Entrepreneurship and yachting are two walks of life that have not necessarily been bedfellows. But the creation of new innovations is essential for shaping economies, contributing to the workforce, and enhancing the sectors they enter. And there were plenty of those creators keen to get the ball rolling in the leisure marine industry; they just did not have a community, playbook, or platform to lead the way. That is what Gabbi Richardson set out to achieve when launching Yachting Ventures, a hub that supports the growth of startups throughout their lifecycle.

The startups that joined Yachting Ventures at various stages of their growth have collectively raised £650 million to fund their ideas. That is quite impressive, considering entrepreneurship in the leisure marine industry hasn’t always been widely embraced, and complicating matters was the lack of investor interest in backing these leisure marine technologies. Yet Richardson found a way to make both sides of the coin see the value in fostering both hardware and software products, but it wasn’t without the obstacles she had to surmount.

In this interview, the Mallorca-based Richardson recalls the pivotal moment when she traded her law career for this adventure, outlines the characteristics founders need to succeed, explores the Middle East as a leisure marine investment destination, and discusses what the future holds for startups in the industry.

On the news front, IGY Marinas continues to expand its regional presence, Abu Dhabi is set to build a new marina and yacht club, UAE-builder Gulf Craft enters the 40-meter yacht segment with the flagship Majesty Brand, and Italian designer Luca Dini branches out to Saudi Arabia.

Thank you for reading,

Faisal

faisal@maritimeobserver.com

With Yachting Ventures, Gabriella Richardson is on a mission to make the leisure marine industry a place where startups can thrive

While retrofitting a 1980s sailboat, the 21-year-old Matteo Senes grew frustrated. The yacht management software he sought was antiquated and hard to use, so Senes decided to start his own. He co-founded Nauticare, an AI-powered platform automating yacht operations.

To increase the product’s visibility among players in the leisure marine industry, Senes needed help. A predicament that befalls many founders in the space, launching startups in the market can feel like a lamb staring into a lion’s jaws at times, where attitudes toward new technologies and innovation can be unwelcoming. Fast forward to November 2025, Senes took Nauticare to the RAI Amsterdam Convention Centre, the multi-hall venue that houses the influential Metstrade show. He was among the up-and-comers showcasing their wares in the Superyacht Startup area. It was set up by Yachting Ventures, a platform helping startups in the industry launch their businesses and raise funding through marketing and events.

Senes joins a deep bench of over 500 founders who have become part of Yachting Ventures since the pandemic-born project blinked to life, with the startups in its community raising over £650 million in funding. And behind the ambitious undertaking is founder Gabriella Richardson, or Gabbi, as she is known to anyone in her orbit, who, like any curious entrepreneur, was seeking a solution to a problem she had observed. “There was nobody talking about startups, nobody. It definitely wasn’t consolidated, and there wasn’t a centralized place where people could look for and engage with startups, find investment opportunities, and get the support that they needed in order to get their business off the ground.”

Yet “founder” is a scant identifier for the woman who has arguably cultivated an entrepreneurial ecosystem in the industry, fought behind the scenes to make room for startups in established events, served as a connective tissue between founders and investors, and promoted leisure marine innovation in markets that have not considered it before. Just like many of the founders she has championed, the project wouldn’t exist if she hadn’t taken a risk herself.

A lingering entrepreneurial drive

For Richardson, a career in the maritime field was never the plan; she was set to become a lawyer, a choice deemed “vocational.” But the yachting world has always existed in her periphery. It was the backdrop to her childhood in Mallorca, Spain. It was a summer gig she took up, working as a stewardess on a 30-meter Ferretti during her summer break from university, and it was the niche that would help her secure a training contract.

Leisure marine and its encompassing world would become central to Richardson’s life post graduation. A two-year stint as a charter broker in London at TJB Super Yachts and Camper & Nicholsons, respectively, helped her learn the ropes of the industry, but the push and pull on deciding between yachting and the law started tugging once more - ultimately bringing her back to the latter, believing she was better off finishing what she started. That was when she joined SeedLegals, a company helping start-ups navigate the avalanche of legal documents and fundraising requirements that come with entrepreneurship. Richardson had different motives for taking on the role than what it ended up providing her, “The decision was purely in order to enhance my training contract applications. But it ended up being the most pivotal work experience that I had in my career, because it introduced me to the startup world, to funding rounds, entrepreneurs, and the whole startup community globally.”

With the idea of yachting still percolating in the back of her mind, it was because of Richardson’s time at SeedLegals that the dots connected, and she came up with Yachting Ventures. The motivation for going forward with the project was simple: “I just wanted to support the entrepreneurs that I was seeing in the space and ultimately make the industry more digitalized, streamlined, optimized, and better for everyone,” says Richardson.

Conceiving the project in the throes of the COVID-19 pandemic was one of those right-time, right-place moments. “People who were maybe thinking about starting a business, suddenly kind of were putting more effort into doing so, because their lives had been turned upside down,” explains Richardson, and if she had any misgivings about Yachting Ventures succeeding, they quickly melted away when the pilot program, originally offering 15 spaces, received 75 applicants. After two years of chipping away on the side, Richardson was ready to make Yachting Ventures a full-time commitment.

The superyacht sector: Making startups the norm

After spending the first half of her 20s as a yacht crew member, Leah Tennant’s time on 45-meter Heesens and 99-meter Feadships gave her a sense of her next move: she wanted to find a remedy to the toxic cleaning products used onboard. And at 27, she invented Washdown, introducing a range of biotech cleaning materials good for both humans and the environment. Early on in the nascent Washdown, Tennant found guidance in Yachting Ventures, helping her land coveted speaking spots at events in Spain and Abu Dhabi. In addition to strengthening the brand’s identity, the community in these events afforded Tennant the chance to pick the brains of founders with similar journeys and struggles.

For Richardson, proselytizing boat show organizers on the importance of making space for entrepreneurs proved challenging. “When we first started doing the event collaborations, it was really quite difficult to get the boat shows to understand the need to support startups, showcase them, and give the space at a discounted rate with the slightly longer-term view that the startups will then come back as full-time exhibitors,” she says.

That these nautical events would initially struggle to grasp the importance of platforming early-stage companies spoke to an industry-wide problem. “The kind of attitude towards innovation was quite archaic in the sense that startups were kind of seen as risky business, threatening the legacy business models,” recalls Richardson.

The global recreational boating market, valued at approximately $35-48 billion in 2026 and projected to reach between $55-93 billion by 2032, according to the National Marine Manufacturers Association, will only benefit from the people bringing fresh blood to the industry, Richardson posits. “Entrepreneurs and startups just drive the world forward, right? Because they’re so agile. They’re the ones that are coming up with the new products and the innovations.”

And there is a good reason for new entrants to strive to achieve this in the 24-meter-plus segment too. For the superyacht industry, the road to becoming greener remains its most pressing item on the agenda, Richardson believes. “Alternative fuels are still a big topic in terms of decarbonization and sustainability. We see more electric jet skis, engines, and boats coming into the market, potentially not so much on the superyacht side, but I think [they] will follow when it comes to alternative fuels.” And if the next pioneering solution is currently in the pipeline, it is down to the founders to tackle the most crucial step: securing the financial backing.

To master the art of courting investors? Become the brand

Beyond her advocacy within the industry, one of the growing pains cropping up early in setting up Yachting Ventures was cottoning investors to find value in backing maritime technology innovation. Why was Venture Capital, one category of investor, which has permeated into every segment of the tech world, and with $1.25 trillion in assets under management, keeping an arm’s length from the marine business? Richardson believes this was partly attributed to the nature of the sector. “The market size is small in leisure marine and yachting, so institutional investors like [Venture Capital] firms, for example, don’t fully get the numbers or think that there’s a big enough market here for unicorns to be built.”

Many of the marine investors acquiring stakes in companies were in the family. “The majority of the investors in the space then tend to be either angel investors, individuals, or groups of individuals that are either interested in boating, have built boating businesses themselves, have a boat, and are just kind of interested in this kind of tech.”

As for non-boating aficionados, Richardson discovered that startups can secure venture funds by inventing products that apply across multiple boating-adjacent sectors. “If a startup is building some kind of product for the yachting industry, like a software solution, that could fall within the travel tech category, then a VC will look at it,” she says.

Even with the imprimatur of being showcased at boat shows and getting in front of a prospective investor, Richardson cautions that these opportunities will only take a founder so far without the necessary characteristics, which are twofold. The first: becoming the brand. “If you can’t market it properly, if you can’t communicate, if you can’t build relationships, if you can’t pitch yourself to investors, you’re not really going to get that far with the products,” she says. “Being a good people person in this industry is actually quite key.”

The other trait Richardson sees in the ones who succeed? An expedient way of operating. “I think the founders who really do well are the ones who get moving. The ones that have prioritized execution, getting it out there, and have not worried too much about the perception in the market,” she says. “As soon as you can get the product into people’s hands and people start using it, the better.” These qualities will come in handy for one specific market with an appetite for supporting emerging leisure marine entrepreneurs, the Middle East.

An organic synergy: the appetite for marine technology innovation in the Gulf

Anyone who has visited the Abu Dhabi International Boat Show in the past few years would have seen the “Innovation Zone” pavilions, a staple of Yachting Ventures and the beginning of Richardson’s foray into the Middle East. “The organizers just really got it, welcomed us with open arms, and wanted us to come,” says Richardson, for whom the Gulf in particular was one of the startup hubs naturally attracted to boating innovation. “It’s great doing business out there. People just make decisions quickly. They move quickly. There’s loads going on. There’s a bigger and bigger startup culture. There are more and more entrepreneurs moving out.” From there, Yachting Ventures would establish a presence at the Dubai International Boat Show with the Startup Zone - Richardson has even considered transplanting to the area as well at one point.

For the region, which has been establishing itself as a winter superyacht destination, Richardson believes today’s founders are crucial in shaping its next decade. “The entrepreneurs who decide to open businesses out there to support the superyachting industry will be key because, at the end of the day, that’s what’s needed. You need the infrastructure, and you need the businesses out there to welcome the yachts and to provide the services that they’re used to in the Mediterranean. The entrepreneurs will do that.”

But, as Richardson cautions, making the jump to the Gulf, or anywhere else in the region, will not yield any fruitful outcome before mastering the folkways of the place. “The business culture in the Middle East is generally just a lot more relationship-based. So I think for founders that want to do business, being on the ground or dedicating three months to building relationships is really key.”

At the moment, geopolitical conflict in the region has affected most sectors, and the atmosphere for investment in leisure marine was not spared. “I would say that I’m definitely seeing less of an interest from the startups in the Middle East, in the sense that I used to get asked quite regularly on calls, for example, like, ‘what’s happening in the Middle East?’” says Richardson, who believes momentum may get picked up again come the Autumn boating season, which is where the Dubai Boat Show is rescheduled to.

AI: Disruptor or Accelerator?

Over time, many of the founders in Yachting Ventures’ constellation of startups have graduated to scale-up territory, an area where Richardson is allocating her focus. Meanwhile, she predicts that many of these early-stage companies will start to see exits in the next three to five years - venture capital jargon for startups that sell a stake in their companies, and receive a return on their investment. With the emergence of artificial intelligence, it is easier to make a prognostication than ever before.

In the last 3-4 years, perhaps nothing has altered the operations of creating a startup more than AI. “The way AI is really impacting the industry is helping founders to operate more agilely, require less funding and ship products quicker,” says Richardson. “Whereas before you might have had to have five developers in order to get a product off the ground, and that would have cost you God knows how much.”

Going forward, Richardson believes AI will be an indispensable tool for entrepreneurs, but only those who are smartened up on it. “If a founder is really clued up on how to leverage AI and AI agents, then they can really shorten those go-to-market cycles.” But the tool’s ascendancy has a dark cloud of data safety concerns hovering above it. “Security around data is a big topic; how AI can cause security breaches. So I think solutions that are addressing those will also be key,” she predicts.

Determine your destiny

Nowadays, the adoption of startup-led products has grown from a curiosity to becoming a substrate of the marine market. But back when Richardson was gearing up to go full-time on Yachting Ventures, she was unsure if this was a road worth taking, until she was left with a moving piece of wisdom. “A friend of mine that owned a business told me, ‘having your own business is like the least risky thing you can do because you’re responsible for your own salaries, your own work,’” she says, disabusing the notion that this choice is not suited for everyone. “I think there’s a misconception that you’re either an entrepreneur or you’re not. But if you have the right idea, the right passion, and the right energy behind your idea, anyone can be an entrepreneur.”

A few years later, Senes, the software founder, would end up selling the vintage sailboat before getting the chance to use Nauticare on it - trading it for a family boat. And if working on that new vessel lights a fire within him for his next great idea, it is safe to say Richardson left the industry in a better place for him to build it in than when she found it.

• IGY Marinas to serve Egypt’s $1 billion Il Monte Gala Project as Marina Advisor

• Abu Dhabi’s Sobha City development to build 130-berth yacht marina

• Gulf Craft enters 40-meter yacht market with the launch of Majesty 145

• Italian firm Luca Dini Design & Architecture launches Saudi Arabia office

It hasn’t been smooth sailing for the region’s yachting ambitions, battered by the ill winds of piracy, regional tensions, and now, a full-scale war. The Dubai International Boat Show, originally scheduled for April, has been moved to November 2026, while superyacht-adjacent events in F1 in Saudi Arabia and Bahrain have been canceled. Every circumstance brings a silver lining, however, and the region will undoubtedly recover.

Straitened times won’t come in the way of the sectors refit market, where Gulf Craft is nearing the launch of its 10,000 sqm Superyacht Service Centre. And at the helm of the Ajman-based facility is Captain Patricia Caswell, who joins The Maritime Observer Newsletter to discuss her transition from the new-build side to her new General Manager post at the SYSC, the journey that led her here, and the virtues of a leader in any vocation for success in any field.

Thank you for reading,

Faisal

faisal@maritimeobserver.com

Turn left for servicing: With Gulf Craft’s Superyacht Service Centre, Captain Patricia Caswell plans to make refitting in the Middle East the norm.

The newly built Superyacht Service Centre by UAE-builder Gulf Craft boasts all the splendors of a refit yard: a 600-ton Cimolai travel lift, a 75-ton lift, and deep water berthing at a six-meter depth, to name a few. The 10,000-span facility, situated in Ajman, UAE, reflects a broader appetite for refit and service works both in the Middle East and worldwide. But, in an industry where human connection trumps any other factor, perhaps the facility’s most impactful feature is the addition of an Australian captain with three decades of experience in the yachting industry under her belt and experience to offer by the boatload. If you have ever stepped onboard one of Gulf Craft’s luxurious vessels in the past five years, you can thank Captain Patricia Caswell for making sure it’s seaworthy and good to go. The same could be said for qualities as a leader throughout her storied career. Whether on land or at sea, she has always approached leading her teams pragmatically, developing mechanisms that have trained her teams to evolve and grow. And this will surely come into play as she gets ready to embark on a new chapter with the builder.

During her tenure overseeing the yard’s new-build operations, Caswell has witnessed the rise of Gulf Craft, which has become one of the industry’s most prolific yacht manufacturers, in step with the growth of the Middle East as a superyacht destination. She was behind the successful sea trials of the world’s largest composite-production superyacht, the Majesty 175, and was elected Vice Chair of the MENA Leisure Marine Association in 2024. Caswell now serves on the Association’s board.

Now, she’s taking on her next challenge, stepping into a new role as General Manager of the refit and repair facility. In this interview, Caswell explains why both the region and Gulf Craft are in the right place at the right time to introduce these offerings, outlines the attributes of a successful refit facility, and why this sector is now perceived as an alternative to new-build. And Caswell’s career trajectory up to this point proves instructive to the overall project.

Captain Patricia’s entry into the industry

Caswell resolved early on to become a maritime professional. “I did a day trip when I was fresh out of high school and then decided that this would be for me,” she says, working charter yachts in Australia shortly after. Her big break, like many in the trajectory of a career, arrived organically. After receiving a call from a friend with an unmistakable opportunity, Caswell was parachuted to the Caribbean in 24 hours and became the first mate of a 36-meter. The demands of such a position, which one might crumble under, were what instilled a quality of leadership in her. “There’s always pressure, and you need a bit of pressure in life to really rise to the responsibility,” she says, touching on the principles that would shape her leadership style to this day, whether it’s on land or sea. “It’s really leading from the ground with my team. Whether as a captain on a yacht, I would be out on deck washing down with the team, or if we’re out here in the yard, we’re looking at problems. It’s physically being a part of it so that you’re working hands-on with the team.”

Eventually, Caswell made her way to the United Arab Emirates, where she worked on a fleet of yachts owned by a local family. Since that time, Caswell has had a front-row seat to the evolution of the Middle East as a cruising ground and could see the glimmerings of an emerging market. “The potential has always been there in what I see, but it’s been a pretty organic growth, and from the outside perception, a lot of people didn’t know what was already here, and I noticed that as a captain coming in.” Soon enough, Caswell would become instrumental in the region’s growth as a yachting destination.

The Shoreside Move

When it came time for Caswell’s next move, a post at Gulf Craft may not have been realized had her husband not noticed the job listing. “The Quality Control Manager position was advertised on a recruitment website in ‘oil and gas’, and I didn’t see it. My husband saw it actually, and he said, ‘Have a look at this, this could be interesting,’” she says. “At that stage, I reached out to the Gulf Craft team, and I came up to Umm Al Quwain to meet them, and it was just a match made in heaven. At the time, the Majesty 175 was coming out of production; they needed someone to take the helm of that for all of its sea trials and testing.”

