Island Global Yachting (IGY) will develop and manage Dubai's first dedicated luxury marina on the man-made Palm Jumeirah, the company announced yesterday at the Monaco Yacht Show. With an estimated value of US$116 million (Dh425m), the Palm Jumeirah Mega Yacht Marina will house 75 berths, 30 of which will be capable of accommodating yachts between 50 and 165 metres in length, with the remaining 45 berths catering for vessels between 14 and 20 metres.
"The marina will open in the third quarter of 2009 and [be] located on the west side of Palm Jumeirah's trunk, adjacent to the Trump International Hotel," said John Cardona, the director of marketing for IGY, a luxury marina developer and management company. Despite the global economic slowdown that has impacted a number of industries in the high-end goods sector, IGY said it was confident it would not be affected and that the future of the marina market remained buoyant.
"Even amid the current economic climate, demand remains extremely high for these sized yachts, and we are delighted to be able to deliver the magnificent Palm Jumeirah Mega Yacht Marina through our partnership with Nakheel," said Michael Horrigan, the chief executive at IGY for the Middle East and Europe. This will be the US-based company's first foray into the Middle East market and the first time they have entered into a partnership.
"We own and operate 22 marinas in the Caribbean islands, so having a partner is something new to us and the only major challenge I see ahead is how we could keep up with the high demand," said Mr Cardona. He added that the average yacht mooring price at the marina would start at Dh500,000 a year, while contacts could be secured for as long as five years. To lease a berth at the existing Dubai Marina you must first be a member of the yacht club. Membership costs Dh24,000 to join followed by an additional Dh24,000 per year. The smallest berth, which spans eight metres, costs Dh19,000 a year to lease, while the largest is 35 metres and costs Dh126,000 a year - the equivalent of renting a luxury one-bedroom apartment at Jumeirah Beach Residence.
The design provides private yachts with spacious pontoons wide enough to accommodate two cars side by side. Other amenities include berth fuelling, dockside storage areas, and shore-side crew facilities. The marina will have security checkpoints at the connection to the Palm Jumeirah trunk. IGY recently announced that Anchor Marina, the first to operate on Palm Jumeirah, was on schedule to open this December. This will offer owners and residents of the Palm an opportunity to lease 590 berths. "We have leased 60 berths to individuals not living on the Palm, while the remainder will be for residents, who will also get a special rate," said Mr Cardona.
The company also has planned to open a marina in Abu Dhabi, he added. "In about five years, we will have a marina in Abu Dhabi, but we are still in the process of selecting a location." email@example.com