In the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Mohammed Al Mannaei, Director - Mina Rashid DP World, on Saturday announced a plan to build a marina for luxury yachts at Port Rashid.
The new 'Port Rashid Marina' project was announced during the visit of Sheikh Mohammed bin Rashid to the pavilion of Customs and Free Zone Corporation in Dubai. Al Mannaei explained the microcosm of the marina and its various details, which attracted a large number of visitors to the Dubai International Boats Show.
The project comes in response to an increased demand for luxury yachts. Tenders for construction will be invited soon.
The first phase of the project is scheduled to open by 2018, with a capacity of more than 400 boats and sailing yachts with lengths in the range of 15 to 35 metres. The second phase will be for luxury yachts berth with length of more than 100 metres.
Sultan Ahmed bin Sulayem, Chairman of the Ports, Customs and Free Zone Corporation and Chairman of the Dubai Ports World, said, "The corporation will develop Port Rashid Marina as an integral part of its commitment to supporting the diversification of the economy of the UAE," adding that the project, an integral part of the Dubai 2021 Plan, is a qualitative addition to enhance Dubai's position as a major destination for luxury holidays and marine tourism.
He added the move reflects the vision of Sheikh Mohammed bin Rashid.
Fabmar Middle East, a Dubai-based consulting firm, conducted a feasibility study showing growing demand in the market for space and facilities for mooring luxury yachts, including the giant vessels sailing in the ocean.
The feasibility study showed that the superyacht category represents the largest proportion of the demand for facilities with expectations of attracting owners from the Arab Gulf region, Africa, Europe and Asia.