An Aston Martin Vantage S, a Mercedes, a Lamborghini Gallardo parked side-by-side at the American University of Dubai is a common sight for many there.
Among all the items billionaires buy with their money, high-class mega-yachts dominate the top-10 list of the most expensive luxury purchases, according to Wealth-X.
The Azzam passed the previous record holder for most expensive yacht, the $485 million Eclipse, which is owned by Russian oil tycoon Roman Abramovich, according to Wealth-X.
The sale contract for the LaFerrari model was signed in the first quarter of the year. According to Bazac, there is a very long waiting list for this model and the qualifying conditions are extremely difficult.
The Asian market for super-yachts is one that, although slow to cultivate, will have huge potential amid a boom in high-net-worth individuals.