Sela and Icon Saudi have signed a Memorandum of Understanding (MoU) to build a superyacht repair and maintenance facility in Jeddah.
The MoU, signed during this year’s Monaco Yacht Show, put forth a framework for the two parties to develop the facility.
The maintenance facility will accommodate the rise of yacht traffic in Saudi Arabia, following by the launch of recent yachting infrastructure such as Red Sea Global’s AMAALA Yacht Club and yachting regulations introduced by the Saudi Red Sea Authority in recent years.
Sela, an entertainment and hospitality company, is already involved in the region’s yacht market, counting luxury property Jeddah Yacht Club and Marina as part of its holdings.
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This follows news of Saudi Arabia’s first superyacht event, scheduled to take place in October 2027.