With the increasing relocation of High-Net-Worth Individuals (HNWIs) and Ultra-High-Net-Worth Individuals (UHNWIs) to the Gulf region, the area has established itself as a thriving market in the global superyacht industry for years, with the UAE being the regional frontrunner in a global industry witnessing growing demand at a projected CAGR of 6.6% (2022-2032).
The UAE, according to The Henley Private Wealth Migration Report 2024 released by Henley and Partners, is home to around 116,500 millionaires, 308 centi-millionaires, and 20 billionaires, is set to become the most popular destination for millionaires in the world with an expected influx of 6,700 additional millionaires in 2024, a trend reflected in its expanding yachting industry.
The country hosts over 50 shipyards, as well as the largest number of superyachts in the region and year-round events and boat shows. Beyond yachting, the marine sector as a whole contributes over AED 129 billion to the national GDP, supported by its strategic location in the Arabian Gulf.
With the industry’s growth, there has been a global shift in focus, driven by a younger, environmentally conscious consumer base demanding sustainable products across the yachting supply chain. However, sourcing sustainable ship-building materials remains complex and resource-intensive. Currently, fewer than 5% of the 4,500 superyachts in operation worldwide incorporate significant sustainability measures, and under 10% utilise recyclable materials in their design.
Key players from across the luxury sectors, including yachting, have joined forces to establish BioSoul, an independent initiative that provides sustainable solutions for architects, designers, and marine builders, with a new global headquarter based in Abu Dhabi.
This move has been underpinned by an agreement signed with the Abu Dhabi Investment Office (ADIO) during the prestigious Monaco Yacht Show 2024, signed by Khalifa Al Mahmoud, Acting Director of Investor Attraction at ADIO, and Sarah Colbon, Co-founder of BioSoul, during a ceremony at the UAE Pavilion at the Monaco Yacht Show.Through the agreement, the Emirate is setting a path to channel its leadership in sustainability towards innovative marine solutions and technologies.
Khalifa Al Mahmoud, Acting Director of Investor Attraction at ADIO, said: “BioSoul’s decision to establish its global headquarters in our Emirate is a testament to our shared commitment to driving the green transformation. This partnership marks a significant step in fuelling long-term growth, not just in the marine industry, but across diverse sectors, reinforcing Abu Dhabi’s position as a global leader in sustainable solutions.”
Sarah Colbon, Co-founder of BioSoul, said: “We are committed to making impactful connections to drive sustainable change. As a global hub for innovation, Abu Dhabi’s marine sector provides an ideal platform for BioSoul to help further the circular economy in alignment with the UAE’s Green Agenda – 2030. Our vision extends beyond the marine industry, and with ADIO’s support, we can realise our commitment to building a better world—consciously and collaboratively.”
