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Sri Lanka’s AMW to grow jet ski market with fractional ownership

ECONOMYNEXT – Sri Lanka’s Associated Motorways Plc, a unit of Dubai-based Al Futtain group is planning to grow the market for jet skis using a shared ownership concept amid expanding tourism and greater interest in watersports after the end of a civil war.

"You are not going to use it every weekend," AMW Managing Director Samantha Rajapaksa told EconomyNext. "You can get together with four of your friends and buy it."

AMW has the agency for Japan’s Yamaha whose marine division makes a range of watercraft.

A jet ski may cost about 1.5 to over 3.0 million rupees depending on the model and taxes

At the moment both tourist resorts and individuals were buying jet skis with annual demand around 100 to 150 units, Rajapaksa said.

Fractional ownership is a concept use to acquire assets that are not in daily use and is widely used in countries like the US to buy small aircraft and executive jets.

Sri Lanka’s tourist arrivals have surged after the end of a 30-year war but Jet-Skis are not available for rent at most popular beaches yet.

At the moment Jet-Ski usage was mostly lagoon based around Bolgoda and Negombo, Rajapaksa said. (Colombo/July22/2015/Update-II)

 

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