The global economic downturn is impacting the sale of luxury and leisure boats in the Middle East. Marine Consultant Mike Derret said boat sales in the Middle East will decrease by about half in the next one to two years. Last year 1,200 boats were sold and in 2007 1,500 were sold.
Mr. Derret predicts the effect of the credit crunch will not be as severe as in the United States or Europe where sales are expected to plummet by 75%. He told the AFP things are more likely to bounce back here because there is more potential in the Middle East and Asia.
