We are proud to share that PHOENIX’s journey has been spotlighted in the SuperYacht Times. In an exclusive interview with Enrico Chhibber, Ian Harris, Founder and CEO of PHOENIX YACHT MANAGEMENT, shares insights into the company’s foundation and rapid growth. He discusses his decision to establish PHOENIX in Dubai, driven by a desire to elevate yacht management services in the region. He also highlights the company’s evolution, from its early days to its expansion into charter, sales, and new build, and reflects on the unique opportunities presented by the Arabian Gulf and Red Sea as emerging superyacht destinations.
Could you explain your decision to establish PHOENIX YACHT MANAGEMENT and why you chose to locate your company in Dubai, UAE?
The decision to establish PHOENIX YACHT MANAGEMENT was driven by my extensive experience in managing and operating some of the most renowned yachts in the industry. A couple of years ago I found myself in a position where I was perhaps lucky enough to join any other management company. However, I believed I could do better, as I saw an opportunity to innovate and enhance existing yacht management services. So I decided to start over by gathering together a team of highly skilled ex-colleagues from various sectors of the industry and create a new yacht management company to provide high-value services to serious clients worldwide. With over a decade of experience in the super yachting sector, I embraced this new challenge, which was far more challenging than anything I had previously undertaken and something I had never envisioned doing.
As for the decision to be headquartered in Dubai, it was a result of several factors. Firstly, there was clearly a gap in the market for quality yacht management services in the region, which is supported by the rapidly developing maritime infrastructure and the increasing number of ultra-high-net-worth individuals (UHNWIs) coming to the UAE. The existing saturation of yacht management and brokerage firms in Western Europe also played a crucial role in my decision. While there are some satellite offices here, there is a notable absence of independent and bespoke management companies specifically dedicated to serving this region.
Additionally, my familiarity with the UAE further influenced my decision to base PHOENIX in Dubai. My previous commercial career and experience with several large superyachts, allowing me to establish strong roots and a deep understanding of the region. This local knowledge and experience positioned us to better serve our clients and capitalise on the unique opportunities available in the UAE.
How has PHOENIX evolved since its inception?
Since its inception, PHO has experienced substantial growth in its service offerings. Our portfolio has significantly increased over the last year, now including superyachts from renowned shipyards around the world, such as Amels, Heesen, Gulf Craft, Lürssen, and others. Initially focused on yacht management, the company has rapidly expanded into charter and sales. We are currently enlarging our Sales and Charter teams and are actively developing our New Build services. We are overseeing a major project and are in negotiations for a larger vessel, with additional plans to construct a large explorer catamaran.
Additionally, there was a significant change in the organisational structure last year when I formed a partnership with Yousuf Al Hashimi during a yacht charter in the Caribbean. Following several discussions, Al Hashimi, intrigued by the superyacht sector and passionate about maritime activities, including participation in sailing regattas such as Cowes Week, decided to join PHOENIX YACHT MANAGEMENT as a Partner and Managing Director. Coincidentally, Al Hashimi’s first major engagement in the superyacht industry with PHOENIX occurred at last year’s SuperYacht Times event in Abu Dhabi.
Do you believe the Red Sea and Arabian Gulf region will soon rival the Caribbean as the premier winter cruising destination?
In terms of charter volume and thinking in a slightly larger arena, I do not envision the Red Sea and Arabian Gulf region directly competing with the Caribbean, where places like St. Barts are traditional and busy hotspots for luxury charter holidays, offering more entertainment and infrastructure.
Instead, the Red Sea, known for its natural beauty and adventure charters, particularly for scuba diving, offers a different kind of experience. The journey further extends to the Arabian Gulf, presenting a unique winter destination. The Gulf region’s combination of an ideal climate, modern infrastructure, luxury lifestyle, cultural richness, and high-quality services makes it an exceptional superyacht destination.
The Greater gulf region provides a unique type of adventure for those looking to try and explore new waters. This unique and distinctly different experience makes it difficult to compare the two regions directly.
However, in terms of the amount of yachts in the region, I believe we will soon be able to compete with the Caribbean. As a result of continued government investments in marine infrastructure, such as those in NEOM in Saudi Arabia and that ongoing in the UAE, it is expected that more yacht owners will choose to station their vessels in the region, thereby increasing demand for quality yacht management services in the region.
Moreover, there is an increasing need for high-end maintenance facilities in the Middle East to support the anticipated rise in superyachts. While such facilities are currently limited, regional authorities are actively working to address this gap. Recent updates to yacht charter regulations in the UAE demonstrate a commitment to advancing the yachting industry. PHOENIX alongside other key local stakeholders, has been a leading advocate for these developments.
How many of your clients are Middle Easterners versus Europeans, and how do the preferences of your Middle Eastern clients differ from those of Western clients?
As for the demographic of PHOENIX YACHT MANAGEMENT’S clientele, our client base is currently evenly split between Middle Easterners and Europeans. However, we are increasingly focusing on the domestic UAE market.
This dynamic is evolving as the Middle East is a booming region. Over the last 10 years, the region has completely transformed. You can see ultra luxury developments in the marinas, hotels, restaurants plus then the rich array of museums and large international events. This change is not limited to Dubai; there has been significant infrastructure development in the rest of UAE, Qatar, and Saudi Arabia. This of course affected the regional yacht market.
Previously, the largest superyachts (over 90-metres) were predominantly owned by Middle Eastern clients, while those ranging from 40 to 80-metres were more commonly chartered. Now, with regional developments and changes in marine law, more Middle Eastern clients are purchasing yachts in this size range. Furthermore, they expect these vessels to be managed to the highest standards, similar to the quality they have experienced with chartered yachts.
This interview was originally published on SuperYacht Times. You can find the original interview here https://www.superyachttimes.com/yacht-news/rise-of-phoenix-yachts