Arriving at the manufacturing side of the market, Caswell’s first impression of the sector reflected its state at the time. “I didn’t notice how much of the maritime sector was actually already here; the support services and the ecosystem that goes along with it. It’s expanded a lot in the last 10 years,” she says, while also alive to the elements needed to further the market’s maturation. “Support services, facilities, a supply chain, making sure that all of the parts are available to do the work, and professional setups so that the larger yachts feel more comfortable about being here.” With Dubai in itself offering 22 marinas and 3,750 wet berths, the region has been able to scale the infrastructure needed to accommodate these vessels, which have started to arrive, and a difference was discernible year on year. In 2022, the region recorded 129 superyachts over 30 meters in length, a 38% jump from 2021. Although a series of geopolitical events may have dampened superyacht traffic in recent years, it is clear that the demand remains for a new winter destination. With an influx of vessels cruising the region, there arose a need for owners to upgrade and maintain their fleets.

The Refit Market: No Longer a Secondary Option

Repair areas have become pivotal to nautical activity. An average of 1,450 refit yard visits per year was recorded between 2019 and 2023, only for that figure to climb to 2,200 trips in 2024, according to the Superyacht Times Monaco Report. There are multiple reasons for this. The first considers the increase in the number of vessels on the water. As of November 2024, there are 6,215 superyachts over 30 meters on the water, up from the 5,245 vessels in operation in 2021, according to the Superyacht Times. More yachts meant more demand for service work. And the tinder for this surge can be traced back to the pandemic, when the rise of Ultra High Net Worth Individuals (UHNWIs) and the need for isolation proved a boon for the superyacht industry.

With demand mushrooming and interest in yachting rising, Caswell believes that undergoing a refit has become a means of entry into the industry. “It can be an alternative to the new build, it can also be a lead into the new build, especially for first-time buyers. Maybe they want to buy something that doesn’t have the immediate financial implication of a new build of that size, and you want to refit things to your specific taste. I see that trend in first-time buyers going down that route,” she says, acknowledging that the protracted delivery dates in new builds also play a role. “I also see the trend in lead time. New build yachts slots were all booked up, you can refit a bit quicker than you can do a whole new construction sometimes.” Therefore, it was only natural for the region’s largest builder to use its knowledge of the market to extend its services to the influx of boats cruising in the area.

The Middle East Embraces Refit

When Caswell first joined the industry, the concept of offering yachting maintenance and upgrades in the Middle East would’ve died on the vine. Carrying out refit operations was not possible at the time, as its capabilities were not yet available, and the needs of a superyacht owner were not addressed in a sector where engineering was primarily catered to commercial vessels.

As the market continued to grow, the possibility of sending a yacht for service work in the Gulf began to gain currency, as Caswell explains: “It’s the supply chain. It’s also the confidence in a professional enough facility that can do everything from the technical side to the aesthetics.”

Caswell believes the shifting trends in cruising patterns are opening up a new world of possibilities to drive this market in the Gulf. “You don’t have to do just a Mediterranean season and close down for the winter. Why can’t you turn left? Why can’t you do your servicing and a second season? This is all possible.”

Meanwhile, in Caswell’s view, a marked change in client punctuality has further contributed to the Middle East’s growth as a superyacht hub. “I see a big evolution of that happening in this region, where owners are really starting to pre-plan and get organised for their next season and the next year. We started having inquiries looking at our slots for June and July already, instead of just arriving at the facility and saying, ‘Can you quote me for this?’ Which is how it was 5-10 years ago.”

The Conception of the Superyacht Service Centre

When the builder announced plans to open a refit yard at the Qatar Boat Show in 2024, an (figurative) asterisk appeared next to the announcement: Offering yacht maintenance is not foreign to the builder. Gulf Craft has always provided services for its existing fleet; the difference now is that the SYSC is open to non-Gulf Craft vessels as well. Why? “We had the talent in-house and the ability to do it, so we wanted to provide more support across the region,” says Caswell. “That’s why we wanted to differentiate what we do aside from the production side of the business.”

To prepare for the SYSC, Caswell didn’t have to look far to know what the facility would need. “I did a feasibility study on what is actually here before we look at what boats could come here in the future or what the cruising grounds are. It’s about supporting your local market first,” says Caswell, who predicts that the majority of demand will come from local owners. But she also believes there is a reason for foreign clients to visit the region for maintenance work. “People are even coming from outside regions to us because they know that we have the knowledge for air conditioning systems, for higher quality exterior finishes and systems. I’ve had a couple of service and refit clients come to us specifically because of our knowledge of harder-wearing systems and the testing that we do.”

But ask anyone in the business, and you’ll find out how running a refit facility is different from new-build operations. The refit business brings a host of challenges, from supply chain issues and a shortage of skilled labour to the complexities of managing a project across international waters. And this is before getting into the weeds of the work. “Sometimes you don’t know what’s behind a panel until you lift the panel off, right?”

But Caswell is more than equipped to take on the task. “In service, you need to be a little bit more agile, sometimes think outside the box a little bit. More so in refit. We have to combine both sides of that,” she says. “Being able to, when you first look at a project, pre-plan before a boat even comes to the facility is one of the most vital parts to successful refits.”

What of the fact that Gulf Craft holds a wealth of skill and talent in its current labour force? Can those new-build qualities be parlayed into refit? “They’re transferable, but also we build on that. The experience of working on different systems, different vessels, and different designs is important,” says Caswell, whose experience as Quality Control manager will prove an asset. “I look at things from a very in-depth technical perspective rather than just a business perspective, and also running yachts in the shipyards and refits around the world in my previous career; bringing all of that experience gives the facility a very practical, hands-on approach to it.”

Paving The Way

Looking at Caswell’s journey in retrospect reveals one constant: she has never shied away from embracing new challenges. And with all her success in the field, it may be easy to overlook the fact that she did so in a male-dominated sector, where females only make 2% of superyacht captains today, let alone when she first started at 21 years old. Whether in this industry or elsewhere, her advice proves valuable to anyone who feels like their ambitions seem far-fetched: “All the opportunities are there. You’ve just got to be strong enough and put in the hard work to go and grab it. Getting advice from mentors and people around you is important because it’s hard to know which way to turn.”

And maybe it is in Caswell’s daily worldview that the secret to her success resides. “I enjoy every day. I love being out around the team and being down in the yard with everyone, doing different things every day; even when it gets tough, and it’s a bit of a challenge.” It is safe to conclude that the region’s refit ambitions are in good hands with Captain Patricia at the helm.

Visit sysc.ae for more.

· Dubai International Post Show postponed to November 2026

·Saudi Red Sea Authority (SRSA) appoints Dr. Maryam Ali Ficociello as CEO

· Omaya Yachts enters Middle East market with BB Yachts Agency

If you don’t know her by name, you have more than likely come across her work. Claire Hagen is the creative force and ultimate storyteller behind the yachting world’s funnest campaigns, created for the most prestigious brokerage houses and shipyards the industry has to offer. The secret behind her strategy? Her ability to infuse any campaign with emotional resonance.

Now, the award-winning digital marketer is promising to make use of the fleet of yachts lying there in port or at anchor, without even having to move them.

Below, Hagen discusses Armada Club, the members-only space offering dining and wellness on yachts at port or anchor. Meanwhile, she also muses about the state of yacht marketing today and how we must navigate the sector’s future.

Elsewhere on the news front, the Dubai Boat Show, in its new April slot, is starting to take shape, with Yachting Ventures bringing back the Start Up following its successful launch last year. Egypt’s Il Monte Galala development announced plans for a 150-berth marina, and AD Ports Group posted record revenues for the year.

All the best,

Faisal

Faisal@maritimeobserver.com

Most boats are sitting idle for months on end, and Claire Hagen is doing something about it: Inside Armada Club’s mission to bring new people to the industry.

In September 2023, a campaign by brokerage house Edmiston for the “not only on the water” campaign left its audience bewildered.

It was a shot of Port Hercule, populated with all the superyachts in attendance for the Monaco Yacht Show, in line with typical coverage for the event, but what was unusual was a hot air balloon, in the brand’s signature moody red, roaming the sky. Confusion abounded. Was it real?

It was not - the balloon was doctored into the scenery using CGI - but the campaign was effective in its out-of-the-box thinking. So much so that some attending the event thought they had missed it. With Claire Hagen, that was the point: to make the audience think twice.

The award-winning digital marketer, never afraid to colour outside the lines, is behind some of the industry’s most captivating ideas and is now using her marketing bent to court individuals who have the means to enter yachting but have never gotten around to it. In other words, she’s venturing into the unutilized space in yachting between owner and charter use, as a founding member of Armada Club: a private membership affair offering onboard dining and wellness on yachts in port or at anchor.

The reality is that most owners spend only 10-20% of the year onboard their vessels, and Armada Club promises to be the antidote to idleness with a concept never seen before in the industry. The formula is unique: sharing a similar strain to startup prodigies Uber and Airbnb - share a car, rent your house, operating with a whiff of Soho House, and sprinkling in some charter operations, the project exists in a rarefied space combining yachting, technology, and private members clubs.

And before understanding just how Hagen is approaching this ambitious undertaking, there is a journey that has shaped her digital nativeness and marketing expertise, leading her to this moment.

“It’s human psychology” - Creating a difference in marketing

The itch to get into marketing was instilled in Hagen in her formative years. Her early accolades include a first-place prize in the UK for creative strategy and a second-place finish in a competition amongst European creatives. Hagen marinated in old school marketing bibles, which she believes still resonate today. “You need seven reasons why we should buy this product. If you just take that philosophy to what you’re doing, and if that’s how you run your marketing campaign, then you’re already better than 90% of the market because there are very few bands that think like that.”

She first cut her teeth in the hospitality industry, eventually working with a roster of brands including publishing powerhouse Penguin Books and hotel-chain Hyatt. Her time working with hotels and restaurants proved to be a masterclass in the value of real-time feedback. “The fastest way to become a better marketer is real-life results where you really have to have an outcome. And I think that’s what hotels really did for me. You can have a theory about something, but actually, when in reality no one turns up to that event, and no one booked that hotel [you say], “oh okay, that didn’t work.”

The yachting industry first alighted upon Hagen when she joined BOAT International, before moving to brokerage house Fraser. Her time with the company writ large the problems with cookie-cutter targeting strategies. “A lot of the time, we make assumptions that these long videos are good for charter, but actually the video really has to add an emotional level on top of it. It can’t just be the same thing as the photos,” she says. “How many people watch the hotel promo[tion] when they go on holiday? They just wanna see what the rooms look like and where the resort is, which is kind of the same mentality.”

Once she made the leap to starting her own agency in This is Odyssey, success followed in short order. Hagen has created campaigns for the biggest shipyards and brokerage houses in the business. Her work showcasing vessels bestowed a new veneer of creativity, intended to be thought-provoking, as the hot-air balloon idea illustrated. “It’s showing the same thing but in a different way and making people think twice in this fast-paced world, especially with yachts, because it’s already impressive, right?”

But when it comes to her observations on yacht marketing, the troubles marketers in the sector face run deeper than the way yachts are showcased.

Wider Industry Challenges

In the age of artificial intelligence threatening to take over creative and social roles, Hagen believes “Creativity is most important. More than ever. The only thing we have left is being human. We need to bring back why people buy a yacht, it’s because they want the privacy of being with their family and loved ones. That emotional safety. How we sell that is really important now.”

Ultimately, Hagen believes the issues stem from budgetary constraints. “Most marketing departments are under-resourced”, she says, adding that there is more to the game than shooting a video. “Marketing in yachting is boring in some ways if you’re going to do it properly. It’s a tough job to sit there and look at retention times and the real fine details of what’s working and what’s not.” Hagen also believes this data does not cater to current owners who still hold much of the spending power and are likely to remain in that position.

That current UNHWIs in their 60s and 70s are experiencing longer lifespans is best read as an indicator that shifting to target younger prospective owners, whom she feels spend less time on their phones, can be a misguided idea. “There’s a neglect of the current owners. We should also be thinking about how we market to the people now, not just trying to get the younger generation.”

So, with social media engagement declining and younger generations taking an anti-tech stance, what does the future of yacht marketing look like? “We need to be more personalised,” she says, citing the example of sending promotional packages by post. “Shipyards will become more like clubs,” a strategy adopted by brands of the wider luxury industry. “We have to bring the product to the people and not just wait for them to turn up to the boat show.”

In Hagen’s estimation, this new era of marketing may see a wave of consolation to the industry. “Collaboration is key because it’s gonna take a lot of money to do these offline events and be more personalised, so maybe you’ll see more mergers in the market of brokerage houses.”

Therefore, armed with the wisdom of how to navigate the future of the sector, Armada Club promises to give personalisation a whole new meaning.

“The iTunes to the Yachting Industry” - Armada Club

Private members’ clubs are booming. According to real estate consultancy Knight Frank, more of these spaces have launched since 2021 than in the previous three decades combined. And the sector is expected to grow by 11% annually, reaching $25.8 billion by 2027. The market is a large prize to share, and now, the yachting world is about to experience it.

In Armada Club, Spanish for a fleet of yachts, Hagen sees the concept as a way to bring in a new class of owners into the yachting sphere. Think of it as a 4D marketing tool. “There needs to be a better way to get people into yachting,” she explains, likening the idea to a philosophy employed by supercar brands Porsche and Rolls-Royce. “They give you the keys to the car, and they just hope you come back. Because they know the experience of driving a Porsche cannot be sold in an ad you watch.”

And with an entry fee of € 140,000, Armada will hand its patrons the keys to a fleet of yachts ranging from 30 to 100 meters in length, followed by a €70,000 yearly rate. To arrive at this price point, Hagen kept a scrupulous account of what membership clubs are charging, smartening herself on the habits of different demographics in the process. This is justified by the Asian market, which holds significant spending power in the private membership space. “By their culture, they don’t show off wealth, so going to a club and paying 150k per year is normal to them, because then everyone in the club has paid the same amount.”

In addition, Admission to the club will be subject to stringent standards. “It’s giving the right access to the right people with pre-vetted KYC (Know Your Client), so that people have the trust in the membership.”

Yet monetary gain is far from the main driver behind Armada. “It’s about actually solving a problem and creating the right philosophy that we should have in yachting,” Hagen says, “There needs to be more community incentives in yachting.” To back this declaration, revenue from all onboard dining and wellness will be pocketed by the owner and broker. Hagen also plans to give away 20% of the commission to two charitable causes: one dedicated to crew welfare and the other to a foundation for those experiencing heartbreak.

With Hagen’s designs on introducing the venture, she makes it clear that brokers will not be ceding the charter space for Armada, but will actually be beneficiaries, the third raison d’etre for the club. “This is a new category in yachting, not anything that exists currently. It’s actually helping them get leads.”

Just don’t call it fractional ownership. “It’s an asset-light model. We will have access to yachts, but we will not own any yachts. Uber has access to the biggest car fleet in the world, but it doesn’t own any cars,” Hagen says. ”It’s more that we just want the access model of having dinner and a wellness experience. We’re never going to go overnight.”

For Hagen, the goal is to introduce a lower-stakes way for prospective owners to experience yachting, which would otherwise feel too much to take on for first-time charters. “There’s not a lot that can go wrong. With a charter, people can cancel; it’s a very long time to be on a boat, maybe they get sea sickness.”

Current owners can get in on the fun too, taking it as an opportunity to sample other builds. “What is it like to dine on a Feadship over a Lurssen? You can tell the build quality better when it’s in service,” she remarks. “You’re more relaxed than going through a boat show. You can see it in an operational style, which I think will help the industry sell more boats and create more people who want to build.”

Besides the fact, this will at least give the people who have tried everything their city has to offer the chance to mix it up. “Generally, people really want a network of variety. If you live in Monaco and have sort of done the Monaco circuit, it’s having a roster of restaurants in the port that changes every month.”

Emerging yachting destinations will also be included in the mix. One of which is The Red Sea, where Hagen believes local members, whose yachting infrastructure has not yet fully matured, would delight in the concept. “With the way the region is emerging, it is a natural way for people locally to experience yachting without the headache. Because there is a lack of infrastructure, this will make it a lot easier.”

Getting the technology right, one of the pillars of the venture, is an area in which Hagen is not cutting corners. “One of the biggest costs for the Club is going to be cyber security and security in general of people’s data,” she says, borrowing a page from successful tech enterprises when it comes to the application’s hardware. “The technology onboard is an iPad that is exclusively for the club so that you’re not using someone’s phone.”

Armada Club will first blink to life with a pilot scheme launching in March 2026. Rounding out the brain trust behind the project is music producer and founding director Jonny Harris, director of photography Mirka Formanovà, and interior specialist Iliyana Popova. As for Hagen, the immediate outlook on her agenda is to spread the word. “You’re launching something that’s never been done before, so getting people educated in the concept is super important. These next two years are an education to the market about how it works.”

Don’t be surprised if you receive a fortune cookie in place of a business card. Why? “Because people want the art of surprise. I can give you a business card, and it will get lost in your bag.” She says, “Every social media thing, every email that comes from us, every invite has to be experiential.

With all her accolades, Hagen could easily rest on her laurels, barrelling forward with her storytelling dexterity on yachting campaigns, but she’s on a mission to save the world. Or at least make it a better place than when she found it. As to what she would consider a marker of success for the project? “It’s really defining Armada to mean being onboard and that someone actually cared about your experience.”

Visit https://www.armadayachtclub.com for more.

• Yachting Ventures to showcase emerging talent at Dubai Boat Show with return of Startup Zone

• Egypt to build 150-berth yacht marina as part of $1 Billion Development IL Monte Galala

• Port regulator AD Ports Group Reports Record Revenue

To establish a superyacht destination, the most commonly listed elements would include infrastructure such as marinas, a streamlined entry and exit process, and an alluring itinerary. In this assessment, there is one glaring omission, one vital to the success of luxury tourism: the people. The agents who will work behind the scenes for the vessel.

