JORDAN BELFORT, THE YACHT MASTERS OF THE U.S. MEN’S YACUNTS, ARE EXPECTING TO LEARN NEW TECHNIQUES, INSTEAD OF EXPERTISE.
The owners of the two-storey, six-deck yacht, which was built in the 1960s and sold in the late 2000s, are looking to diversify their business after the arrival of the Dubai Tourist Authority in 2020.
The UAE has seen a surge in yacht-related activity since the start of the 2020 Tourism Development Authority, which has launched a raft of projects aimed at attracting tourists to the Gulf country.
In addition to a series of tourism projects, the authority is planning a $50 million tourism complex in the capital, with a number of hotels, bars, restaurants, shops and nightclubs set to open.
It is expected that the new development will feature a hotel with a pool and spa, as well as a hotel-hotel, hotel-condo and restaurant-hotels.
The project has been approved by the Dubai Tourism Authority and is expected to begin construction in 2020, according to a statement from the Yacht Masters of the UAE.
Yachtsmen say the YACUMS have the potential to provide a competitive advantage over other international vessels.
“This is a very interesting opportunity to create some new revenue streams that will help us compete against other international carriers,” one Yacht Master said.
“This will enable us to expand the Yachtsman family and create more jobs.”
The Dubai Tourism Development Board (DTAB) is planning to award the construction contract for the new project in 2020 to a company that is a member of the Royal Caribbean International Group.
Dubai is one of the largest ports in the Middle East and is home to a number popular yachts.
In addition to the YMCA, Dubai has also recently begun construction on the Yashmar, a 12-metre (39-foot) luxury yacht, and a luxury cruise ship called the Yuzuru.
Other yacht owners are also exploring the possibility of diversifying their business.
The yacht master of a two-building yacht in the UAE, Jordon Belfort, is also planning to expand his business into luxury cruise ships.
“There are so many opportunities to diversified and innovative ventures and this is one more of those opportunities,” he told Al Jazeera.
“I want to start a company, and I have a boat that I would like to do something with.”
The UAE Tourism Development board also plans to award construction contracts for the Yamanoukan, a six-storeier luxury yacht which will also be the tallest yacht in Abu Dhabi.