,” Howarth told the BBC. “It’s about the lifestyle."
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Rich is getting richer; poor is getting poorer. And the poor just wants a safe and small boat.
Rich Saudi, UAE and other ME sheikhs joined others in swindling British, US and other banks. These bankers can't even open their mouths on these.
Also with oil price sky rocketing, they will become richer.
We have increased taxes (partly for bank and insurance bail outs), gas bills and many not even boats but tents!
I'm so f'ing happy for them.
At least someone is enjoying my money.
sdrtgwrtgsergewsrgtwergesrag\\\\\\\\\\\\\
that was a test scroll because the vine usually takes for ever to show the page and then after you have started to write a post it suddenly changes position on the screen.. wat a lame thing to due.. hoaw orrable...
You need serious professional help.
Sounds like precrash U.S.
You bet!
US crash was due to primarily Iraqi and Aghanistan wars and oil prices manipulations by Saudis and co!
If we dance further as directed by the superyacht Saudi, UAE, Kuwaiti owners and enter into wars in Iran and Syria, it will be further crashes all over the US!
No Jonathan, our housing bubble and overextending credit with predatory loans crashed our economy, and it's due for another crash when the student loans come crashing down too. There's kids that are stuck with degrees they can't use because our market is still well underperforming (I don't buy that "improved economy" crap for one minute; just improved for Wall Street corps). The student loans corps will make money even if you default, and you can't declare bankruptcy on them either. Meanwhile, the rich continue to get richer, and if they screw up again, they'll get bought out by the elected officials that represent Wall Street.
Our country is screwed, and people still think they live in a democracy. You live in a plutocracy. Wake up and smell the roses. Get out while you still can, because when the house of glass collapses, it's going to be ugly.
Ranman87: I will have to agree with you.
We are back to square one by choking Iran's oil supplies and oil prices shooting to $120.00
Hope you and others will have patience to go through the long post below:
IRAQ WARS
Net results of Saudi, Kuwait, UAE, oil companies and their lobbyists directed 1991 and 2003 Iraqi wars are
WINNERS
1. Saudi Arabia, Kuwait, UAE and other rich ME sharks became richer by manipulating oil prices too high.
2. Oil companies and their lobbyists. Oil prices, which were hardly $30 a barrel before 1991, shot up to $140 a barrel.
3. Since 2003, future traders, rating agencies, Wall Street and oil companies and their lobbyists transferred five trillion dollars from oil importing countries to oil exporting nations.
4. Rich Sunni ME sharks (Saudi Arabia in particular) funded Salaffi and Wahhabi mosques and Islamic radicals and terrorists all over the world. These Sunni Islamic radicals and terrorists are rampaging all over the world. World’s 80 percent of problems are due to them.
LOSERS
1. General US and European nations’ public. There have been high unemployment, cut in welfare measures, housing market collapse and more miseries. Since 2001, US spent three trillion dollars on Iraq and Afghan wars. Did the Saudis and co foot the bill?
2. Poor soldiers killed and injured and their families. In Iraq and Afghan wars 6300 soldiers were killed and 40000 injured.
3. High budget deficits and heavier borrowing. Many nations (PIIGS) and people are on line to bankruptcy!
4. Iraq will plunge into bloody sectarian civil wars leading to the creation of Shiastan, Sunnistan and Kurdistan. Here the losses are of Iraqis.
you forgot one main loser;"general Arab public"
never mind they never were winners before,trust me my friend its only few people who own all that money.while the rest of Arabs are struggling or invisible.
allan-ram: Arab public is in worst condition.
The problem is high dosages of different brands of Islamic mad cult religious heroin.
Here I have to agree with the commies: religion is the opium of masses!
Look at the most Sunni rulers starting from Saudi Arabia, UAE, Kuwait and others.
They are worse than beasts.
Ayotollahs, Shiites, is another brand. As they form only 20 percent, their madness has limited impact.
They are another bunch of mad dogs barking in all directions.
Dubai is growing more faster than China.Saudi Arabia is on it's way to becoming a superpower nation.America needs to quite depending on foreign oil,we need to drill oil on our own land.Pennsylvania is already letting oil companies test for oil pockets underneath the ground.A mile away from our home,Eagle(oil company)is already setting up a platform.I'll sell my house if it had oil under it.Then I can buy a super yacht.
Remember when Clinton placed a 'Luxury Tax' on US yachts and KILLED the US Boating industry???
The people that lost their jobs were not the Millionaires, they just purchased foreign boats(Sen Kerry). It was the US craftsmen that built the boats and the small and middle size boat builders...
The few US boat builders that survived were the ones that built US Military/DEA boats and/or catered to the foreign buyers...
Well, you see, AC Robertson, President Clinton (and her husband Bill) knew that in order to keep people from discovering that "all boats rise with the tide", you must either get rid of the boats or the tide, and it was easier to get rid of the boats.