And you might wonder what the job entails, what it’s like telling a client they can’t use their yacht to enter the Grand Canal or land a hydroplane in front of San Marco. Thats just another day for Stefano Tositti, one of the foremost leaders in the yacht services space. The Founder and CEO of Acquera Yachting is the subject of this month’s feature, discussing his plans to expand his superyacht agency, the introduction of Acquera Club, and the need to train future generations of yacht agents.

There was no shortage of news to start the year, particularly with Ferretti Group. The Italian boat house signed a partnership with AAA Marine, the new authorized dealer for Ferretti’s range of brands in the UAE and Oman. Meanwhile, the yard has brought on a new Kuwaiti investor who has acquired a 3 per cent stake in the company.

All the best,

Faisal

Ask any leader about the conception of their successful business, and they will pinpoint you to that “light bulb” moment, the sudden arrival of a winning idea. It was back in the early 2000s in Italy when Stefano Tositti, then at the helm of the family shipping business, first had that realization. After coincidentally assisting the first yacht to come into the port of Venice, he capitalized on the opportunity to fill a white space in the superyacht service sector. Now, Tositti serves as the founder and CEO of superyacht agency Acquera Yachting. Years later, he would spot another opportunity to capitalize on an untapped market: a concierge service dedicated to yacht owners both in and out of their vessels.

With a career spanning over two decades, Tositti has seen the yachting business grow to the behemoth it has become today. Here, he muses on the evolution of the service provider sector, the shift in client priorities, the rise of new destinations, and mulls the importance of nurturing the next generation of agents for the sake of the industry’s future.

Okay, but what exactly does an agent do?

“A Captain realises the need for an agent when he/she has not appointed one,” Superyacht photographer Guy Fleury once said, an apt distillation of the job Tositti still has trouble explaining to the Everyman. “They say, oh, what are you doing? Are you selling yachts? Are you a chartering agent? They think that’s our job. When I say, oh, we are a large concierge, then they understand much easier,” says Tositti, who therefore characterizes a superyacht agent as a concoction of two elements. “Yachting is a combination of technical knowledge and high-level concierge.”

From managing berthing details, furnishing provisions and supplies, or providing fiscal and logistical advice, the role of a superyacht agent is inextricable from a seamless visit to any country. But while the commercial and leisure sectors share the term “agent,” Tositti knows all too well that there is a 180-degree distinction between them. Shipping is a very structured industry, where the agent has a clear role that goes from A to B or to C or to D. A yacht agent, because it’s leisure, brings the yacht agent to go from A to Z., so the attitude and knowledge have to be very different. You can be asked to do other things which are normally not strictly related to the role of a yachting agent.”

This is attributed to the skills needed to handle the unpredictable nature of the yacht industry, which comes with the territory. “They change their mind, they change their plans, they change their length of stay, they add, or they cancel things which they’ve ordered one hour before. That’s leisure, that’s the privilege.”

He has witnessed the changes of a service provider’s role firsthand, and it has come in tandem with the shift in the way society now communicates. “The way we operate, how we interact as human beings, has changed in 15 years. I don’t know whether we could be called yacht agent, yacht concierge, or 24/7 agents,” Tositti quips, speaking to the expectation of instant responses and 24/7 availability today’s technology has instilled, which in his view has vastly enhanced correspondence between parties. “You are expecting an answer immediately, whether it is midday or midnight. On one side, because of fast communication, the quality of the service has improved a lot.”

On the other hand, this always-online mode, coupled with the growing size and number of today’s fleet, has elevated the job to a new level. “Getting larger vessels and getting larger crews, the number of requests has increased quite a lot. It has really put a lot more pressure on our shoulders as agents in general. Communicating has changed not only for yachts, but also for our normal life.” And while this division of the business was principally in communication with the crew, Tositti saw an opportunity to manage the client’s free time as well.

Acquera Club: A personal concierge tailored to elevating your experiences

While there is no shortage of luxury concierge services around the world, a study of the lifestyle market presented a startling revelation to ACQ Group: there is no enterprise specifically tailored to yacht owners. Tositti aimed to seize that niche segment with the launch of Acquera Club, a members-only exclusive service. “Adding a network of offices in the Mediterranean and the Caribbean, and the Middle East, we thought, why don’t we leverage our local knowledge and bring this kind of expertise in high-level concierge?” If other agencies can be seen as made-to-measure, this is a bespoke offering.

To maintain the highest quality of service and ensure members are attended to in the most personalized way possible, Acquera Club limits admission and pairs each manager with two clients only. It is worth mentioning that it extends its invitation to non-yacht owning UHNWIs and serves owners in the time spent outside their vessels. “We organize their time, their nature, and when they travel. We are organizing a lot of things where the yachts are not involved. They are yacht owners, but the client is also going to Paris, to Morocco, to the UK, to the Seychelles, to Maldive, whatever, no?”

For Tositti, the success of this endeavor necessitated employing a different business model, separate from the agency arm - a crucial distinction between both ventures. “Acquera Yachting is a B2B activity (business to business). Our counterparties are other stakeholders in the business: Captains, chefs, engineers, and management companies; we rarely deal with the guest or owner. The Club is centrally a B2C (business to consumer); we talk directly to the client.” And one synergistic benefit of the Club operating under the ACQ umbrella is that members will make use of the agency’s resources when visiting a yachting destination. “What differentiates us from others is that we can also, in many locations, offer the last mile. If a client is going to Porto Cervo, they can also get all our advantages, all the connections, all the relations with our local office.” Fortunately, the number of yachting hotspots is only increasing.

New locations on the itinerary: emerging yachting haunts

At the time of Acquera’s launch, choosing a base region for a superyacht service provider did not require much thought. “The Mediterranean was our priority number one, because it is the market. There are over 2800 Yachts in the summer, over 30 meters. If today’s global fleet is around 6000 boats, then almost half of the global market is the Mediterranean only.”

Today, while the Mediterranean remains the dominant region, more options are springing up. Thanks to a pandemic-fueled surge in demand for yachting, coupled with the introduction of younger UHNWIs, Tositti took quick notice of a new trend: “We see more and more young owners, and some of the owners who are using the family yacht have different kinds of requests from their family or their father. They also choose different kinds of locations. There is a new trend of going to the usual places, yes, but there is now more of the part related to the discovery side.”

As a result, the company has branched out to some of those new places, namely the Caribbean and the Middle East. The former, an established winter hotspot, and the latter, an emerging market brimming with potential. “The Caribbean will always stay there. I mean, I don’t see the Caribbean disappearing, but of course, the Middle East could have a lot of attraction.” Between the Red Sea and the Gulf of Aden, countries in the area have spearheaded efforts to promote luxury tourism to attract foreign flagged-vessels.

One reason to see success in the prospects of the region, in Tositti’s view, boils down to the strategic geographic positioning and distance. “It is not far away, and of course, we have extremely beautiful countries to visit from Egypt to Saudi Arabia to the Emirates to Oman. It’s also very close to the Maldives.”

Meanwhile, Tositti also acknowledges the investment in infrastructure made to provide the coming super yachts with the requisite facilities. “The countries have tried over there to build infrastructure, which I think they are achieving. There are a number of projects in all of these countries that are already being realized, or some of them are in the process of being realized.” On the other hand, he also sees the regulatory side as one area for improvement, pushing for “clear rules and the much more understandable regulations for navigation in some of these countries.”

Although the region’s prospects in the past two years of attracting foreign vessels have been bruised by geopolitical tensions and skyrocketing insurance rates, Tositti remains confident in the long term outlook. “But I’m convinced that with the capabilities and the. determination of the countries, they will take their market share. I don’t think this is going to happen overnight, nor in one year; it will take some years to get there.”

With the fundamentals of building a superyacht destination in place, Tositti has one major concern for the future of not only the region, but the industry as a whole: who’s going to attend to the boats in the decades to come ?

Next Generation of Yacht Agents

If the vessels are the heart of the yacht service agency, the people are its pulse. It is this team of experts who move mountains to fulfill a client’s request that keeps the sector afloat, and has always been central to Acquera’s mission. “The human part is essential to that. We are not producing products, we’re not building things, we don’t have machines. We are a service provider, so we are giving an intangible service, which becomes tangible only when you use it.” So what happens when future generations of the trade are not guaranteed? “If you don’t train, if you don’t build a proper academy, a proper school, a proper educational program, you will end up having big infrastructure, but no people attending to the boats for any different jobs, and that’s, I think, the major problem.”

Securing the emerging talents for the yachting workforce has been regarded as a cause of concern in multiple parts of the yachting sphere, from refit sector to yacht agenting, as the industry has fallen vulnerable to other vocations which are more attractive to younger generations “They are grown and they are from another kind of century, so they have other types of priorities, some of them, but more than everything, we are lacking education: the training side, the schools for our type of job, there are no schools for our type of job, for yachting agencies or shore-based jobs. At least that is what we are aware of,” he says. “I’m talking about the physically young person who has studied in a university, either locally or around the world, why should they be stuck in a place working 24/7?”

If anyone could surmount those challenges, it is Tositti. “As a CEO of a multinational company, I have to think ahead, not only about the short term, but about the middle and long term.” To address the issue, Acquera has already taken initiative with the introduction of a training institute. “We have already started an academy to try to train young generations and bring them to the industry, giving them a little bit of background and knowledge with professors.”

So when discussing the strategies for building up destinations like the Middle East, the agents available should be regarded as vital as the marinas and regulations. “But in general, I believe the main effort is to try to build the workforce and the expertise over there,” says Tositti, while emphasizing the importance of developing homegrown talent. “You cannot import everybody from outside. You must also give jobs and opportunities to locals who may be interested in entering,” He says. “Local expertise is essential. What we are working on is trying to combine the local knowledge, the local expertise, which is essential, but with a bigger global picture.”

The Way Forward

Only those who have experienced what is asked for in the job know that it can be thankless. The sacrifices made and the pressure withstood to ensure every transit, every seamless port arrival, and facilitate every aspect of a yacht’s visit illustrate why agents are the unsung heroes of the industry. For Tositti, the devotion and commitment to the betterment of the industry were not short of challenges, but the past does not concern him. “I always like to, more than think behind, think ahead. Because if I look behind, then there is not much fun in that. It’s more exciting to look at what we can do tomorrow or the day after tomorrow.”

Since assisting that first yacht in Venice, leading one superyacht agency, and starting his own project from scratch - starting from two employees to a 150-strong team today, there is a specific quality that has allowed him to remain resilient in a ruthless business, and his guiding principle shows us what separates the successful from the ones who had the idea but capitulated along the way. “Although I’m not 30 years old, I still have this kind of energy and enthusiasm, which I definitely believe is an important driver of our daily life.” His journey thus far has shown it is not only about getting that “light bulb” idea but also about acting on it. And he is just getting started.

Ferretti Group appoints AAA Marine as new UAE and Oman dealer

Italian shipbuilder Ferretti Group has inked a deal with AAA Marine, a merger between Al Otaiba Investment and RIC Holding, to become the authorized dealer of the brand in the UAE and Oman.

The deal, signed at Emirates Palace in Abu Dhabi, will see AAA Marine as the regional representative of the shipyard’s core brands: Ferretti, Riva, Pershing, and Itama.

Read more here.

Dubai Marinas Rollout Biofuel Options For Yachts

Emaar Group, in collaboration with Lootah Biofuels, has launched a biofuel option for superyachts berthed at Dubai Marina and Creek Marina. This move aligns with the UAE’s Net-Zero goals for 2050.

Vessels will be able to access the lower-carbon alternative at dedicated refuelling stations found at both marinas. The fuel, specifically designed for yachts, comes from recycled vegetable oils (UCO) stemming from Emaar’s hotels and residential facilities.

Read more here.

Kuwaiti Investment Firm Acquires 3 Percent Stake in Ferretti Group

Bader Nasser Al Kharafi, a Kuwaiti businessman, has announced the acquisition of a 3 percent stake in Italian superyacht builder Ferretti Group.

The deal, done through his investment firm BNK Holdings, is part of a “broader strategic plan to build a global portfolio focused primarily on high-end assets and high-quality companies”.

Read more here.

“What’s in a destination?” The answer? More than you think. This premise served as the central thesis of this year’s Gulf Superyacht Summit. Organized by the SuperYacht Times, the two-day event took place earlier this month in Abu Dhabi, bringing together industry leaders and experts from a variety of fields and countries. The panels, presentations, and interviews shed light on an eye-opening observation. There is a shared goal among all parties to position the Middle East market as a thriving yachting hub in the years to come.

The Summit capped off an instrumental year for the Middle East in its pursuit to establish a winter destination for superyacht owners. From the opening presentation by Superyacht Times Founder Merijn de Waard to the closing talk with Heesen’s Laurens Last, the event highlighted the efforts achieved by emerging markets, from Qatar, Kuwait, Bahrain, Egypt, and Saudi Arabia, to established areas such as Dubai and Abu Dhabi, in building the foundations needed to create a sustainable superyacht hub that brings over foreign-flagged vessels. Furthermore, the event focused on the opportunities that have yet to be tapped and was forthright in addressing the hurdles that must be overcome. This month’s feature takes the temperature of the developments made and examines three of the event’s major takeaways.

Happy holidays and all the best for 2026,

Faisal

faisal@maritimeobserver.com

“The region has pretty much started from scratch over the last 15 years. We’ve got to remember this has moved rapidly,” said Menelaus Kouzoupis, partner at Stephenson Harwood, on the first day of the SuperYacht Times Gulf Summit. ‘It’s almost reaching the level where in some of the mature markets it’s taken a century to get there.”

Surveying the ballroom at the Conrad Abu Dhabi Etihad Towers - populated by superyacht service agencies, shipyards, marina managers, and brokerage houses from the region and beyond - this remark is beyond dispute. It is the developments of the last decade, be it modernizing regulatory policies to welcome foreign yachts, investing in infrastructure to accommodate them, or staging sporting events to bring them over, that have paved the way for the Middle East to be recognized as a choice for today’s owners to cruise in.

Nowhere is this progression more pronounced than in the contrast between the panel topics of summits in previous years and those of today. “The Challenges of Yacht Ownership in the Gulf” has become “How can we attract owners to base their yachts in the Gulf region?”, “The future of the Gulf” is now ”Tracking progress in the Gulf.” and talks centered around the rise of refit services, the Red Sea and building itineraries were discussed with more nuance than was possible before. With the fundamentals laid, the two-day event set its sights on how the Arabian Gulf and Red Sea can continue to mature as a market and become a thriving superyacht hub over the next 15 years. Here are three themes coming out of the summit:

More Power in Unity: The Need for Coordinated Efforts

“The real challenge is to create easy cruising from country to country,” said Ahmad Al Ameeri, Group Chief Executive Officer of Al Ameeri Group Holding, at a panel asking how we can attract owners to base in the Gulf. Roaming between states holds a vast opportunity. For example, attending the F1 in Abu Dhabi, continuing to Oman for topographical exploration, and back to Dubai for business, as put by Salim Tayysoun, managing director of YACHTS1.

Moreover, harmonizing policies benefits not only yachts that set up shop in the Gulf, but also visiting yachts by providing a well-rounded programme that explores the region’s unique attractions. “You need to sell an itinerary,” noted SYT founder Merijn de Waard in the summit’s opening words. After all, the region affords yachts a unique proposition: the chance to extend the summertime, as reiterated by Christos Metallinos in the “building itineraries” panel. The opportunity to offer an itinerary for a 60-70-day swing gives variety to owners looking for a winter alternative to the Caribbean.

The need for a united front extends beyond the GCC, but reaches the Red Sea countries which are establishing their own superyacht sectors. Dr. Khaled Sherif, Chairman of the Egyptian Yachting and Boating Association, says there are some initiatives in that direction by the Suez Canal, all aimed at increasing yacht traffic in the region. After all, Egypt is the gateway for European yachts to go through to the Gulf, as Dr. Sherif reminds us.

However, achieving this level of coordination asks for transformation on a legislative front, requiring each jurisdiction to come together, as Kouzoupis emphasized, which carries greater potential than siloed efforts by each nation. It reinforced the concept of studying foreign markets’ efforts and provided an illustrative tale.

“We don’t want to make the same mistakes that we have in Europe, where everything is getting more and more complicated moving yachts from one country to another,” added Grant Hobart, Deputy Registrar and Commodore at Maritime Cook Islands, at a panel examining Egypt’s growing role. “Being able to enter the port without too many bureaucratic difficulties, I believe this particular moment in time is the right moment for all of the countries in the region to stick together and to be able to create some rules and regulations to make it simpler.”

Repeat Customers with Longer Stays

The surge in wealth creation over the past years, notably from technological and entrepreneurial ventures, along with the explosion of younger, exploration-focused buyers entering the market, has opened up opportunities for new places to position themselves as cruising grounds. According to the Gulf Superyacht Report 2025-2026, there are 6,215 superyachts over 30 meters in operation as of November 2025, up from 5,503 yachts in October 2022.

While a sporting event, such as the 2022 FIFA World Cup in Doha, Qatar, or the annual Abu Dhabi F1 Grand Prix, might bring the fleet over, the real challenge lies in giving the owner an incentive to come back for future seasons and to stay longer, as posited by Rosanna Chopra, executive director at Red Sea Global. As a starting point, it is essential to recognize the vessel’s role as a commercial entity.

“The key to unlocking a huge chartering business, you need to have a process in order to take my yacht out of the Mediterranean and to the Gulf for the winter,” said Kouzopis. “Will I be able to operate, keep it there for six months, and charter it?” he added. Therefore, simplifying the steps to make this easier will only bring the vessels. After all, Jeddah is only ten days away from Monaco. From there, the likelihood of an owner refitting their yacht in the region also increases.

