DUBAI —
More than $20 billion will be invested in Middle East waterfront developments in the next five years, according to an industry specialist.
Daniel Natchez, first vice-chairman of the International Council of Marine
Industry Associations (ICOMIA), said at Waterfront 2005 Dubai conference and exhibition on the future of regional coastline development, yesterday: “Middle East waterfront developments are plentiful and being pursued with a nearly unparalleled passion, with over $20 billion being invested in developing sea fronts and new marinas over the next five years.
In Dubai reclamation projects are now the norm as opposed to a dream or an exception. And demand for waterfront marine leisure is growing as was seen at the Dubai Boat Show which attracted more than 20,000 visitors and saw boat sales worth more than $100 million.” Natchez, who is also president of a US-based waterfront design consultancy, said marina and waterfront developments were now a global multi-trillion dollar industry as people have more disposable income and more leisure time. But he warned that regional developers had to understand public demand to succeed.
He said: “In such upscale developments as found in Dubai, one has to thoroughly contemplate needs and expectations. Failure to do so will create unrealised expectations, concerns, restlessness and finally seeking alternative developments in which to participate. Success breeds success, but failure to meet one’s needs opens the door for opportunities for others.”
Dubai, which is the regional leader in waterfront development, will see more coastal development projects in the future, according to Khalid bin Sulayem, director-general, Department of Tourism and Commerce Marketing, who opened the two-day event.
He said: “The existing waterfront developments in Dubai will keep us busy for years to come but more are on the way and will be announced in due course.”
Speaking about the huge investment potential of Dubai’s tourism industry, he said: “It is a very lucrative sector. Dubai hotels have one of the world’s best occupancy levels. The reasons behind its success are the strategic vision of the Government and intensive marketing which has proved highly successful. These initiatives have attracted tourists from many destinations in such numbers that the hotel business here is no longer seasonal but an all-year-round concern.”
Post Edited (yellow_bird) : 5/12/2005 11:32:34 PM GMT