Financial storm hits leisure boat sales in Mideast
March 30, 2009 00:00:00
DUBAI, March 29 (AFP): Sales of luxury and leisure vessels are on the rocks in the Middle East, where owning a boat for cruising, entertaining or fishing is seen as a status symbol, industry officials say.
Marine consultant Mike Derrett estimates that boat sales in the Middle East will halve in the next one to two years, down from 1,200 boats sold last year and 1,500 sold in 2007, due to the global economic downturn.