“Service is the missing link for the region,” said Hamza Mustafa, Chief Operating Officer at Port Rashid and P&O Marinas. “We’ve built destinations, built marinas, we’re very good with hospitality, but we lack a proper service facility for mega yachts.” It should be noted that the Middle East’s refit sector has seen a sea change this year, with more facilities launching and existing centers expanding to cater to yacht refit and repair. And as the “regional shipyards” panel discussed, this sector may be unripe in some areas but is still displaying signs of growth. Javier Alcantara, head of projects at Al Seer Marine, addressed the paucity of contractors and the need for alternatives to expand the supplier network. At the same time, Sheriff Nasser, commercial manager at Romeo Marine, laid bare the realities that engineering primarily serves commercial ships. These are some of the challenges that any refit sector comes across, and many have recognized a crucial step toward guaranteeing a prosperous future in this field. Patrick Heslop, chief executive officer at Autore, implored the industry to offer in-house training as key to its growth. This comes at a pivotal moment when owners from the region, or coming to the Gulf, are expanding in size.

Owner profiles have shifted. While some business-oriented owners are spending more time in their vessels, tethered to the world by Starlink, and others are expanding their families, first-time buyers are now considering purchasing larger boats, as noted by Tayysoun. This trend underscores the pressing need for the Middle East to advance and the shortage of superyacht berths.

80% of berths in the Gulf only accommodate vessels up to 40 meters in length, said Mike Ward, Managing Director of Marina Projects, in a presentation overlooking the marina developments of the Middle East. Moreover, superyacht occupancy, notably in the UAE, is increasing, along with the 60 marinas planned to launch in the coming years. As Ward mentions, this is an opportunity to further develop destination appeal. Meanwhile, to enter these ports and marinas, the chance to improve entry and exit timeframes is key.

While entering Dubai can be a seamless process, the summit highlighted the hurdle of entering other states, which mandates the vessel to go to commercial ports, and requiring the crew to wait for up to 6 hours, said Hilary Ackermann, Port Operations and Agency Manager at JLS Yachts, who also stressed that government authorities, who are aware of the rise of vessels coming to the region, are taking proactive steps to change this. Notably, JLS Yachts, having been awarded “golden agent” status by the UAE’s Ministry of Energy and Infrastructure, is now able to issue clearances in as little as one hour. Between governmental bodies and private-sector parties, the efforts to advance the region are recognized, with time being the missing element to completing the mission.

Patience is a Virtue

Central to the summit’s purpose was to reflect on the progress achieved thus far. It has taken place at a dizzyingly fast pace, and as several panelists have reminded us, patience is the secret to the Middle East maturing as a market.

The sector’s growth does not occur in a linear fashion. The region has had to prove its mettle during the 2023 Red Sea Crisis, when the combination of security risks and ballooning insurance rates led to a dip in yacht traffic in the Bab El Mandeb Strait. According to Captain Christos, there has been a 30-40% increase in activity since tensions emerged. This is evidenced by the Superyacht Times Gulf Report, which posted 28 vessels passing through the Strait in 2025, up from 17 in 2024. It’s a trend that suggests interest in the region is there, and signifies the patience needed by stakeholders to adapt to these changes, both internally and externally.

“When you start something new, you need a little bit of education, and it takes some time for all the operators of the field to get acclimated to the new standards being set in place. Said Bahi Naguib. Managing Partner at Felix Maritime Agency. “I think this was us just cracking the door open.”

Overall, it was clear that the participating speakers who attended the summit shared a common goal. There is a unified understanding of what it takes: the values and cultural sensibilities the region offers, the decisions needed to enhance its offerings further, and the potential to drive tourism. While the goals set in the past few years have been scored, the goal post has moved.

JLS Yachts Announced as UAE Golden Agent; Can Issue Cruising Permits in One Hour

Following a partnership with the Ministry of Energy and Infrastructure (MOEI), JLS Yacht, a superyacht service provider in the Middle East and Indian Ocean, has been announced as the golden agent for the UAE, allowing the agent to fast-track the issuing of 6-month cruising permits to foreign-flagged vessels coming to the UAE.

Read more.

Gulf Craft Sets Opening Date for Superyacht Service Centre

UAE-builder Gulf Craft Group will be ringing in the new year with the launch of the Superyacht Service Centre (SYSC), a refit facility based in Ajman, UAE. Taking to the stage at the 2025 SuperYacht Times Gulf Superyacht Summit in Abu Dhabi, Gulf Craft Group CEO Erwin Bamps confirmed the opening date of January 1st 2026.

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Study the superyacht industry in amber, and you’d discover a common throughline in any cruising grounds that witnessed activity: they offer provisions to service the superyachts coming in.

And now, with the Middle East proving to be an emerging yacht market, refit facilities are starting to spring up and are doing so at a time when the refit industry as a whole is soaring. With the growing superyacht fleet, demand is surging in proportion. But does the region have what it takes to find lasting success in this domain? This is the thesis of this month’s feature, where I canvassed the people in the heart of the game to explore the evolution of this sector and its challenges, too.

In a packed news front, Saudi Arabia’s AMAALA shared an update on an opening date, Kuwait returns with a new boat show for 2026, Abu Dhabi International Boat Show organizers extend their alliance in a new three-year deal, and BWA expands Middle East reach with a Dubai outpost.

Thank you for reading.

All the best,

Faisal

faisal@maritimeobserver.com

The Middle East, Your New Refit Destination?

No one would’ve considered servicing their yacht in the Gulf.

At least back then. But now, with the Middle East transforming into an emerging market, superyachts have an alternative winter destination to cruise, one that has invested in infrastructure and streamlined regulations to attract foreign-flagged vessels. And, since the yachts coming in would need to have a place to be serviced, the notion of planning the refit of a vessel in the region started to have legs. From there, this concept would continue to gain currency as a host of service centers in Egypt, Qatar, and the UAE were announced, planning to turn both the Red Sea and Arabian Peninsula into a destination for yacht maintenance and upgrades.

Zooming out some more, the Middle East is capitalizing on a thriving wider refit market. No longer the back-burner sector it was once regarded as, the refit market is now seen on par with its new-build cousin, thanks to a surge in demand for its offerings. Where the past five years, ranging from 2019 to 2023, posted an average of 1,450 refit trips per year for vessels over 30 meters in length, 2024 in itself reported 2,200 refit yard visits, according to the SuperYacht Times Monaco Yacht Show Market Report. Pinpointing the reason for this growth primarily stems from the fact that there is a growing fleet, partly owing to the pandemic and the rise in Ultra High Net Worth Individuals purchasing builds. But looking inward, there are many streams that feed into the river that is now a refit boom. And to see if the Middle East can capture a share of the refit market demand, you need to understand the evolution of this dynamic sector.

^{From Necessary Expense to the Hottest Ticket: The Evolution of The Refit Market}

Refitting a yacht, which encompasses everything from maintenance to full-scale conversion, categorized in three distinct periods: maintenance, yard, and refit, has historically carried a perception of being a necessary undertaking, not a task an owner would clamour to venture into, but is requisite to ensure the continued operation of a vessel. Going deeper, this perception of refitting was often belied by the notion that service work felt antithetical to the reasons why someone would own a superyacht.

‘Even though most owners are very nimble business people, a yacht is not something they want to think about from that perspective, and so when we talk about refit and when we talk about maintenance, it brings that kind of business reality to this asset, which is also a lot more than an asset, it’s a dream,’ says Norina Edelman, CEO and Co-founder of International Marine Management and Dockside Management. ‘It’s an intangible good for the owner. And so I think that brings a real complexity to refit because it forces that kind of bringing back to earth, that this is an asset that has to be kept up.’

In recent years, keeping up with this asset has become more nuanced, thanks to the growing size and complexity of today’s builds. The number of superyachts has metastasized, too. According to the SuperYacht Times report, 6,174 superyachts over 30 metres are in operation as of August 2025, up from 5,695 in 2023 and 5,325 in 2021.

The refit market benefits in two ways: an expanding fleet means more demand for maintenance work, and the number of yachts in the fleet has proliferated to a level in which waiting times have become protracted, therefore galvanizing prospective buyers to consider turning to the used market, which can then be remodeled to their liking. ‘The build market is so saturated that the time to wait for a new build is so long, that people who want to either increase in size or enter the market are saying “well, I don’t want to wait five years and so let’s buy something that exists in the market, and do a significant refit,” explains Edelman, who also emphasized the prodigious costs of purchasing a new-build has also incentivized buyers to look toward the refit option. ‘I think that to build a yacht has become a lot more expensive, and so it may have some people look at an alternative, which is still a very significant investment to buy a used one and then to do a significant conversion.’

In addition, there were new-build players, stirring for a new challenge, who slowly started to enter the refit space, offering services of their own. Among the shipyards are Germany’s Lürssen, which has slowly expanded its refit and repair facilities in the last decade, particularly with the acquisition of Blohm + Voss in 2016, and Dutch builder Feadship, which launched the “Feadship Refit and Repair” subsidiary company in 2018. Edelman sees the imprimatur of these builders’ foray into the refit sector as a difference maker, too. ‘You see a large expansion of some of the major build players into this market, which has given it maybe additional credibility with a certain segment of people,’ says Edelman. ‘I do think that by having these kinds of builders enter the market in a significant way has potentially also changed the way refit and conversion is seen as an option.’

All in all, the growing roster of yachts, which has unlocked the need for more places to cruise and berth, in part stems from a new owner demographic: younger and with different priorities, including exploring new locations. It just happened that the Red Sea and the Arabian Peninsula were among those destinations.

“To create a yacht hub, you must have maintenance. You cannot have a true developing hub if there is nowhere to get things done.”

^{Middle East Superyacht Offerings}

Take a look at the wider luxury sector, and you will notice that buyers are getting younger. This was first gleaned in 2018 when the University of Monaco, in collaboration with Italian shipyard Rossinavi, observed a drop in the average age of a yacht owner, falling by 10-15 years. In other words, millennials have entered the market and carry different values: they prioritize experience over material gain and, as a result, are eager to seek new cruising grounds to explore.

‘The profile of an owner changed. We’ve kind of gotten away from the traditional or old-fashioned notion of the yacht doing Monaco and St. Tropez and then the Caribbean back and forth, maybe hit the U.S once in a while. That’s not what people want to do anymore,’ acknowledges Edelman, whose outpost in the Caribbean is experiencing a refit boom of its own thanks to this phenomenon.

‘As people look to circumnavigate, to spend more time in the Pacific, they need an option for maintenance, refit, and repair outside of what has been the traditional refit hub of Europe. And that is one of the things that has driven us to develop where we have, it’s also one of the things you see is driving potentially the building of a refit hub in the Middle East.’

Staying in 2018 for a moment longer, it was a time when Saudi Arabia expressed plans to open the Red Sea coastline to yachters for the first time. Following the formation of the Saudi Red Sea Authority in 2021, the Kingdom issued Large Yacht Chartering licenses to promote marine tourism, while on the other side, Egypt announced plans to utilize the Suez Canal and changed policies to accommodate the business of foreign-flagged vessels. With the anticipated surge in superyacht traffic, the next logical step was for the region to provide facilities to service them.

^‘To create a yacht hub, you must have maintenance. You cannot have a true developing hub if there is nowhere to get things done. And so I think both the development of the projects and the projects understand that. If there is a big investment in bringing yachts there, then it makes sense for the refit people to follow,’ says Edelman. Among the locations announced are Qatar’s Yacht Yard in Umm Alhoul, which has recently inked a deal with Feadship to develop Marsa Port as a superyacht destination. Gulf Craft, the UAE-based shipbuilder, is nearing plans to cut the ribbon on the SuperYacht Service Centre in Ajman, UAE, a 10,034 m2 space which will service yachts from any shipyard.

Meanwhile, over at the Red Sea, there is the South Red Sea Shipyard in Port Safaga, a facility dating back to 1910 with new build and repair capabilities. The shipyard counts about 850 employees operating in a 95,000 sqm dry docking area. The shipyard benefits from the developments happening over on the other side of the Red Sea and the wider region.

“With the development of the NEOM city in Saudi, the rapid growth of Abu Dhabi ports and DP world or the major role the Suez Canal plays in day-to-day shipping operations, such developments and existing facilities demands effective, efficient and safe refitting facilities to host the operating vessels” says Ryad Eldogueshy, Head of Yachting department and Board Member, South Red Sea Shipyard, who, however does not yet see this area reaping the rewards of the younger demographics entering the owner club. ‘The Middle East has not yet witnessed demand from younger clients in comparison to Europe and the Americas; most yachting clients remain from the traditional demographic and renowned UHNWIs.’

But regardless of the owner or type of vessel coming in, pick the brains of anyone in the refit business, and one thing becomes clear: it is an industry that comes with a bevy of challenges.

^{Perception, Pricing, and Skilled Labour: The Challenges of the Refit Market}

Naming the revolving door of setbacks or issues that can arise from the refit experience can be interminable: supply chain delays, a demanding time frame, trying to keep up with the advancements of the new-build sector, the lack of standardization, and high requests for refit slots are some examples. And while this sector can provide a bounty of work to local economies, one common headwind remains: the dwindling availability of a quality workforce. And this frustration of finding skilled labour ultimately ties into a perception of the industry overcharging for its offerings. ‘I think many people - owners, family offices and owners’ representatives - have felt that pricing was unfair and as a result, there is left this sense that anyone in the yacht market is trying in some ways to overcharge. And that has created a real problem with pricing. And this goes back to skilled labour,’ says Edelman, citing the example of multiple industries competing for the same workforce. ‘A welder who is going to work in nuclear facilities, let’s say, is going to be making more than double what any refit yard could pay based on what we can charge our clients. How do we expect to compete for the good welders?’ To that end, Edelman advocates a correction in pricing. ‘We need to recalibrate what our fair prices are for things, and change this perception that we’re overcharging. Because I think, actually, in many cases, we are undercharging for the level of skill that we’re requesting. And also for the level of service we are requesting.’

Future Outlook

At the end of the day, what separates a thriving regional refit sector from others that have not found success can be distilled to one trait: adopting a long-term outlook.

‘If you measure success by short-term profitability, it is not for you to do this development. It really needs to be asked: what version of profitability are they looking for? Is it to get the best returns over 12 months? If so, this doesn’t make sense. If it’s to get the best returns over 15 years, then maybe it makes sense.’ says Edelman, who stressed the importance of nurturing tomorrow’s talents in this purist. ‘But in order to do this well, in my view, in an up-and-coming area or a new area, you must invest significantly in bringing in labour from outside. You can’t pass 100% of that cost onto the clients if you want to develop a region; otherwise, you will be out of market pricing. It requires investment into apprenticeship programs, etc, which is an investment. It’s an investment that will, of course, have returns, but not immediately.’

In tandem, Edelman posits that the value of a network of subcontractors is paramount for establishing a thriving superyacht destination, a challenge her own facilities have had to face. ‘In the South of France or in Barcelona, you call your very large network of subcontractors who come. Where we are, we have to develop that labour force; it’s not the same thing. Your project managers don’t have somebody to call; they need to know. And so you’re going to see the exact same thing in the development of the Middle Eastern facilities.’

So, whether it is new-build or refit, the superyacht industry is not one that brooks failure. And although the aforementioned obstacles blend in with the brickwork of the refit industry at this point, for a seasoned leader like Edelman, who, with 15 years of experience under her belt, views this as a catalyst for success. ‘It is just challenging; it is challenging to deliver the level of excellence to such demanding clients, and that’s what drives us, the notion of service and excellence.’

And with the effort put in by the stakeholders of the Middle East region, who understand the value that these services will bring, it seems as though it won’t take long before refit slots start to fill up for those who are crossing the Arabian Gulf or Red Sea. Because, to quote Edelman, the demand does not look to be subsiding anytime soon. ‘The market is growing. There will always be people who want to do major work. You will always have that standard cycle of surveys that have to be done.’

Saudi Arabia Destination AMAALA Triple Bay Set to Open “In the coming months,” Developer Red Sea Global Says

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Abu Dhabi Maritime and ADNEC Group Sign Multi-Year Agreement To Extend Abu Dhabi International Boat Show

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Kuwait Announces Boat Show for 2026, First in Seven Years

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BWA Yachting Enters UAE Market With New Dubai Office

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Looking ahead, a busy boat show calendar beckons. At the end of October, the Dubai Pre-Owned Boat Show takes place at Dubai Creek Marina. Later on, the Qatar Boat Show returns for its second edition from November 5-8 at Old Doha Port. Closing the region's boat show year is Abu Dhabi International Boat Show, which runs from 20 to 23 November at Marina Hall. ADNEC Centre.

For one more must-attend event, The Super Yacht Times Gulf Superyacht Summit goes to Abu Dhabi at the Conrad Abu Dhabi Etihad Towers from 4 to 5 December, on the eve of the Abu Dhabi Grand Prix. The Summit is a consortium of insights, bringing together stakeholders and experts in the Middle East to discuss the region. This year’s topics include Egypt’s growing role in the Red Sea, the Gulf’s significant marina developments, implementing AI in yachting, and the value of building strong itineraries. Tickets can be purchased here.

All the best,

Faisal

PCFC Brings All of Dubai’s Marinas Together In New Online Berth-Reservation Network

The Ports, Customs, and Free Zone Corporation (PCFC) has announced the soft launch of a new integrated online platform, allowing yacht owners to book marina berths across Dubai through mobile and computer.

With all marine facilities under one network, users will be able to log on to the UAE Pass platform to check for their desired berth and submit their selection to the marina operator. The operator would respond with the terms and agreement before finalizing the contract digitally.

Read more here.

Marina Port Vell Barcelona signs agreement with Qatar Free Zones Authority to strengthen Marsa Port’s maritime offerings

Qatar Free Zones Authority (QFZ) has signed a Memorandum of Understanding (MoU) with Marina Port Vell Barcelona to establish Qatar’s Marsa Maritime ecosystem as a destination for superyachting operations.

