Pegasus Yachting to offer upscale yachts through series of alliances with leading manufacturers across the world

Dubai, November 18, 2004: Having established a firm presence in the UAE's freehold real estate sector, Pegasus Holdings, has launched a new business division targeted at the region's fast expanding leisure marine sector. The entity - Pegasus Yachting - will offer upscale yachts in the UAE through a series of alliances with leading manufacturers across the world.

The announcement of the new company coincides with Dubai's fast gaining popularity as a yachting destination for the rich and the famous. It also ties in neatly with the creation of bespoke marina-themed residential and leisure developments, which has already attracted the interest of the international and Middle East markets.

Mr. Imtiaz Panjwani, Managing Director, Pegasus Holdings FZ LLC said: "We have conducted a very detailed feasibility study about prospects for the yachting industry in Dubai and some of the other key Gulf markets. Everything points to an explosion of demand for yachts and the specialized services that go with it, with marine-themed developments such as The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira and The World islands from Nakheel, as well as developments from EMAAR Properties. 

The launch of the new business division comes as the local market anticipates the creation of a specialized marina zone in Dubai for yachts and other leisure vessels. While it intends to have all manner of yachts within its portfolio, Pegasus Yachting intends to specialise in the mid sized ones of between 35 to 48 feet. Negotiations have already started to strike exclusive distribution and marketing alliances for the region with yacht manufacturers from Argentina, Spain and Italy.

Mr. Panjwani further said that the first of these partnerships will be announced within the next few weeks.  "The rest of the world is discovering that Dubai is more than lots of sun and sand. A world-class infrastructure is being developed right now to raise Dubai's profile as a yachting destination, in line with similar destinations as the French Riviera and others in the Americas. 

"This is what the new company - Pegasus Yachting - will aim to tap into. Leisure tourism is high on the agenda of the Dubai Government, bringing as it does the possibility of year round revenues."

In fact, some of the other developments in and around the Gulf - such as The Waves in Oman and Qatar's The Pearl project - have eyed the same route. Elsewhere in the Middle East, Lebanon is revamping its infrastructure to strengthen its credentials. "What we are seeing is unprecedented," said

"The level of investments that are being channeled by most of the tourism development agencies and the private sector entities in creating support structures for the marina and yachting markets is substantial. "Given this backdrop, Pegasus Yachting will shortly have a more regional profile." Incidentally, this is the second venture Pegasus Holdings has launched with an outlook on the Gulf markets.

Pegasus Realty, set up in the third quarter of this year, started by targeting the freehold developments in Dubai as a market maker, and is now working on extending its reach into some of the other Gulf markets that are reforming their property sectors.

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For more information please contact:
Arun Rangachary/ /Ali Smadi
Percept Profile Gulf
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UAE
Tel: +9714-344 6373;
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© Press Release 2004