Dubai-based port operator DP World has announced plans to build a marina for luxury yachts at Port Rashid.
The project, called ‘Port Rashid Marina’ has been launched in response to an increased demand for luxury yachts, the company said.
The first phase of the project will have the capacity for more than 400 boats and sailing yachts with lengths in the range of 15 to 35 metres. It is scheduled to open by 2018.
Meanwhile the second phase will be for luxury yachts that are more than 100 metres long.
Construction tenders for the project will soon be launched, the company said.
According to a feasibility study by Dubai-based consulting firm Fabmar Middle East, there is a growing demand in the market for space and facilities for mooring luxury yachts.
The study showed that the superyacht category represents the largest proportion of the demand for facilities with expectations of attracting owners from the Gulf region, Africa, Europe and Asia.
Chairman of the Ports, Customs and Free Zone Corporation and Dubai Ports World Sultan Ahmed bin Sulayem 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.”