The Maritime Observer is an online news publication showcasing The Middle East leisure marine industry.
Introduction
In recent years, the superyacht industry started to feel a shift. Occasioned by the growing number of ultra-high net worth individuals, the average age of owners dropped significantly, and a new purpose of yachting chiefly attributed to the global pandemic, redefining the meaning of luxury to go toward more experience-based living. Therefore, to accommodate this new era of superyacht ownership, there became a need for new cruising grounds and commensurate luxury destinations. The Middle East, principally Saudi Arabia and the UAE, is one of the chief regions investing in infrastructure to create these alternative yachting hubs, providing winter or all-year-round destinations. With this exponential rise, this newsletter was established to chronicle the latest news, developments, and moves as this industry grows.
Now, we are officially over six months into 2024. For the superyacht sector and the region in particular, we’ve seen further developments made by several markets. Saudi Arabi continued with plans to build a superyacht destination, with luxury island NEOM and Red Sea Global, amidst reemerging concerns of piracy and political strife. The Kingdom also introduced a six-month temporary entry regime for foreign vessels to cruise the area. In the UAE, a newly introduced Maritime Code allows non-Emirati owners to fly the UAE flag on their sterns. Elsewhere, Qatar announced a new boat show in an effort to position the country as another premiere yachting hub in The Middle East, with the expansion of Old Doha Port as the show’s official home this November, and Egypt’s developed an active superyacht hub in the Suez Canal. , replete with new hotels, moorings, and commercial projects. with Isamilia Yacht Marina.