Latest news with #R7.8bn
TimesLIVE
07-05-2025
- Business
- TimesLIVE
How SA is becoming a sailing mecca
We all love an investment we can enjoy while it also earns us money. It could be a classic car that appreciates in value while you are enjoying a summer's drive along the Garden Route or a guest house that doubles as your holiday home and a rental when you're not there. What about a yacht? Admittedly, that's a big-ticket item, but chartering is what many owners in Europe and the US do, and there are signs it could be growing in Southern Africa. I'm not talking about big superyachts, because vessels up to 25m represent the fastest-growing segment of the market in SA, with chartering predicted to rise by a compound annual growth rate of 5.1% every year until 2030. According to Grand View Research, that could see the market valued as high as $143m (R7.8bn), an impressive number when you consider Saudi Arabia, with its vast investment in superyacht infrastructure at Neom, is likely to have a charter market value of $276m (R15.1bn). The increase is being driven by demand for recreational yachting in SA and across the continent, specially in light of the increase in wealthy individuals. Further interest is coming from international visitors, eager to maximise their luxury experience. Even Generation Alpha is getting in on it as the children of the wealthy look for new ways to travel and new experiences. While many have looked at popular charter spots such as the Seychelles or Mauritius, SA is evolving as a destination for yachts. In 2024 marinas reported a 10% increase in visiting boats, including the glamorous superyachts that grabbed attention. Investment in marina and harbour facilities is making the South African coast more inviting, and the announcement of the Superyacht Hub in Cape Town is likely to attract more yacht owners. There's a wider market at play here too because the Middle East and Africa are fast becoming popular destinations for yachting, with the UAE leading the way. The decline in piracy issues in the Indian Ocean makes it easier for luxury yachts to cruise the eastern coast of Africa, starting or ending their journeys in SA, and there are many islands and cultural towns to visit along the way. It all points to a future where we could see more yachts off our popular coastal spots, and there are many options for new and pre-owned in the up to 25m sector. Naturally, if we're going to promote local you could buy local and SA is a world leader in luxury catamarans. Kinetic Catamarans, Two Oceans, Knysna Yacht Company and Xquisite Yachts are all renowned worldwide for their design and quality. You could combine sailing with electric propulsion with one of the latest vessels from Hop Yacht or go more tech with a foil-assisted twin-hull from Hysucraft. Alternatively look further afield and the choices grow with names such as Gulf Craft, Princess and Sunseeker. Gulf Craft is based in the UAE and has brands in its stable including Majesty, which we had a closer look at in Monaco last year. Its Majesty 60 is a fantastic option for those seeking the superyacht experience without the size or price tag, as are Gulf Crafts' Nomad range. Princess is, of course, a well-known name around the world and the British yacht builder has a number of options to choose from. One of our favourites is the S80, a sport bridge yacht with real presence, lots of deck space for entertaining and a sumptuous interior with accommodation for eight guests. Sunseeker has been a popular yacht name in Southern Africa and across the globe for years, and across its range it has something for everyone. Its most recent models include the Predator 55 and Ocean 156, but it has also updated its Manhattan 68, one of its most popular luxury yachts. Measuring little more than 21m, it has a new flybridge layout, perfect for enjoying the open air. The interior offers all the refinement of much larger yachts and it has up to four berths, including a spacious owner's cabin accessed by its own private staircase. Admittedly, most of these are going to cost more than the average classic car, in some cases more than many houses, but a luxury yacht opens up a world of possibilities — to explore, to create memories and stories. It also opens up the world, with the chance to travel anywhere with family and friends, or have the yacht sailed or transported to your next holiday destination. The option of chartering your yacht for private or corporate use further adds to the attraction.
Zawya
04-03-2025
- Business
- Zawya
South Africa: MIC CEO Mary Bomela steps down after 15 years of growth
Mineworkers Investment Company (MIC) has announced that its chief executive officer, Mary Bomela, has stepped down from her role after a 15-year tenure marked by significant growth and strategic expansion. Bomela's leadership has been instrumental in MIC's success, particularly highlighted by the company's strong performance in the 2023/24 financial year. During her time as CEO, MIC's net asset value surged from R2.8bn to R7.8bn, demonstrating the effectiveness of her strategic vision and execution. Over the past three years, MIC has deployed R2bn into new investments, diversifying its portfolio across technology, financial services, and the consumer goods sector. Notably, the company recently added Chill Beverages and Tropic Plastic & Packaging to its investee portfolio. Bomela also championed the empowerment of black-owned businesses through MIC's Khulisani Ventures, an investment vehicle focused on innovative and disruptive South African enterprises with high-growth potential. According to MIC, Bomela's "fearless approach to leadership" was pivotal in driving the company's success. She implemented a new management structure, streamlined operations, and built a high-performing team. Exceptional leadership "Mary has been an exceptional leader and driving force behind MIC's success," said Tshepiso Poho, board chair. "Her leadership has transformed MIC into the respected company it is today, with a strong balance sheet and solid investment track record." Bomela's commitment to empowering women in finance has also left a lasting impact, inspiring future generations of female leaders. Her achievements were recently recognised with a finalist nomination for the RMB Africa's Fearless Thinker Award 2024. "As MIC turns 30, I am proud of what we have achieved together, and I am confident that MIC will continue to thrive under new leadership," said Bomela. "I thank the board, my colleagues, and our investees and business partners for their support and trust over the years." New CEO search The company has initiated a search for a new CEO to ensure a seamless transition. "After 15 remarkable years of dedicated service, we extend our heartfelt gratitude to Mary for her exceptional leadership and vision that have propelled the company to new heights," concluded Poho. "We wish her all the best in their future endeavours. As we embark on a new chapter, we remain committed to ensuring a smooth transition and ongoing success for our organisation.'
