Middle East Waterfront Development to hit US$ 20 Billion over Five Years

More than US$ 20 billion will be invested in Middle East waterfront developments in the next five years, delegates at Waterfront 2005 Dubai, a conference and exhibition on the future of Middle East coastline development have been told.

Daniel Natchez, First Vice Chairman of the International Council of Marine Industry Associations (ICOMIA), said, “Middle East waterfront developments are plentiful and being pursued with a nearly unparalleled passion, with over US$ 20 billion being invested in developing sea fronts and new marinas over the next five years.

“In Dubai reclamation projects are now the norm as opposed to a dream or an exception.

“And demand for waterfront marine leisure is growing by leaps and bounds as was seen at the Dubai Boat Show which attracted more than 20,000 visitors and saw boat sales worth more than US$ 100 million.”

Natchez, President of a US-based waterfront design consultancy, said marina and waterfront developments were now a global multi-trillion dollar industry as people have more disposable income and more leisure time.

But he warned that regional developers had to understand public demand to succeed.

He said, “In such upscale developments as found in Dubai, one has to thoroughly contemplate needs and expectations. Failure to do so will create unrealised expectations, concerns, restlessness and finally seeking alternative developments in which to participate.

“Success breeds success, but failure to meet one’s needs opens the door for opportunities for others,” he warned.

Natchez is one of a powerful Waterfront 2005 Dubai speaker line up probing a host of waterfront issues at the exhibition and conference, which runs at the Al Bustan Rotana Hotel until Tuesday, 10th May.

Chris Hayman, Managing Director of Seatrade, the organiser of the event, said, “Waterfront 2005 Dubai is addressing the key issues facing offshore development at a time of unprecedented government and private investment in these projects. It is the first dedicated business-to-business event for the sector and is setting the agenda for the future.”

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