The MoU puts Port Vell in an advisory position, consulting on matters relating to the management of dedicated infrastructure for luxury vessels, assisting Qatar in attracting foreign-flagged owners, and cementing the country’s position as a cruising destination.

Read more here.

Dubai Maritime Authority Introduces Marina Leasing Management Platform “Marsa”

At the 2025 GITEX Global technology event, the Dubai Maritime Authority (DMA) announced “Marsa,” the first digital platform for the management and leasing of marine berths in Dubai.

The DMA, part of the Port, Customs, and Free Zones Corporation, plans to utilize the platform to digitalize the Emirate’s marina sector by reducing paperwork and streamlining operations.

Through the process of automation, Marsa will cover all service stages from berth booking online and automatic fee calculation to smart payments and invoicing.

Read more here.

A “Functional Frozen Yacht Market”: The Significance of Amadea’s Sale

“Whoever buys the yacht would be buying a lawsuit in a lot of ports.” University of Virginia professor Paul B. Stephan told the New York Times back in August 2025. He refers to the auction announcement for M/Y Amadea, the seized 106-meter yacht, which has acted as the face of the US sanctions regime following the 2022 Russian Invasion of Ukraine. Stephan was part of a chorus of observers who cautioned prospective bidders on the legal complexities that may be faced when owning the yacht, which entail limitations on where the boat may cruise. Despite the chorus of misgivings, Amadea has gone under the hammer in a private, sealed-bid auction, a representative of the US Marshals Service confirmed to Business Insider last week, and this event may well be a turning point in navigating sanctioned luxury assets.

The Lurssen-built Amadea was impounded by the U.S Justice Department in 2022 in Fiji, believing that she belonged to sanctioned Russian oligarch Suleiman Kerimov. Ever since, it has been mired in legal trouble. It was transferred to San Diego, where it remains docked today. That’s because, curtailing the government’s plans to auction off the vessels, Russian businessman Eduard Khudianatov contested the seizure, claiming to be Amadea’s valid owner. Meanwhile, the vessel continued to collect hefty maintenance and docking fees, which the U.S. taxpayer has had to shoulder.

After untold years of court battles, the Court has made its decision, ruling in favor of the Government and finding Khudaintov to be part of Amdea’s straw owners, meaning “they hold title to it for another party,” according to the Judge. This finally paved the way for the Amadea to find a new home. In September 2025, brokerage firm Fraser, in collaboration with National Maritime Services, facilitated the auction, which was not well received by some.

At the time of the announcement, Adam Ford, Khudaintov’s lawyer, told the judge, “Even the most basic due diligence conducted by any rational potential purchaser bidding on the Amadea, a $230 million USD asset, will reveal the state of this litigation, and the risks associated with the purchase.”

The new owner was unfazed by the cautions associated with purchasing Amadea, it seems, choosing to bid for the vessel regardless of its potential limitations, which could include the need to steer clear of international waters. “The majority of countries in the world that are not sanctioning Russia could easily be open to the claim that what the United States did was invalid,” cautioned Mr. Stephans. Even though the vessel’s sale is now complete, the implications of the qualms surrounding the situation could affect charter bookings for this vessel and others in the market.

“Lots of boats have been bought at auction or were seized and have since been bought. I haven’t heard of any disaster to date,” Richard Higgins, a broker at Northrop and Johnson, told Superyacht Investor.“We’ve got to stop this scaremongering. It’s disrupting charter bookings,” he added, citing the case of another seized yacht, Alfa Nero, which was auctioned for $40 million in July 2024 and has not encountered any court-related hindrances for the most part. “We’ve had a couple of issues early on, but since then it has been plain sailing.” (Alfa Nero was listed for sale 14 months later, although Higgins states that it has no relation to the sanctions measures.). Alfa Nero and Axioma, two other exonerated yachts, have both returned to the charter market.

Even without the “seizure” label, the market is already struggling to charter out older yachts, especially ones belonging to the larger segments, explained Managing Director of TWW Yachts David Westwood to the Super Yacht Times Newspaper: “Yachts over five to ten years old are proving more difficult to fill in our core range, while the larger yachts, 75 metres and up, are facing leaner calendars than usual. That market has been slower to recover.”

It remains to be seen how the upcoming season will play out for the yacht as uncertainties remain. Disgruntled former owners may emerge from the shadows to oppose the sale, as they may have sufficient legal standing to pursue foreign jurisdictions. Overall, as judicial auctioneer specialist Emmanuelle Votat wrote in Super Yacht News, the handling of Amadea is shaping up to be a watershed moment in Europe, paving the way for a “functional frozen yacht market.”

How the European boat show trifecta shaped the region’s leisure marine ambitions

The Cannes Yachting Festival, which has long positioned itself as the starting gun for the year’s nautical calendar, kicked off a month of high-wattage events for an industry that has been experiencing lean times for the better part of the year. Geopolitical strife and the imposition of tariffs by the United States have coated the decisions of buyers, who are hesitant or choosing to hold off on any purchases until there is stability. According to the Superyacht Times Monaco Yacht Show Market Report, new build sales slumped by 10% from January to July 2025, compared to the same period in the previous year, while the used-superyacht segment has remained consistent, lending credence to the declarations of a market slowdown.

So when the festival premiered at Vieux Port & Port Canto to a 5.8 percent increase in exhibitors, an increase in attendance, with 56,000 visitors, and an uptick of buyer activity, it provided a sense of renewed, contagious optimism which was carried over to the rest of the events, and more so, served as a signpost to where the market will be headed for the rest of the season.

The same can be said for another September fixture: the Genoa International Boat Show, back in its 65th iteration, which featured a fleet of 1,000 boats and exhibitors from 45 countries, and drew a crowd of 124,248 visitors, a 2.8 percent increase from the previous year. While rounding out the month was the Monaco Yacht Show, the spectacle which emanated from Port Hercule and brought with it a flurry of premieres and announcements. This European triumvirate has transformed into a platform to not only showcase builders and designers, but also carry a potency that can promote the merits of regions establishing themselves as yachting destinations, and the Middle East was no exception.

Several brands have attended the shows to represent the yachting ambitions of Dubai, Saudi Arabia, and Qatar. At Cannes, UAE leader Gulf Craft shared details on its expansion, announcing a new factory in the Maldives for the construction of the Majesty 60 and Majesty 65, and provided an update on the Super Yacht Service Centre, which is set to launch later this year in Ajman. Along with multiple sales, the group continued its Euro tour with a showcase of the Majesty 100 Terrace at the Monaco Yacht Show, and revealed plans to premiere the Majesty 160 at next year’s event.

Similarly, Monaco has become a platform to establish emerging brands from the region. Romeo Marine, a Dubai-based builder, arrived at Port Hercule for the first time, unveiling Romeo 55, the 54-meter yacht currently going through sea trials and set for delivery at the beginning of 2026. A second project, Romeo 60, is currently in the keel laying phase.

Moving from the new build sector to refit and maintenance, Qatar’s Marsa Port brought forth a sizable development. Qatar Free Zones Authority took to the Monaco stage to announce that it had partnered with Dutch powerhouse Feadship to establish the area as a key player in the yachting sphere. The Memorandum of Understanding (MoU) signed between Feadship Chief Commercial Officer Bas Nederpelt and QFZ Chief Executive Officer Sheikh Mohammed bin Hamad bin Faisal Al Thani sees the shipyard taking on an advisory role, providing expertise to support the yard’s maintenance, repair, and refit capabilities. The Qatar Yacht Yard at last year’s Qatar Boat Show in Doha.

Meanwhile, the Saudi Tourism Authority’s participation at the Monaco show saw the launch of the “Super Yacht Arabia” campaign, created to highlight the Kingdom’s cruising offers and the Red Sea’s investment in infrastructure and regulations to welcome foreign-flagged vessels to the country as an alternative winter destination.

What are the takeaways to come out of this month’s boat shows? At a time where share of superyacht owners of yachts over 40 meters from The Middle East, has decreased to 10.8%, according to the SYT report, the happenings of the three events addressed the need for expansion of refit and service centres, in the region, the investment in infrastructure to accommodate vessels through establishing marina networks, and the introduction of new, innovative products that may encourage owners to buy local. Looking ahead, the rest of the year will bring the Abu Dhabi International Boat Show and the Qatar Boat Show, both of which are expected to bring further developments to the market.

Dubai Maritime Authority Promotes Yacht Tourism with the Launch of the “Dock and Dine” Scheme

The Dubai Maritime Authority (DMA), in partnership with the Dubai Department of Economy (DET), has launched “Dock and Dine,” an initiative that allows yacht owners, captains, and crew members to gain access to services from 20 of Dubai’s marinas.

Read more here.

Azimut|Benetti Group Financial Projection Shows Growth of the Middle East Region

Azimut|Benetti Group has announced its fiscal projections for the 2024/25 nautical season, forecasting €1.5 billion in revenue, a 15 per cent increase from the previous season.

According to the report shared by the Italian company, the group has secured €2.5 billion in orders since January 2025, which is expected to sustain production through 2029.

Read more here.

Feadship and Qatar Free Zones Sign MoU to Develop Marsa Port’s Superyacht Facility

Qatar Free Zones Authority has signed a Memorandum of Understanding with Dutch builder Feadship to develop and advance Qatar’s Marsa Port prospects to build a superyacht destination in Umm Alhoul.

The agreement, signed at this year’s Monaco Yacht Show, between Feadship chief commercial officer Bas Nederpelt and QFZ chief executive officer Sheikh Mohammed bin Hamad bin Faisal Al Thani, sees Feadship assuming an advisory role, which will provide expertise on enhancing maintenance, repair, and refit facilities, in addition to consulting on yacht design, marine infrastructure, and sector engagement.

Read more here.

Dubai Records 149% Increase in Yacht Arrivals for H1 2025

The Dubai Maritime Authority shared new insights on yacht traffic in the Emirate for the first half of the year.

According to the DMA, yacht arrivals saw a 149% increase, recording 97 foreign-flagged vessels between January and June 2025, compared to 39 boats in the same period last year. This underscores the rise of the Emirate as a superyacht hub and an alternative winter destination.

Read more here.

This month’s dispatch welcomes Mr. David Farmer, CEO of superyacht services boutique company Medasia Marine. Operating out of Abu Dhabi, the chief executive downloads me on the launch of Medasia Marine’s new shipbuilding facility, and the incorporation of green technologies that are revolutionising the industry.

Oman has made progress with the development of two new marinas in Muscat and the northeastern city of Sur. Meanwhile, Dutch shipyard Heesen has appointed a new CEO, the latest change under the yard’s new ownership under entrepreneur Laurens Last.

All the best,

Faisal

There’s an old maxim that goes “the day you stop learning is the day you stop growing.” For Mr. David Farmer, CEO of Medasia Marina, it is a philosophy that he has subscribed to as he navigated over three decades in the maritime industry, and one that has propelled the superyacht-services company into new barrier-breaking heights. Headquartered in Abu Dhabi, with outposts in Malta and the United Kingdom, Medasia Marine has been providing the yachting industry with an array of services for over 25 years, from sales, charter, procurement and storage facilities, along with the Center for Sustainable Shipbuilding (CSSB), the company’s training and development arm paving the way for a more environmentally friendly boating industry.

And now, under the steady hand of Farmer, the company has recently celebrated the launch of a new facility located in Abu Dhabi’s Industrial City. As part of MBK Marine’s 87,000 smq2 shipyard, Medasia Marine’s facility is well positioned to capture the Venn diagram overlap between refit services, new build fabrication and green shipbuilding. The operation finds a 2,000-ton floating dock, a 150m jetty and a heavy travel lift, while the facility boasts a host of green credentials, including hybrid electric propulsion, recyclable composites and lifecycle design, with six in-house specialists in services such as design, naval architecture, welding and carpenting.

Speaking to The Maritime Observer newsletter, the Chief Executive discusses the process behind launching the facility, the challenges and opportunities of making the yachting industry more sustainable, and the importance of education.

Congratulations on the new facility. How did plans to launch come about, and how far in advance did you plan it? Why did you settle on Industrial City?

We were looking at the manufacturing of our own products. Whilst we worked in the maritime industry for a number of years, I found myself in the UAE with some bespoke products.

We launched a sustainable arm to the business, and then it made sense to look at a collaborative program called “Make It In The Emirates”, where we exhibited at the recent expo in Abu Dhabi, and we were astonished by how many manufacturing companies there were producing goods in the Emirates for export. For us, we needed to manufacture but we also needed to be able to supply to the local market, and also to globally export.

For the products we wanted to manage, furnish and manufacture, it was key that we had access to the water and also access to global logistics.

Sustainability is a key part of the company’s ethos. Can you tell us more about Medasia’s green technologies and how they will impact marine services of the future?

From the floating structure side, which are essentially floating sustainable villas, and a solar pod - a habitable, sustainable unit, we’ve spent a number of years researching sustainability ESG programs, ethically-sourced materials that are suitable to create such a product, and we wanted to start from the waterline upwards.

It’s very difficult to produce an entirely sustainable product, and the word is misused - as I think everyone on the planet now understands - so we wanted to make sure we were creating something that had the right user cases, at the right materials.

For instance, we’re using a material for our hull sections, HDPE (high-density polyethene), which is recycled. This is the only material that exists on the planet that emits zero toxins to the marine life.

So just to begin, we’ve protected the marine life against toxins, and fibre is one of the worst polluters into the marine environment, as well as steel and anti-foul coatings, etc.. but when it comes down to HDPE, it’s the only product that is totally recyclable, virtually indestructible, and emits no toxins as materials. It’s already used widely in pipes for water services.

Medasia has been at the forefront of making this industry greener for some time now. This past December, you delivered the region’s first 100% electric X Shore 1 boat. How did that go, and where do you plan to take sustainable marine solutions in this region in the next few years?

The electric boat is working very well. It’s worked perfectly in the UAE. We were apprehensive about the water temperatures; you’re not putting a lithium in a car, you’re putting it in 35 degrees of Gulf water. Having it cooled has been quite challenging, and it took a lot of research prior to that. I do see that our next move in the sustainable EV/BV market space, when it comes to marine, is hydrogen.

I think now, there are two large superyachts launched this year and are presently cruising around the waters, operating very successfully. Until now, hydrogen has been something that we were quite cautious about.

I worked on the first hydrogen-powered boat over 35 years ago in Belgium, which was for a German designer, with fuel-cell technology. And up until now, I have always felt that it needed a lot more education in order to educate the public and the user for a user-friendly hydrogen-based model when it comes to maritime.

However, the two yachts that are being used are doing that for us. So it is clear proof that alternative fuels, whether it be hydrogen, methanol, etc, are now the way forward. So we would like to see, when we launch our first solar pod in November in Abu Dhabi, that it is run or assisted with hydrogen. That is something which we are working on day and night at the moment to be able to get that to fruition.

What do you think are the biggest challenges when it comes to pushing green technologies in the region, and do you think it is widely embraced or still hesitant?

Still very hesitant. I think that it will take at least another five years before we have different conversations regarding this topic. One has to pioneer where one believes it’s right. If nobody does it, nobody learns. Nobody understands the user case. It’s like everything else: you have to get equal.

The issue with yachts and floating structures is that you’re living on top of hydrogen. It’s not that you’re propelled in your car by it, because the propellant is behind you. When you’re living and cruising around in a yacht, it’s accompanying you. There are different psychological education factors that I believe need to be taken into consideration. And you can’t do that until you actually stay on board and work with it and live with it. Once you’ve done that, that’s a good enough user case to move forward.

A lot of the Emirates and other GCC members are all government remits for green hydrogen, which I think is great, however, trying to get it to dispense, to use it in an economical way, is becoming quite challenging. I see another five years before we can dispense it well.

Another component of The CSSB, Center for Sustainable Shipbuilding, is an initiative poised to cause real, positive change in the industry. How did that come about?

The CSSB is designed with the idea of forming a collaborative group of other like-minded professionals to educate everyone.

We set that up for two reasons. One, education and that goes hand in hand with the materials and products that we’re using to create a more green initiative. But if you don’t educate your workforce to work with that, and introduce the right materials, you won’t find that you can manufacture products if you haven’t got the skillset and the educational part of your team.

Whilst we look at the industry going forward, it’s very important that we educate the trades, whether it be yachting or commercial, all aspects of the marine industry, in skillset for the future way. There’s no doubt that shipbuilding is changing and has to change for a greener alternative. You won’t be able to do that unless you have the understanding and education of the skillset.

What about education on the consumer-facing side? How open is the client to pursuing greener alternatives, and why would they shy away from it?

I think the client has to be a specific client to identify the green refit. At the end of the day, refit has a bottom-line number.

Don’t forget the asset going in for refit is already, the numbers are already going through the owner's representative and the client, of course and how much it's going to cost him. So if it’s going to cost him another half a million to have a greener refit, then they are probably not going to choose that option. So it really is looking towards the shipyards and the contractor to make that happen.

We’re suffering a bit from greenwashing. Sustainable is a big word, and it’s being used quite a lot in the wrong ways. It’s a bit like the word luxury, they are overused words. You can tack on to everything and anything you need. We do it, but when we say luxury, we work out the luxury side of it. And when we do say sustainable, we do mean that, and we can back that up by the list of materials that we use and the ESG that we would put in place to be able ot manage all that at the time.

Refit services are gaining prominence in the region, we are seeing the construction of multiple facilities in Saudi Arabia, Qatar and the Emirates to cater to this market. Where do you think the demand is coming from, and who is it coming from? Foreign-flagged yachts?

It’s quite challenging to get a foreign-flagged vessel up into the region, let alone refit it. I think it’s the local owners. The visiting yacht, or commercial vessel that was here, yes, there will be a certain proportion that will have an interest in that, but it’s how you define a green refit. I think that’s yet to be exactly determined.

