High-end boating industry staying afloat

The sight of a glittering yacht gliding smoothly across the Mediterranean is one that inevitably draws quite a few admiring stares from onlookers, and is regarded as a lavish indulgence afforded only by those with a considerably high income. In Lebanon, such a sight is rather rare as only 80 of the 2,000 boats docked in the country fit the criteria of luxury boats — a number that contributes very little to the approaching $11 billion in global revenues for luxury boats estimated by Bain Capital in 2012.  Despite its small market share, Lebanese have an interest in the maritime luxury industry, reflected in the Beirut Boat Show. It is an annual event that showcases a variety of new boats and yachts and has achieved commendable success during its eight years. Although this year’s show was cancelled, many in the industry believe that the luxury boat market in Lebanon remains