Industry Insights

 

Ahoy, Beirut!

Nestled in a central geographical location, Beirut enjoys plenty of sunshine and a wealth of splendid resorts, private clubs, and marinas lined up against the azure waters of the Mediterranean. It embraces a blend of business-savvy and luxury lifestyle, making it a go-to destination for Middle Eastern and Arabian Gulf elite looking to moor their boats, soak up the sun, and indulge in the glitz and glamor of the city.

According to a recent report by the Superyacht Builders Association, the tendency of ultra-high net worth individuals (UHNWIs) in the MENA region to buy superyachts built within the last 15 years is the second highest in the world, after Eastern Europe, standing at 20%.

Reports also indicate that the number of high-net-worth individuals (HNWIs) in the Middle East and their net wealth is in fact increasing and anticipated to grow by 40% by 2024.

This spells good fortune for luxury yacht builders, nautical suppliers and providers of yacht and marina services, as the market of high-end boating expands, driven by the ultra- rich's ultimatum to own the finest of what the world has to offer.
 


A deluxe nautical experience

When it comes to marine luxury living, Lebanon has made great strides in recent years with several high-end developments popping up on the seafront along the shoreline. These include Zaitunay Bay that encompasses a private yachting hub and several fine dining and retail outlets, the recently open 5-star Summerland Hotel and Resort Kempinski, and Waterfront City Dbayeh; another major upscale project in the pipeline that combines leisure, business, hospitality and posh retail components catering for elite clientele. Lebanon is the hub for luxury with a strong portfolio of high-end designer creations and international labels to compliment the wealth and cachet of privileged customers.

There are three large-scale marinas in Lebanon that accommodate superyachts and speed boats: Joseph Khoury Marina, Automobile et Touring Club du Liban (ATCL), and Beirut Marina with another twelve smaller docks along the coast. Lebanon’s marinas combined offer more than 1,000 berths and receive boats from the GCC, Cyprus, Turkey and Greece all-year round.

 

 

Lebanon witnessed a 12.1% y-o-y increase in tourist arrivals in 2015 compared to a 6.3% increase the previous year.

A report by Global Blue Lebanon revealed that fashion and apparel accounted for a hefty 74% of total tourist spending in Lebanon in 2016, followed by jewelry and watches with a 12% stake.