What’s next for Medasia beyond the region?

Very soon in the US. We have some projects which are underway now. The US will be officially unveiled in October at the Fort Lauderdale International Boat Show.

You have been in the industry for some time. What excites you these days?

The launches over the last couple of weeks have been interesting in their design ethos and technology. I am an engineer, and I thrive on seeing new technology. I really think the industry has moved in big steps with the design and technical achievements, with some larger shipyards.

I think that’s fascinating and will certainly propel the yachting industry to lots of conversations. And I see that going on for the rest of the year, and I see new ships that are being built, which will be further advanced. And there seems to be an appetite for alternative fuel sources, coupled with some beautiful designs. We look forward to seeing that.

What is one piece of advice that you live by:

You've got to learn. If you don’t look, listen and learn, then you don’t thrive. You’re not able to evolve at any level of industry - whether you’re starting in an internship, or you’re mid-degree qualified or a veteran.

This interview has been edited and condensed for clarity.

Oman’s Khor Grama Project Taps Firm to Design 75-Berth Yacht Marina

The Ministry of Transport, Communications and Information Technology in Oman has appointed multi-disciplinary consulting firm Meridian Engineering Consultancy (MEC) to design and supervise the construction of a superyacht marina for the Khor Grama development project.

Read more here.

Heesen Yachts Names Jeroen van der Meer as New CEO

Dutch shipyard Heesen Yachts has announced the appointment of Jeroen van der Meer as Chief Executive Officer. The appointment, which will be effectuated in September 2025, comes as the latest change in the company following its acquisition by entrepreneur Laurens Last in April 2025.

Read more here.

Oman’s Al Khuwair Project Starts Bidding Process for Marina Design & Construction

Oman’s Ministry of Housing and Urban Planning has started the bidding process for the design and construction contract of the Al Khuwair project marina. Tender documents, made available in May 2025, reveal that the package includes the design and construction of a 1500-meter main breakwater, two low-crested breakwaters of 500 and 290 meters, respectively, and pipe protection works.

Read more here.

This month, the newsletter welcomes Mr. Erwin Bamps, the recently reappointed CEO of Gulf Craft Group. Bamps, who was instrumental in the rise of the shipyard, completed his tenure in 2018, just as the region started to grow its leisure marine offerings and become a winter alternative.

Returning to the shipyard and the Middle East in this shifting landscape, the chief executive, via email, discusses what lies ahead for the builder, establishing trust and meaningful connection to meet the cultural needs of clients from different parts of the world, and the Gulf’s evolution as a superyacht market.

Elsewhere in the news, marina owners and operators can now submit their facilities for the 2025 Abu Dhabi Maritime Awards. The deadline is August 31st. Good luck to all. If you enjoyed this newsletter, sign up now and receive a complimentary edition every month, straight to your inbox.

All the best,

Faisal

Faisal@maritimeobserver.com

Gulf Craft Group CEO Erwin Bamps Discusses The Builder’s Global Rise and More

Over the past 40 years, Gulf Craft has charted a rapid rise through the boat-building industry. What once began as a story of friends who built wooden fishing boats in the middle of the Arabian desert, with no surrounding infrastructure, has grown into an economy unto itself, becoming an internationally recognised superyacht builder with a vertically integrated operation in multiple facilities across the Emirates and the Maldives. The risk paid off - as of May 2025, the UAE-based shipyard ranks 13th in the list of builders who have produced the most vessels over 30 meters in length, according to BOAT International Media. The company has achieved great lengths since its entry into superyacht manufacturing, but to understand just how the company evolved into the powerhouse it is today, it helps to know the name Erwin Bamps.

Of course, he needs no introduction. By now, the Belgian native is an old hand in brand building and vessel manufacturing, with a guiding ethos that combines his engineering background with the artistry of storytelling. Joining Gulf Craft in 2002, Bamps helped steer the company into new levels of innovation and craftsmanship when he headed its commercial and industrial operations. He rose to Chief Operations Officer in 2009, before ascending to Chief Executive status in 2014, becoming one of the industry’s youngest CEOs during his four-year tenure.

Fast forward to May 2025, Bamps is back. The newly minted, two-time CEO returned to Gulf Craft to build upon the foundations he has helped lay, with plans to scale up production, expand the shipyard’s offerings, and continue with the brand’s global expansion. In his first interview since his reappointment, Bamps discusses the evolution of the Gulf and wider region as a leisure marine market, the importance of understanding the client, and his immediate priorities upon his return.

The Middle East Yachting Movement

It has been seven years between Bamps’ tenures at Gulf Craft, a period where the world has been cleaved into before and after the COVID-19 pandemic, an event that has been characterized as one of the superyacht sector’s biggest growth multipliers when it brought swaths of new boaters their own homes on the water. In the region alone, the number of superyachts over 30 meters owned in the UAE has catapulted from 109 in 2022 to 148 in 2024, according to the Superyacht Times Gulf Reports. In turn, this yachting boom has created demand for more berthing and cruising options, and the Gulf has stepped up to the challenge, as Bamps has been observing in absentia. “The Middle East leisure marine market has seen a remarkable development with the creation of new lifestyle marinas, no longer designed to be merely boat parking spots on the water,” says the chief executive, pointing out one significant advantage the influx of new facilities has brought. “Dotting the coastline of the UAE and the inner Gulf, today this string of new and already existing marinas offers boat owners the possibility and enjoyment of marina hopping, solidifying the region’s ambition to become one of the world’s key yachting destinations.”

“With innovation and care, the region can rival global yachting hubs.”

Zooming out some more to view the Red Sea and wider Gulf, it can be concluded that a whole new cruising itinerary around the area is not out of the realm. Thanks to the fusillade of infrastructure projects happening in neighbouring states, from Jordan to Bahrain and Egypt, emerging markets are becoming yachting destinations of their own. “We are witnessing substantial investments in world-class infrastructure, including integrated marina developments, shipyard facilities, and luxury waterfront ecosystems. Qatar’s Lusail Marina, Saudi Arabia’s Red Sea Project, Bahrain’s Marassi Galleria, and Egypt’s growing Red Sea ports are all indicators of a shared regional ambition: to become globally recognised yachting hubs, not just in terms of infrastructure, but also in lifestyle, service, and sustainability,” says Bamps, who along with Gulf Craft has had a front row seat to witnessing the rise of the Middle East leisure marine industry. “As a shipyard, Gulf Craft of course welcomes the Middle East’s yachting growth. It opens doors for ownership, marine services, and regional collaboration,” adds Bamps, who cautions that stakeholders behind this growth should not overlook two vital aspects. “ But sustainable development and clear regulations are key. With innovation and care, the region can rival global yachting hubs.” But while these destinations continue to mature, the builder has its hands full with clientele from all over the globe.

Clientele: A Tailored Approach

When Gulf Craft launched its first luxury motor yacht, the Adora 53, in 1992, it enabled the builder to enter the European market for the first time. It was not long after that when Gulf Craft began to compete for a slice of the global order book, slowly and strategically entering various international markets in pursuit of internationalizing the Gulf Craft brand. This is one area of the shipyard’s evolution where Bamps has been credited as playing a seminal role. With stints in Japan, the Philippines, and most recently France, he is aware of the level of cultural discernment required to communicate with the diverse boating needs of the brand’s clientele, where owners from different parts of the world have different ways of using their vessels. “Clients from the Middle East and Asia typically place a strong emphasis on privacy, extended cruising capability, and family-oriented layouts. These preferences inform how we design space, select materials, and configure onboard features,” says Bamps, emphasizing the differences brought on by Western customers. “By contrast, European and American clients may prioritise social deck spaces, minimalist interiors, and performance for shorter coastal cruising. We adapt accordingly, not just in design, but in service, support, and delivery models.”

“Our consistent presence at international shows such as Monaco, Cannes, Miami and Fort Lauderdale helps us maintain direct engagement with European and North American clientele.”

To understand this in practice, look no further than the most recent iterations of the Majesty series, the shipyard’s flagship model, which has been reimagined to appeal to owners from the West. The Majesty 100 Terrace - which premiered at this year’s Dubai International Boat Show, where the second hull was already sold - preserved Gulf Craft’s DNA whilst exuding a modern feel. Dutch firm Phathom Studio designed the yacht to possess a flexible layout that features an open living plan, increased interior space and the maximization of natural lighting. At the same time, the yacht’s new semi-displacement hull allows for long-range cruising and efficiency. With a world-class product, a strategic marketing approach works in lockstep to bring it to the world.

To continue reaching new customers, Bamps believes that the brand’s presence at boat shows is paramount to expanding its reach to a broader audience. “Our proximity to Asia-Pacific and our established presence in markets like the Maldives allow us to offer hands-on service and regional familiarity. Meanwhile, our consistent presence at international shows such as Monaco, Cannes, Miami and Fort Lauderdale helps us maintain direct engagement with European and North American clientele.”

The Majesty line joins the Nomad, Oryx, and SilverCat ranges, making up Gulf Craft. The Gulf Craft brand is part of the newly restructured company that Bamps oversees since his return

Gulf Craft and The Next Steps

Gulf Craft joins Gulf Craft Maldives and Gulf Craft Services to make up Gulf Craft Group, the newly restructured entity announced in 2024 to smooth internal operations and help strengthen the company’s global presence. However, this move also illustrates the company’s approach to anticipating trends and getting ahead of them. For example, to address the expected increase in vessels entering the region in the coming years, Gulf Craft launched an independent brand under the name Superyacht Service Centre. The facility will offer repair and refit services for yachts of any brand, with in-water servicing available for yachts up to 80 meters in length, and a 75-ton travel lift capable of handling vessels up to 60 meters in length.

All of the happenings at Gulf Craft spring up one question: What have been Bamps’ immediate priorities since his return? “In a first instance, I have been assessing our strengths and areas for further development, focused on enhancing our global distribution and storytelling for each of these brands.” If the past is any guide, Gulf Craft should have no trouble continuing its upward momentum with Bamps back in the captain's seat once again. And according to him, there remains a contingent of people who are in store for a pleasant surprise when they experience what the builder has to offer. “I believe that some of our product ranges are still some of the best kept secrets yet to be discovered by many boating enthusiasts.”

Wynn Al Marjan Island Marina to be Operated by IGY Marinas

Wynn Resorts has tapped global marina network IGY Marinas to be the marina operator for the upcoming Wynn Al Marjan Island facility.

The property, located in Ras Al Khaimah, UAE, plans to feature a 101-berth superyacht marina that welcomes vessels up to 85 meters in length.

Read more here.

Old Doha Port Partners with Regional Marinas in Turkey and Dubai

Qatar’s Old Doha Port announced agreements with Abu Dhabi’s Emirates Palace Marina and Turkiye’s Kiyi Istanbul Marina as part of its marina members program.

Read more here.

2025 Abu Dhabi Maritime Awards Announced, Seven Marina Categories Added

Abu Dhabi Maritime, a subsidiary of AD Ports Group, has announced the return of the Abu Dhabi Maritime Awards to take place on 20 November 2025, at the Abu Dhabi International Boat Show, with new additions to the categories for both project and individual-based achievements.

Read more here.

One question animates this month’s newsletter: How have the developments of 2025, thus far, shaped what’s to come for emerging markets in the region looking to build yachting havens of their own? Charting the announcements, rules, and regulations introduced and the related news, the mid-year review telegraphs a positive sign for the coming years.

Best,

Faisal

Reach out at faisal@maritimeobserver.com

Old Doha Port Introduces Digital Platform For the Entry and Exit of Private Yachts “Minakom”

Old Doha Port has launched Minakom, a digital customs and passport portal created to facilitate the smooth entry of foreign-flagged superyachts into Qatar without the need to disembark ashore. The platform allows cruisers to sort out logistical needs, from passport control to customer clearance and other maritime services.

Read more.

Bahrain Marina Project Reaches 50 Percent Completion

Bahrain Marina, the flagship waterfront development by Bahrain Marina Development Company, has reached a new construction milestone. The developer announced that phase one of the project has now achieved a 50 percent completion rate, keeping the development on track for the handover to take place in the final quarter of 2026.

Read More.

Oman’s Al Mouj Marina to Receive Upgrades

The Omani Waterfront Community Al Mouj Muscat will be expanding the development after a $160m loan was secured this week, according to Arabian Gulf Business Insight.

The mixed-use development, part-owned by Tanmia and by the state-owned tourism operator Omran, which owns 40 percent, will use the funding to increase properties to 10,000 units, and enlarge the shopping complex and marina, according to Al Mouj Muscat’s Vice President of Sales, Saleh Al Siyabi.

Halfway Mark: How the Middle East market expanded its superyacht tourism offerings in 2025, Thus Far

Going into the new year, the number of pleasure vessels on the water exceeded any time in history - 6,006 superyachts over 30 meters in operation, according to the latest Superyacht Times Gulf Report - and there are no signs that this rising interest in boating will calm down anytime soon. To this point, the Middle East has been taking note and acting accordingly. With all the licenses granted, marina projects greenlit, and boat shows announced, these emerging markets have spent the first six months of the year expanding their offerings to accommodate foreign-flagged vessels and welcome the international fleet. Here is a look at what has transpired from the regulatory, marina, and expansion fronts for Saudi Arabia, Jordan, Qatar, and others.

Rules and Regulations

When it came to regulation, the Kingdom of Bahrain introduced new rules for the entry and exit of foreign vessels. Edict (9) of 2025, as announced by the Minister of Telecommunications, laid out the framework, stating that leisure vessels must obtain a navigation permit from the Ministry of Ports and Maritime Affairs before touching Bahraini waters. The permit, which is renewable, lasts for one year.

Over at the Red Sea, meanwhile, Egypt has continued to promote its superyacht tourism plans when a new edict now permits foreign-flagged, commercially registered yachts to cruise Egyptian waters restriction-free. In the Kingdom of Saudi Arabia, the Saudi Red Sea Authority has issued new licences to three marina operators in an effort to boost tourism in the Red Sea, as well as the first Chartering Company Licenses of 2025.

Finally, Qatar’s Old Doha Port officially launched its digital portal, created to streamline and digitalize the entry and exit of private yachts. With “Minakom”, private superyachts may long onto the customs and passports platform to handle the logistical procedures without the need to disembark ashore.

Marina

This year, a number of countries started to announce, expand, or build marine facilities, in alignment with the demand for more berthing options and the rapid rise of the marina industry. The most ambitious, perhaps, is Jordan’s Marsa Zayed Project, located on Aqaba’s coastline. Hailed as one of the most significant real estate projects in the Red Sea, the 3.2 million square meter project features a marina and yacht club, alongside Aqaba’s cruise ship terminal, hotel units, and residential options. Phase one of the project was launched in February.

Elsewhere, the much-anticipated waterfront development, Bahrain Marina, continues to progress, with phase one reaching a 50 percent completion rate. As for the marina itself, the Bahrain Marina Development Company shared that it has entered into an agreement with United Marine Trading (UMT) to construct a new superyacht-dedicated marina. The company will construct floating docks that will accommodate 167 vessels at a maximum of 50 meters in length.

Most recently, Oman’s Al Mouj Muscat has been gearing up to upgrade its own property after securing a $160m loan to fund expansion plans. The mixed-use development, part-owned by Tanmia and by the state-owned tourism operator Omran, which owns 40 percent, will use the funding to increase properties to 10,000 units, and enlarge the shopping complex and marina.

First-time Players

Turning to the United Arab Emirates, where Dubai has become an established market with the superyacht community, this year witnessed many international brokerage houses, service firms, and brands expand into the region.

Ocean Independence opened its Dubai office earlier this year, marking the company’s entry into the Middle East. The firm, which specializes in yacht sales, charter, new build, and management, opened its 16th branch at Dubai Harbour Marina, adding to its worldwide roster of offices, with other locations including Monaco, Fort Lauderdale, Athens, and Mumbai. Similarly, Consultancy group Oceanskies has formally entered the Middle East superyacht market with Oceanskies Dubai, joining the brand’s offices. In Malta and Southampton, United Kingdom.

Sunreef Yachts debuted the Ultima 55 at this year’s Dubai International Boat Show, the first vessel to be produced in the builder’s Ras Al Khaimah production facility. Elsewhere, Italian shipyard Azimut Yachts extended its partnership with Elite Yachts to enter Saudi Arabia and introduced its Azimut Concierge Service. The shipyard plans to open boutiques in Doha, Dubai, and Kuwait.

The number of brands branching out to the UAE is best read as an indicator of the industry’s confidence in the region, despite misgivings and security concerns attributed to geopolitical tensions and economic downturns. Looking ahead toward the remainder of 2025, more events are on the horizon. Old Doha Port brings back the Qatar Boat Show from November 5-8, followed by the Abu Dhabi International Boat Show, taking place at Marina Hall, ADNEC Centre, Abu Dhabi.

When the global maritime industry was beset by the ongoing geopolitical tensions happening in the Red Sea and the Gulf of Aden, the ballooning insurance rates and security curtailed many yacht itineraries, which had to opt for the Cape of Good Hope reroute instead. As a result, maritime traffic in the region took a steep plunge, and it seemed as though the escalating turmoil would not be done with anytime soon. Fast forward to spring 2025, while the war is not over, maritime activity has started to pick up as of late, denoting a “new normal” in Red Sea transit levels. But what does this mean for the yachting sector? This month’s feature charts the aftermath of this crisis over a year later and what the future holds for the industry.

In addition, the news finds Gulf Craft (re)appointing a new CEO, while Bahrain and Egypt announced regulatory developments of their own.

Best,

Faisal

Email: faisal@maritimeobserver.com

Bahrain Announces New Regulations for the Entry and Exit of Foreign Flagged Yachts

The Kingdom of Bahrain announced Edict 9 of 2025 to facilitate the smooth entry and exit of superyachts. The guide, issued in accordance with the Ministry of Interior, requires foreign-flagged leisure vessels to obtain a navigation permit from the Ministry’s Ports and Maritime Affairs Directorate prior to cruising Bahraini waters, obviating the need to work with a local shipping agent.