The average household income in Dubai is about 70,000 dollars. It makes sense for people doing so well to want boats and yachts.
If one manipulates oil prices to the level of gold, then it is easy to pile up the household income numbers without doing much.
When the US and NATO forces ensure their safety by defending when signalled or attacking by pointing out enemies, then they can worry about shopping, boats, yachts, big harems and more!
The paid media also will one day scream and highlight: look how many poor girls and women of the world are assembled and well cared in these harems!
LOL,, you guys don't have a clue. I go through Dubai all the time and it's not what you think. The VAST majority of the people living there are not citizens, they are import labor. The 'crappy paying, lower class' is pandemic over there and much worse than the states, it's just not publicized on the E! channel, for example, because that story doesn't rate as well as the 'biggest most luxurious building/yachts' in the world story. In fact, with all this class warfare crap Americans really don't have any idea how good they got it. No perspective whatsoever.
Dave, I agree with you. I visited there and have a friend who works there (French nationalist). People in this country have no clue due to the crappy news we have here.. They think the news is reported oh so well here but it's the worst...
@ AC Robertson No, and you don't either. Because it was George H. W. Bush that signed the 'Luxury Tax" into law in 1990 and all but killed the boat building industry in the US.
during the George H.W. Bush administration when congressional Democrats persuaded Bush to sign a bill increasing the luxury tax on yachts in exchange for a promise -- later broken -- to reduce spending.
Read more: http://www.newstimes.com/opinion/article/Millionaires-and-billionaires-1468159.php#ixzz1pj1E7KhJ
Opps - You are correct...
About foreign labor. Yes these rich Sunni beastly rulers of UAE need lots of slaves to work for them.
One does not get citizenship rights even if one stays long! Even non-Muslim religious places are highly restricted. Property rights were denied for long. Now restricted property rights are given.
UAE rulers have invented bubbles of prosperity and kept the slaves including foreign labor that their bubbles are the best in the world!
Jonathan
I disagree about the slavery part about the foreign labor. Its true that they are not making the same money as the rest of the citizens of Dubai. But, they are earning. There is a reason why the foreign laborers are going there. The same reasons why illegals are comming to the U.S. To make a better livng than they were in their own native nations. They are there of their own accord. Secondly, we cannot hold other nations to our own standards. They never said: "Give me your tired, your poor/Your huddled masses yearning to breathe free." Their nation is also alot smaller than ours. In Japan you cannot become a citizien either, and they have a king aswell. But, no one really talks about them this way do they?
and this is our concern why??? if they bring the yacht here i hope the government checks on who owns them and tax them accordingly. nothing beats a dead beat!
Didn't Dubai have a giant real estate bubble? How are they able to afford yachts right now?
The average people are still doing better there than they are doing here.
Why dont you americans just give your government the go ahead to take out these countries enslave the population and steal there oil for yourselves you have the military its what you really want to do anyway then you would not have to look at these countries dominating your foreign and domestic policy with oil bribes and you can become a true military giant with unparalleled power and unlimited oil. No one can stop you not china not russia no one dole it out to your allies for cheap and be masters once again no more bowing down to muslims you will be there masters.
I agree with you!
As a first step, let them battle on their passionate sectarian (Shiites Vs Sunnis) and tribal lines. Keep miles away!
When their population is reduced by their jihads on each other, we can take care of the winners easily!
A little patience is required unlike John McCains, George Bushes and many more who jump and scream as the Saudis, Kuwaiti, UAE rulers direct!
When I hear about Dubai. The only thing I think of. Is about these leaders in places like Pakistan,Afghastan and Iraq. That billions of our tax-payers money sent to them. How many of them now have homes in Dubai bought by us tax-payers? Other than that, Dubia doesn't mean anything to this one.
Just looked up Karzai--He owns a 6 million dollar villa in Dubia. Isn't America tax-payers great?
Just looked up Pakistan's Zardari--He owns home in Dubia--Us tax-payers are so gifted on giving
Dubia haves 8000 Iranian Businesses. So much for a ban on Iran. From refrigerators,diapers,computer chips,aircraft parts or whatever. The supplies flow to Iran from Dubia.
Oh well, going to bed.
I use to watch all the boats loaded up for Iran from Dubai Creek....constant shipping every day and night and it won't stop.
Enjoy the pics.....you're paying for them at the gas pump......
Fantastic way to enjoy life away from crowded city life. We have seen in the Carribean, Southern Europe, Brunei, Shanghai, and Dubai now getting attention. Money in Dubai comes from many places, i.e. North and South America, China, Middle East and Russia.
Lesson to learn:
Buy only what you NEED. Pay it off ASAP. Learn to repair your old car. Grow a garden... (In a bucket if you have to). This generation has some waking up to do.
Do all of the above and you can still wave at the people when they go past you on their superyacht.