Erwin Bamps Shares Insights on His Return to Gulf Craft
By Mike Derrett
CEO speaks to IBI in Cannes about his renewed leadership role and the company’s ambitions in global markets.
After a six-year absence, Erwin Bamps returned in April as CEO of Gulf Craft, the UAE-headquartered yacht and boat manufacturer, where he works alongside chairman and majority shareholder Mohammed Hussein Alshaali. During the Cannes Yachting Festival, Erwin spoke with IBI’s Middle East correspondent about his return to the multi-faceted yacht and boat builder.
Q. What is it like to be back in the UAE, in the CEO role you left six years ago to work for Prestige Yachts in France?
A. Sometimes it feels like I never left! However, I was genuinely happy to have the opportunity to work with the company again, which I started with in 2002. With my family, I have spent much of my career outside Europe in Asia, including the 17 years with Gulf Craft, so returning to Gulf Craft and the region held no major surprises for me. But I would say working with Prestige Yachts in Europe brought valuable new experiences.
Gulf Craft CEO Erwin Bamps highlights the UAE’s appeal, citing its low-tax environment and government-facilitated ease of doing business. “In many ways, Dubai is the new Singapore,” he says.
Q. You clearly have a passion for the Middle East. What attracts you?
A. It’s the ‘can do and why not’ culture in the region, where people embrace every opportunity; this becomes contagious, almost intoxicating, and you get used to it. When I went back to Europe for six years, I realised what Europe is rich in: its culture and traditions, but I also realised that change is incremental in Europe, while in the Middle East and Asia, you have people around you who are not afraid of making more radical step changes. In the boat industry, that means when you come to the table with new ideas, it does not mean waiting for two years while you do a study; your time to market is shorter. That’s a benefit when global markets are constantly changing, as they are right now.
Q. So what are your thoughts on the global boating markets?
A. With global markets as unpredictable as they are, it’s difficult to make solid plans, so you must learn to operate with continual fluctuations. It’s difficult to make a five-year plan when you must adapt every six months. However, for myself, working in Asia and the Middle East for much of my career, unpredictability and rapid change are the norm, and I became familiar with operating in these conditions where change is seen as an opportunity rather than a challenge.
Q. What changes have you noticed in the UAE market since your return?
A. The appeal of the UAE as a place for people from all over the world to come and live is very apparent. They are attracted by the low tax environment and the ease of doing business that is facilitated by the government. In many ways, Dubai is the new Singapore.
With the boating market in the UAE, growth in marina developments has continued, but more in the direction of making marinas destinations, so that cruising along the coastline is easier. Boat-building quality in the UAE has also made an incremental leap, with many builders now using CAD and CAM and producing high-quality boats, something apparent at the Dubai and Abu Dhabi boat shows over recent years.
Q. What is a key tip you can give to marine industry colleagues wishing to do business in the Middle and Asia?
A. People buy from people, especially in the Middle East and Asia, where personal relationships are more important than in Europe. It is vital to develop your contact base and, most importantly, your company’s reputation.
Q. What markets are Gulf Craft and Majesty focusing on right now?
A. We’ve spent the past months shaping a dealership strategy designed specifically for the needs and expectations of our clients around the globe. As we look to the future of the Majesty superyacht collection, the United States stands out as a cornerstone of our global growth strategy. We’re proud to share that Majesty superyachts has officially joined forces with Denison Yachting, one of America’s most trusted and well-connected names in the yachting industry. This exclusive representation in the US marks a major step forward in our commitment to the market, one we believe holds immense potential for Majesty, despite the ongoing noise around tariffs and regulations. With Denison’s deep-rooted presence and proven track record, we’re confident this cooperation will significantly increase Majesty’s footprint across North America.
Another key region we will focus on is Asia. This will be across the size range that our brands – Majesty, Nomad, Silvercat and Oryx – embrace, starting from just over 30ft in length, in addition to the Majesty superyacht collection, which goes up to 175ft
It is a great honor to once again take on the role CEO of Gulf Craft and be able to lead a team at a company that’s making waves in the leisure marine industry.