Read more here.

Gulf Craft Group Reappoints Erwin Bamps as CEO

In a homecoming of some sorts, UAE shipyard Gulf Craft has announced the return of Erwin Bamps as Chief Executive Officer as the builder continues it’s growth in international superyacht markets. Bamps succeeds Yannis Haidis, who was named CEO in August 2024 after Gulf Craft entered a new organizational structure, establishing Gulf Craft Group, a new umbrella organization encompassing the shipyard’s range of brands.

Read more here.

Foreign Commercial Yachts Now Permitted to Cruise Egyptian Waters Restriction-Free

In a significant development to Egypt’s superyacht tourism plans, foreign-flagged, commercially registered yachts are now permitted to cruise Egyptian waters restriction-free. The new edict, enforceable from May 2025 onwards, stipulates that the vessel’s maritime agent must supply local authorities with a confirmation, ensuring that no commercial activities will take place in Egyptian territorial waters for the duration of the stay.

Read more here.

Read more here.

“It’s Not a Straight No Anymore”: Insuring Vessels in The Current State of The Red Sea Transit

“The situation, at a high level, is that the market is not very keen on anything to do with the Red Sea at the moment,” said Mike Wimbridge, Managing Director at Pantaenius UK, back in July 2024. The situation, of course, refers to the escalating tensions and geopolitical strife that have permeated the Red Sea, sending the global maritime industry into complete disarray - when Houthi rebels started to threaten any vessel that made it’s way to Israeli ports, in a show of solidarity with Palestine following the 2023 war - and the superyacht sector was no exception. With traffic levels plummeting, due to the security risks imposed and, as a result, swelled insurance rates, owners have come to avoid undergoing the crossing from the Mediterranean to Asia altogether, opting for a protracted reroute through Africa’s Cape of Good Hope, which asks for an additional 3,500 miles to the trip, if needed. But in the year and a half since the crisis started, Wimbridge seems to be carrying a different tune on the sector's current state. Now, a perception seems to be taking hold that providing coverage for yachts wishing to transit the Red Sea may not be out of the realm of possibility as it once was. Despite the vagaries of the situation, this tremor of hope raises the question: Are owners ready to test Red Sea waters, or have yachting patterns been altered permanently?

Overview

The Red Sea - after 15 years of wrestling with security concerns due to the threat of Indian Ocean piracy - received a dose of optimism in late 2022, when it was decided that the High-Risk Area (HRA) categorization was going to be jettisoned by January 2023. Beside making the voyage simpler for yachts - using the Suez Canal to switch from summer to winter cruising seasons ever since the two-way route was introduced in 2015 - this decision coincided with an opportune time for the region’s superyacht market, where Saudi Arabia, Egypt, and neighbouring states have been establishing cruising grounds of their own, building the requisite infrastructure and updating regulations to accommodate the international superyacht fleet. Saudi Arabia’s NEOM and AMAALA projects promised a new future for winter itineraries, constructing state-of-the-art marinas and yacht clubs, and Egypt has continuously modernised legislation to facilitate the smooth entry and exit of foreign-flagged yachts. The prospects of the Middle East becoming a winter destination transcended beyond just a velleity.

The first change in weather, however, would arrive only a few short months later in December 2023, when Yemen’s Houthi militant group attacked 20 vessels transiting through the Bab-el-Mandeb Strait. A high-risk categorization followed in short order after the Joint War Committee (JWC) extended the designation to cover the southern Red Sea and Indian Ocean. Although the Houthis set their sights on shipping carriers, the yachting community felt the ripple effects.

What Did The Crisis Mean for Yachts?

“Pretty much no insurer would provide cover for Red Sea transit, so there were an awful lot of yachts going around Africa, or simply not going to the Gulf area at all,” said Wimbridge—a statement reflected in the year-to-year contrast of traffic levels in the Arabian Gulf. According to the Superyacht Times Gulf Superyacht Report, the number of superyachts 30 meters in length dropped to 198 in the first nine months of 2024, with insurance rates serving as the primary contributor to this decline. The Suez Canal, Egypt’s corridor that joins together Asian and European economies, felt this hit the most. “It had a direct effect on us”, said a prominent Egyptian agent in the Red Sea. “We used to record around 150 yachts passing through the Canal, and now, the whole season would see 40-50 yachts at most, even though it has nothing to do with us.”

“It affected us badly because the main problem is insurance, which basically went up 100%”, said Captain Steve Corbett of JLS Yachts, a superyacht agency operating in the Middle East and the Indian Ocean, and has processed over 100 entry/exit permits and 85 boat registrations in the region alone. “The problem is they get blanketed with the same tarnished brush. They don’t understand that the war bridge is actually South of Jeddah, where things possibly happen.” Although no attacks on pleasure vessels have been reported, the type of craft transiting has no effect on coverage provided. “It’s still up to insurance, they are just saying no, we are not going to cover you, and that’s the problem,” added Captain Corbett. And suppose an owner wishes to come down to the Red Sea. In that case, insurers stipulate a number of requirements, ranging from taking out specialist war risk insurance and paying premiums for crew members to deploying a security escort or maintaining communication with military personnel in the surrounding area.

The UAE, an established superyacht market, was not spared. “It has impacted [the sector] quite significantly, a good 40% decrease in the number of traffic coming into the UAE compared to pre-Houthi attacks on the Red Sea, said Mahmoud Itani, cofounder of consultancy firm IR Yachts and online marketplace YachtFinds.com.“The previous season, we used to record boats visiting the region at around 64, and after the Houthis' attack, numbers dropped to 38. They [superyachts] all opted for longer transit for safer passage, but some of them might not consider that as an option.” In fact, while a safer option, rerouting through the Cape of Good Hope, which, according to Itani, witnessed a 47 per cent rise in activity, is not a viable option for yachts below a certain segment. “When you are talking about a 50-60 meter boat, even though they might have the range, they will need to do alot of stops and if you look the West coast of Africa, there’s not really many ports that can accommodate such vessels for bunkering, provisioning and so on, so you would really need to have a large boat in order to do that crossing.”

In the case of the Emirates, it was not only about the dearth of boats coming in, but the ones that were berthed there. “Because of the Houthi attacks, there were a lot of boats that had to stay in the UAE, and for insurance reasons, they were not given the approval to go back,” said Itani. But in late April 2025, Itani pointed out a development in activity in the boats stationed in the UAE, “What we have noticed in the past five days is a surge in the number of boats that were located here in the UAE for the past two years are now making their way back to Europe. And they are going through the Suez Canal. There are signs of calmness, but people want to take the step because they want to use their boats in Europe.” Behind this sudden movement are the ceasefires and agreements made in the past several months, providing equal amounts of hope and frustration.

Rowing Back: Ceasefires

After a weak year of traffic all around, momentum started to pick up in January 2025, when a ceasefire was reached in Gaza. The Humanitarian Operations Coordination Center (HOCC) released a statement announcing that, save for “wholly-Israeli-owned” vessels, the Houthis are lifting the ban on vessels crossing the Red Sea and Gulf of Aden region. Although confidence was not fully restored and the situation remains mercurial, commercial traffic started to pick up in the ensuing months, when the Suez Canal saw 925 passings in March 2025. While positive for global trade, the uptick in activity on the commercial side can also have an effect on superyacht insurance rates, says Wimbridge: “If you are a really big insurance company, their marine department will be huge, and the yacht part of that department will be tiny. I think that it could be a consequence that when the commercial side settles down, the yachts will follow.”

Wimbridge, who cites the recent example of an owner who wished to take his yacht down to the Qatar Grand Prix later this month, cautioned that the industry is still not out of the woods as far as providing coverage goes. “I think things will calm down. At the moment, insurers can still charge a fairly hefty premium. On this particular boat, the premium could have been 4 or 5 million euros, for example.”

Could we expect rates to go down eventually? “For the transit, yes, they will. But it's for a limited number of people. I see a downward trend with that,” says Wimbridge, who ponders whether that would be sufficient to see transit activity reach pre-crisis levels. “Whether enough people will want to do so, I don’t know.”

Putting insurance aside, many owners may still feel apprehensive about returning to their default cruising routes. With all the developments that have transpired since early 2024, is there the same level of hesitancy as there once was? “Probably a little less hesitancy,” said Wade Alarie, moderator of the Red Sea Passage Facebook group, where a community of cruisers congregate to exchange advice and plans. “Of those people, I estimate that 15% are still dissuaded, and are either stalling, redirecting, or shipping - in order to bypass the risk.”

Alarie recounts the case of one cruiser stopping at Yemen’s Port Al Mukala last year. The agent, helping the cruiser with fuel and port assistance, claims that “the Houthies were not interested in targeting private yachts.” Although the threat of harm to any carrier will always be present, understanding the motives behind the attacks may be instructive. “Private vessels were not targeted because they did not pose a significant threat,” said Itani, crystallising that a superyacht won’t aid the economic disruption the Houthis aim to achieve."The attacks were very targeted in the sense that they were either oil or commercial. They wanted to impact a large segment. Hitting a yacht or a boat would not make any big difference, it’s like a waste of money.”

The Diagnosis: Is it Permanent Damage?

That owners would decide to return to the Red Sea is best read as an indicator of the long-term implications of this crisis for yachting patterns. “This is definitely a short-term implication which will be resumed as soon as the situation calms down even more,” said Itani, who emphasizes that activity won’t return to usual numbers overnight. “I think while traffic may gradually return as confidence rebuilds, a complete reversion to the previous patterns will not be likely in the near term.” Captain Corbett, while agreeing with this assessment, is pinning his hopes on the upcoming Monaco Yacht Show this September to encourage a return of superyacht traffic. “No, they will definitely take the Suez Canal. And what we’re expecting now is, if the war stops by the time Monaco comes up, I think we will get a flood of boats that have been waiting, but it’s all to do with insurance.”

From the insights shared by all the experts canvassed for this piece, one clear answer emerged: At present, the situation remains volatile, and uncertainty is the only certainty, but taking a page out of the larger maritime sector: acclimating to the current circumstances instead of waiting for tensions to evaporate seems to be the way forward. “I would say this is a shift to a 'new normal’, where the threat is there, but the actual risk to private vessels is LOW.” said Alarie. Whether superyachts populate the Red Sea waters remains to be seen, but to quote Wimbrige: “At least it’s doable now rather than a straight no as it was before.”

How do you take a yacht model that has long been designed with a specific region in mind and expand its appeal to owners in Western markets? That was the briefing Dutch-based design agency Phathom Studio was tasked with when handed the keys to Gulf Craft’s Majesty series, the UAE-based builder’s flagship line. In the feature below, the brain trust behind the interior and exterior chronicles the journey behind the success of the Majesty 100 Terrace and Majesty 112.

Thanks for reading. Wishing you a fantastic month,

Faisal

General enquiries and sales: faisal@maritimeobserver.com

The Maritime Observer Newsletter is presented by Yachtfinds.com, the first dedicated online marketplace for boats and yachts in the Middle East.

YachtFinds allows users in Saudi Arabia, Qatar, UAE, Bahrain, Kuwait, and Oman to list their vessels for sale and charter. Registration for the website is free and allows companies, brokers, dealers, and sellers to expand their network with potential buyers and clients.

When Gulf Craft sought to reimagine the Majesty 111 to cater to Western markets in 2022, the UAE-based shipyard pinned its hopes on Phathom Studio to take the reins - and the choice reaped fruitful results. The emerging Dutch agency infused the flagship line with a lungful of fresh air. The yacht carried a modern feel, open spaces led the way, and natural lighting bathed every room. These were changes that felt new, all while preserving Gulf Craft’s DNA.

Therefore, it is no surprise that the builder has alighted on Phathom Studio once again to pen the designs of their newly launched boats: the Majesty 112 and the Majesty 100 Terrace, which debuted at the 2025 Dubai International Boat Show. With features such as a foredeck with a jacuzzi, including a glass floor that doubles as a skylight for the master cabin and a plunge pool on the M112, it was hard for anyone who stepped on board either of the vessels to be immune to the charms of the emerging designers' work.

Speaking to The Maritime Observer, Phathom Studio discussed the process behind collaborating with Gulf Craft for the Majesty pair, agilely straddling the line behind designing a yacht to serve both private ownership and charter functions and the simultaneous challenges and thrills of incorporating sustainable materials into their work.

The Majesty 111: Ushering in a new era for the flagship line

Talks for the Majesty 112 started to take shape following the success of the Majesty 111 - garnished with multiple awards and nominations for its ingenuity - and the studio sought to retain the vision statement of internationalizing the brand in the ensuing projects, “With the Majesty 111, we really wanted to continue the line, creating it with other boats that have similarities but don’t compete with other models,” said Raquel H Grijota, Design Partner at Phathom Studio. With this in mind, outlining the main aspects of the Majesty 112 started with taking input from the people who know these yachts best, the Captain and crew. “After a thorough briefing from the Captain and crew of the inaugural M111 hull, we realized that some commercial aspects of the layout needed to be modified to improve the overall efficiency of future Majesty models in this size segment,” wrote Sean Bekeschus, Design Partner at Phathom Studio. The principal takeaway from this tour? The unbalanced crew-to-guest ratio led to the first amendment incorporated in the Majesty 112, an additional captain’s cabin on the upper deck.

As for the Majesty 100 Terrace, which bears its name from the multiple outdoor terraces, it was in the shipyard’s initial briefing to depart from the raised pilothouse model and build a tri-deck. A noticeable change lending credence to this directive is the skylounge that replaced the raised wheelhouse, and a Phathom Studio -hallmark retained from the Majesty 111: natural lighting. “The success of the Majesty 111 in maximizing natural light through large windows and skylights has been further developed in the new models,” said Grijota.

The M100 Terrace possesses the same flow as the M111 but finds a brand new semi-displacement hull. “The new semi-displacement hull is a major factor. It's designed to provide a balance of efficiency and stability, crucial for long-range cruising in diverse sea conditions. This allows the hull to have a wider beam translated directly to more interior space in the lower deck to create more spacious and comfortable guest areas,” added Grijota.

Both the M112 and M100 Terrace place an emphasis on open spaces, capitalizing upon the lauded design considerations first seen by the M111. “The Majesty 100 Terrace and 112 feature expanded deck areas, further emphasizing the importance of outdoor living and the seamless connection with the interior,” said Grijota. This, in fact, is a stark contrast to their predecessors in the Majesty 100 line. “Before, Majesty yachts were much more focused on closed spaces for privacy, and now the spaces are more open to enjoy the water and the views.”

This shift from closed to open spaces points to the changing tides in the demographics of superyacht ownership, where clientele is observingly getting younger, and their stylistic choices illuminate the change in what they would like to make use of in their vessels and their perception of luxury. “The demographic has changed. You look 10-15 years back, and ownership of a yacht was really very exclusive, and they were like over-the-top palaces with rare materials, and it was making it more appealing at the time. For the younger generation that is coming up it’s really about the experiences rather than having rare species, for example. The values are really changing in that sense. The quality time that you want to spend with your guests and family is all changing,” said Fabian Henke, Design Partner at Phathom Studio. In addition, crafting open spaces in both of the Majesty designs has proved to be instrumental to a further consideration that Phathom Studio was tasked with engineering: walking the tightrope between ensuring a charter-friendly layout while keeping the owners happy.

The Duality of Charter-Friendly and Uncomplicated Private Use

How can a yacht simultaneously serve the needs of charter guests and those of the boat's proprietors? The answer lies in an adroitly penned layout. “The key part of this is that you need to consider that these two groups have different needs. You have to be flexible in the layout and outdoor areas. You also need to see what is getting more popular and what the guests are making the most use of,” said Grijota. This concern was crystallized with the addition of a flybridge in the M112. “The inclusion of a flybridge or sundeck on the M112 offers valuable added space for both private and charter usage of the boat, while not compromising the performance,” added Bekeschus. To strengthen the yacht’s charter appeal, the designers increased storage areas onboard - a change that played to one important point: crew efficiency. “If the crew is happy, the charter is going to go really well. The talks we had with the crew for the [Majesty] 111 helped us make these designs more friendly to having good crew quarters and good flow around the boat,” added Grijota.

Meanwhile, the Majesty 100 Terrace boasts its own charter capabilities, a far cry from previous iterations of the Majesty 100 line, which were not built with anything beyond private use in mind but unexpectedly turned into a hot commodity amongst charter listings. “For the previous model of the Majesty 100, they were never designed to take in mind charter but ended up becoming a popular model in the charter market. For the shipyard, it was important to take over the things that were making it a good charter boat,” explained Henke. And with the generous exterior space, a large aft deck, and an expansive flybridge, the yacht is able to cater to the needs of the current guests onboard. “These spaces are designed to be adaptable, allowing for various activities. This versatility is crucial for charter operations, where guests have diverse needs,” said Grijota.

Speaking to Different Markets At Once: The Pursuit of International Appeal

Speaking to the dexterity of the layout is the Majesty’s ability to accommodate six guest cabins instead of five, a technical feat previously unheard of for vessels below 40 meters. Certainly, all these hallmarks converge to allow the Majesty Line to evince global resonance, to be able to be enjoyed by clientele from all over the globe. “From a guest's and owner's perspective, you have a broader audience; it’s not for one person. It needs to appeal to many different markets; it should be relevant in the US, but at the same time, Europeans should also like it. That is the difficult zone that we have to navigate through,” said Grijota. How is this balance achieved? Through the deployment of multi pronged design strategies, “The designs cater to the diverse needs of international clientele, whether for private cruising or charter operations, that resonate with a global audience, such as emphasis on open-plan living creating flexible layouts, adaptable spaces, and features that enhance the overall yachting experience, maximizing natural light.”

