Gulf Craft, the largest Gulf Arab yacht maker, projects modest sales growth in 2011 but hopes a new emerging market elite will spur its luxury boat business, its chief executive said.
The United Arab Emirates is home to some of the most exclusive harbors in the world. In the Dubai Marina, residents of luxury apartments look out onto a sea of gleaming yachts, while neighboring emirate Abu Dhabi has been holding an annual yacht show showcasing the latest superyachts since 2009.
But the global financial crisis and the regional disasters it triggered, such as Dubai's enormous debt woes, are still bearing down on the luxury boat industry.
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