Business

Super-yacht manufacturers look to Middle East

Updated 10:09 PM ET, Wed March 25, 2015
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Azzam super yachtAzzam super yacht
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The Azzam -- which at 180-meters-long is the world's largest yacht -- is reportedly owned by Sheikh Khalifa bin Zayed Al Nahyan, the president of the UAE. Klaus Jordan/Lürssen
Demand for luxury boats and yachts is high in the Middle East, industry insiders say.
A luxury boat is pictured at the 2015 Dubai International Boat Show.
Organizers say more than 26,000 people attended the event this year.
Most of the top ten biggest super-yachts in the world are known or rumored to be owned by rich but discreet Gulf sheiks. Carl Groll
Once the largest yacht in the world, Eclipse was made by German shipbuilding firm, Blohm & Voss who are bullish about their prospects in the Middle East market. AFP/Getty Images
As a result, shipbuilding firms in the Middle East like Gulf Craft are growing rapidly.