Dubai to host 'International Yacht Collection Middle East'

Dubai, 14 March 2009: Al Suwaiket Group, a leading KSA-based diversified business group, has announced the singing of a strategic partnership with US-based Trinity Yachts to establish their joint venture 'International Yacht Collection Middle East' to offer all luxury yacht-related services in the GCC, and the MENA region from its base in Dubai.

The launch of the new joint venture company comes at a time of noticeable growth in berths and marine facilities, with boat ownership in the region expected to really take off in the coming few years. The emerging regional markets have drawn the attention of leading global super-yacht manufacturers, while those parties concerned in the region have been providing the necessary facilities to support this industry. This support includes equipment, facilities, communication and maintenance, among others, as well as establishing a number of new berths and marinas, which is expected to increase over the coming years.

International Yacht Collection Middle East is full service yachting servicing company providing yacht building, yacht management, brokerage, charter management, retail charter, maintenance and repair, in addition to crew placement.

Commenting on the occasion, Sheikh Mubarak Al Suwaiket, President and Chairman of Al Suwaiket Group, said, "Entry of super-yacht and boat manufacturers and service providers to the region is a very important step in catering to the noticeable increase in the number of these boats and yachts in the region. The demand for these yachts is accompanied by demand for supporting services, and that is what we seek to provide through our new company". 

"We will have a number of branches spanning different countries all over the region, providing a full range services, and will have an international partner dedicated to yacht management, maintenance and professional yacht crew placement," he added.

John Dane, President and CEO of Trinity Yachts, said: "GCC and Middle East markets are promising ones for super yachts, particularly given the rising demand by private owners, the increasing marine facilities, and the easy legal structure for yacht ownership."

Al Suwaiket Group operates in a number of different fields, such as oil and gas, metal and process equipment fabrication, design, construction, food, catering services, meat and vegetable processing, agriculture, furniture, real estate, education, finance, and travel and tourism.

Trinity Yachts operates 2 modern shipyards: one in New Orleans, Louisiana and one in Gulfport, Mississippi, capable of building custom super-yachts over 100 metres in length. Trinity is ranked by "Showboats International" magazine as the "Number One builder of custom yachts in the world according to linear feet under production", and currently has 19 yachts under contract, six of which are being built for repeat clients. Trinity will deliver a 50 meter yacht to Dubai in the fall of 2009, with an additional two mega-yachts scheduled for delivery to Dubai within 20 months. 

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© Press Release 2009