And while Phathom Studio remains pivotal to the new era of Majesty Line, the team effort with Gulf Craft’s in-house design team was crucial to the shipyard’s overarching vision. “It's teamwork because those decisions, like the shape of the hull, are really strategic for which markets they want to appeal and where they want the yacht to be cruised,” said Grijota. This same strategy applies to the inside space, where the yacht's itinerary is a principal consideration. “The layout needs to work, so we really think about how it is going to be used. How do they use it, whether it is in the Emirates, in Asia, in Europe, or in America? How can we bring similarities together? What can we welcome for some and what cannot? What can be adapted or changed, even from one charter to another.”

The Circuitous Route towards Sustainability

Featured in the Majesty 100 Terrace is the host of eco-friendly materials shaping the interior: reclaimed fishing nets to make the carpets and recycled fibers in the loose cushions. Although the incorporation of sustainable materials is proving to be the future of yacht design, the novelty of the idea in the maritime industry remains a logistical and technical climb - an assessment that Phathom Studio can very well attest to. “Everything was quite new. Most of the marine suppliers who use traditional materials are starting to use more eco-friendly alternatives; it is slowly growing from where it was 2-3 years ago, which was a challenge,” said Henke, highlighting the difference between on-the-water and residential projects. “Some of these materials are used in residences, but for the marine industry, you need more quality in the product because of humidity, vibrations, and other considerations to take into account that were not faced in residential projects,” added Grijota.

Therefore, it is more impressive to see the designers taking charge and leading the way with crafting the formula through trial and error. Consider, for instance, their work for another of Gulf Craft’s offerings: the Nomad 101, where Phathom Studio ran the gamut of eco-conscious supplies, resulting in a 100% sustainably furnished vessel. “For the Nomad 101, every single material was sustainable. We were able to find alternatives for every part of the boat,” explains Grijota, who did not shy away from detailing the learning curves this affair brought to all parties. “And that brought some challenges because they are new materials, so the shipyard needs to learn how to use them. For example, things that you don’t think about, like leather, were not synthetic and not natural either. It was leather made from natural fibres. Because it is a natural product, you really need to think about what you use to fix it to the panel. If the product between the natural leather and the panel was synthetic, it would not work. You need to go deep in.”

Phathom Studio - Tastemakers:

Back at the Dubai International Boat Show, the unmistakable profiles of the M112 and M100 Terrace were two of the 16 vessels displayed by Gulf Craft against the backdrop of Dubai Harbour. Observing this view, it is not hard to determine that the shipyard has become a metonym for luxury yacht manufacturing in the UAE. And Phathom Studio’s involvement with the Majesty series has only propelled the shipyard to international heights, which brings up the question: How is the studio able to meet the moment in their work when the moment is in constant flux and tastes are changing frequently? While prospective owners are touring the newly built boats, Phathom Studio is already in the future, presciently anticipating how life onboard will look in a few years' time. “What we do is that we cannot look at what is being done, because that has been determined years ago,” proclaims Grijota. “You need to look for future trends and how the aesthetics are shifting with all that’s happening. One thing is for certain: modern yacht design will remain the province of Phathom Studio for years to come.

Dubai Boat Show - March Newsletter

Last month, The Dubai International Boat Show (DIBS) returned from Dubai Harbour, the venue that has served as the event’s base for the last four years, and will continue to do so next year when DIBS returns in its new April slot, a scheduling decision owing to the Holy month of Ramadan. The event, almost peerless in terms of scale, was even larger this year, expanding its exhibition space by 20%, commensurate to the rise of activity in the Arabian Pensisula. According to Trixie Lohmirmand, VP of the Dubai World Trade Center, the UAE has witnessed a rise of 12.3% in yachts visiting in the 2023/24 season. The show continued to be a launchpad for shipyards to showcase and announce their latest works. Sunreef presented the Ultima 55, the first yacht produced at the builder’s UAE facility, while Ocaeanco announced LILY, the next creation from the Beyond Custom line, and Benetti had two new launches with Project Life and the B.Loft. Meanwhile, Gulf Craft took the opportunity to unveil eight new models, whilst also having 18 models on display at the Superyacht Avenue.

All the best for March, and happy Ramadan to all who celebrate,

Faisal

For sales and general enquiries: faisal@maritimeobserver.com

Website: maritimeobserver.com

On the eve of the Dubai show was the annual Leisure Yachting Conference, also known as a repository of insight shared by executives and stakeholders from near and far. Over the course of the morning, moderators presented key questions on the state of the Middle East market, how to create destination appeal in the coming years, how to accommodate today’s ultra high net worth individual, fostering sustainable luxury, and whether the region has carved it’s own lane or whether it is still in its learning phase. All of these are old questions, but now posed with greater frequency and a higher level of intensity as the UAE market continues its ascension in the superyacht industry, alongside the emergence of other markets, including Saudi Arabia, Egypt, and Qatar, now coming in with their own nautical offerings. The number of superyachts in the region overall has increased by 20% in the last 5 years.

“Response Time in Money:” Attracting Boat Owners

In the first panel, Gregor Stinner, CEO of Arte Di Mare, discussed the importance of client satisfaction in the superyacht business, with a perception taking hold that the variety of UNHWIs in today’s landscape has raised the bar for stakeholders. To that point, Stinner says that owners will not spend time managing their boats, and some don’t know what they require, lending credence to the increasing importance of recruiting and training in the avenues of maintenance and third-party management in order to grow the industry. Although yacht management remains limited in the Middle East, Stinner posits.

While the idea of having efficient rapid response capabilities presented by Stinner makes one piece of the pie in the overall strategy, there are key driving factors that extend beyond infrastructure, according to Wayne Shepherd, General Manager of Dubai Harbour. These include ease of access, residential options, and availability of yacht facilities such as fuelling. Shepherd addressed the ongoing construction works, a project that will develop dedicated entry and exit points at Dubai Harbour, and explained that, although causing disruption, it will ultimately prove worth it when completed in a few years' time.

Establishing Destination Appeal - Is Chartering The Secret Sauce?

The region’s charter market appears to be on the right path, a business that is expected to grow at a CAGR rate of 5% from 2023 to 2028 - although it is a sector that is still unripe in certain regards. Taking to the stage for the second panel, Founder and CEO of agency Royal Yachts Mohamed Al Zaabi outlined a number of areas for growth for the current Middle East charter sector. For one, charter accessibility remains limited, a process only made more arduous by the existing manual process of gathering information from each owner, which is leading to inaccuracies, as opposed to the established automated platforms in Europe, Al Zaabi reasons. This point was only amplified by Al Zaabi’s ideas for thinking more expansively about what a cruising itinerary in the UAE can look like: tapping into under-utilised areas in the broader emirates and deploying key international players to help showcase the region’s cruising grounds.

Jo Assael, Yachts Commercial Director at the Marshall Islands Registry, echoed Al Zaabi’s sentiments, not only to bring in international experts but to learn from their practices as well, citing the example of how 7-day charters won’t necessarily work in the UAE as they do in the South of France. On developing markets, Zaabi went on to point out the differences in charter contracts. Where established hubs rely on standardized contracts - such as the Worldwide Yachting Association (MYBA), for example - that protect both parties, the arbitrary charter agreements used in the Middle East expose parties to risk, and their unclear terms often lead to disputes. Finally, Al Zaabi brought up the frustrations surrounding the commission and pricing structure, which is leading to inconsistencies and causing doubt to brokers.

On the topic of laboring comparisons between the Caribbean and Dubai as rival winter destinations, the panelists did not see the two as competitors, as each caters to a different set of clientele. One advantage that could be utilised by UAE is to make synergistic use of it’s neighbouring cruising grounds; to try and marry the Red Sea and the Arabian Peninsula, an entreaty suggested by Stinner, who dilated on the fact that Dubai’s offering as a destination remain limited, and more exchanges would make the region more attractive. He believes charter houses may be the ones to lead this front. Captain Patricia Caswell seconds this notion, observing more yachts staying in the area and suggesting the opportunity to package Oman, Qatar, and Saudi as cruising destination.

When it came to local owners, the panelists discussed the purchasing power of the Middle East, which is expected to have 28.3% of UNWHIs by 2028. Stinner foresees a new trend of family offices establishing bases in Dubai, as the number of yacht owners remains on the rise - particularly in the UAE, given that it accounts for 45% of the UNHWIs in the region. Many owners consider having a second vessel in the area, as Middle Easterns often identify with their own territory, Stinner says. To rationalize the rise of owners from the area, James Jaffa, Managing Partner at Jaffa & Co, points out that there is now a noticeable geographical split in wealth that is divided between the United States and the Middle East, leaving “a void in the middle”.

Progress of Sustainable Efforts

Present in every panel was the discourse of sustainability in the superyacht industry Captain Caswell, who is the general manager of Gulf Craft’s Superyacht Service Centre, discussed the shipyard’s 360-degree approach to sustainability, from the way yachts are manufactured to a materials and services perspective and staying cognizant of cooling facilities while yachts are on the stands. Meanwhile, Shepherd pointed out the intersection of technology and recycling, noting the efforts done by the marina’s pixie drone, which collected 15 kg of waste out of the Dubai Harbour’s waterways. The marina reached 75% of their eco-friendly targets in 2024, setting sights for 80% in the coming years.

On sustainability from the client’s point of view, Abeer AlShaali, Deputy Managing Director at Gulf Craft, says that owners are happy to have eco-friendly features in their vessels, although practical considerations, such as the type of battery, may be off-putting to some. These days, having green credentials can also be leveraged as a selling point, according to Jad Zakkak Migliorini, Chief Marketing Officer at Azimut, who says that turning sustainability into a feature by tapping into the prospective buyer’s emotions can yield strong results. Migliorini expounded on the emotional aspects of marketing, a strategy that has gained prominence with the trend of the average age of owners dropping from 70-65 to 45 years. He believes that engaging the younger generations with desires they were not considering could be a way of bringing them into the superyachting lifestyle.

Dubai International Boat Show Moves to April for 2026 Edition

The Dubai International Boat Show (DIBS) has been appointed a springtime date for its 2026 edition. Due to adjustments owed to the Holy month of Ramadan, The 32nd edition of DIBS returns on Wednesday, April 8th, and runs until Sunday, April 12th, in its current home, Dubai Harbour. This marks the fifth consecutive year that the event emanates from the venue after a long-term deal was announced last year.

Read the full story here.

Azimut Expands to Saudi Arabia with Elite Yachts

Following a successful showing at the 31st Dubai International Boat Show, Azimut Yachts announced its expansion to Saudi Arabia through an existing dealership with Elite Yachts. This also marks the introduction of the Azimut Concierge Service in the Kingdom, an offering created to enhance the ownership experience of Azimut’s clientele with a 24/7 multilingual team. Plans for a new service center in Dubai are being developed and are expected to open soon.

Read the full story here.

Second Edition of Qatar Boat Show Announced for November 2025

Following the success of the inaugural Qatar Boat Show in 2024, Old Doha Port has penciled in the event’s second edition for November 5- 8, 2025, at Old Doha Port Marina. The first show garnered more than 23,500 visitors and saw exhibitors from 11 countries with 74 vessels displayed across the 250,000 square meter venue.

Read the full story here.

Several Regulatory Announcements Made for Foreign Flagged Yachts Visiting the UAE

Coming out of the 31st Dubai International Boat Show, several key regulatory additions concerning foreign-flagged vessels entering the UAE. As announced by the Dubai General Directorate of Residency and Foreigners Affairs (GDRFA), Dubai has introduced a Golden Visa Scheme for superyacht owners, streamlined six-month crew visas, and mobile marinas to fast-track entry and exit clearances.

Read the full story here.

Stay up to date with the latest news of the Middle East superyacht market by signing up to the newsletter now.

2025 started off at full throttle as The Middle East leisure marine market continues to expand. In January, Abu Dhabi’s Department of Culture and Tourism announced the  “Golden Quay to Abu Dhabi,” a new initiative aimed at attracting superyacht owners to invest in Abu Dhabi by offering 10-year vias for any owner with a vessel above 40 meters in length. Meanwhile, The Saudi Red Sea Authority (SRSA) has granted 12 new licenses for the purposes of marina construction, leisure marine recreation, and cruise ship operations. These developments will undoubtedly benefit from news of the ceasefire in Gaza, which will bring positive reinforcements to the superyacht industry, let alone the wider maritime world, as safe passages are expected to resume after a period of declining activity in the Red Sea owing to security issues and surging insurance rates. That being said, it is important to note that the threat of piracy did not entirely abate, as Houthi activities may still remain.

Stay tuned for this month, which is bookended by two regional shows. The Egypt International Boat Show takes place from the 6th-9th at the Cairo International Convention Center, and the Dubai International Boat Show returns for its 31 edition on February 19th at Dubai Harbour.

All the best for February,

Faisal.

For sales and general enquiries: faisal@maritimeobserver.com

Website: maritimeobserver.com

Ocean Independence Celebrates The Opening of New Dubai Branch

Brokerage house Ocean Independence has touched down in The Middle East. The firm, which specializes in yacht sales, charter, new build, and management, has announced the opening of its 16th branch at Dubai Harbour Marina, adding to its worldwide roster of offices – with other locations including Monaco, Fort Lauderdale, Athens, and Mumbai.

Read more here.

Aqaba’s Ayla Marina Awarded 5 Gold Anchor Accreditation

As the Red Sea continues to establish its place as a superyacht destination, another marina in the region receives an accreditation.

Last week, Aqaba’s Ayla Marina was awarded a 5 Gold Anchor Accreditation by The Yacht Harbour Association (TYHA) after the completion of the Gold Anchor Assessment. This marks the second award by TYHA to Ayla Marina, who was previously granted a Clean Marina Award after joining TYHA in 2024. Ayla Marina is the first marina in Jordan to receive both awards. Subject to independent audits and ongoing verification, “Gold Anchor” accreditations are awarded with the aim of improving marina standards and customer experience.

Read more here.

Drettmann Yachts Announces Partnership with IR Yachts

German brokerage house Drettmann Yachts has partnered with yacht consultancy company IR Yachts in a move to expand its presence in The Middle East. Drettmann will be locally represented by Mahmoud Itani, the Dubai-based executive who has previously spent 10 years at UAE-based superyacht builder Gulf Craft as a marketing and communications manager before providing consultancy services to parties in The Middle East leisure marine industry with IR Yachts since 2022.

Read more here.

Pardo Yachts Enters Middle East Superyacht Market with Ocean 360

Italian boat builder Pardo Yachts, a division of Cantiere Del Pardo, has announced its partnership with Ocean 360, the exclusive dealer of the shipyard’s boats in the UAE.

: “The Middle East holds strategic importance for Pardo Yachts’ global expansion. Partnering with Ocean 360, a trusted and well-established name in the UAE, gives us confidence that this market will embrace the unparalleled quality and style that define our yachts.” said the CEO of Cantiere del Pardo Marcello Veronesi.

Ocean 360 is one of the UAE’s leading brokerage companies, specializing in sales, charters, tenders and water toys, and owner services. The firm previously represented Ferretti Group in The Middle East. Ocean 360 CEO Sebastian Dumitrescu was really appointed as Group Director of Ocean Independence’s new Dubai branch. The Swiss-based brokerage house’s first entry into the Middle East superyacht market.

Read more

Hearings on Russian Superyachts in US and UK Courts Show Who's Really Paying The Price

Cases:

• US v. M/Y Amadea, 23-cv-09304, US District Court, Southern District of New York (Manhattan).

• Dalston Projects Ltd and others v Secretary of State for Transport UKSC/2024/0055

When the United States, United Kingdom, and other governments started to impose sanctions on Russian individuals in the wake of the Russian invasion of Ukraine in 2022 - to pressure the Russian government to cease actions in Ukraine - it would have been hard to imagine that one asset would prove to have seminal consequences on the foreign policy tool: the superyacht. This was the case in January 2025, where court proceedings on both sides of the Atlantic took place pertaining to Russian-owned vessels impounded by the US and UK authorities, respectively - the former with the intention of selling the seized yacht and directing the proceeds toward the cause, and the latter detaining the asset to send a message to “Putin and his cronies.” The court hearings illustrated the effectiveness of the sanctions measures put in place by the jurisdictions in question, how the changes in political regimes play a role, and who really paid the price.

Read the full story here.

Happy new year and welcome back to the first edition of The Maritime Observer newsletter for 2025. For the first dispatch of the year, I sit down with Mr. Raphael Sauleau, chief executive of IYC, a leading brokerage firm in the superyacht industry. Over the course of our conversation, we delved into a wide range of topics, observing the state of the sales and charter market in 2025, prognosticating the ascendance of technology and sustainability in the superyacht industry, examining the potential and challenges of The Middle East as a yachting hub and much more.

Superyacht Industry Forecast For 2025 & Beyond with IYC CEO Raphael Sauleau: Sunny Skies or Stormy Weather Ahead?

Conscripting Raphael Sauleau into a box is a fool's errand. For some, he is known as an ironman, a sobriquet earned after his success as a triathlete, not to mention an endurance runner and a cyclist, while others may have come across the elysian content posted on @Raphael_Sauleau, the Instagram repository where Sauleau keeps his 343,000 followers abreast with videos and factoids of superyachts new and old. And within the superyacht industry and wider business world, Raphael Salueau holds a cachet as the genial chief executive of IYC, a leading yachting firm with 15 offices across the globe, providing services for every facet of the industry from sales to ownership and charter.

But whether he is on the track field, the sea, or in the office, Sauleau subscribes to the same guiding principles and alacrity of spirit that allowed him to excel in any objective he pursued: discipline, motivation, consistency, and drive. With over 25 years of experience at the helm of several yacht companies, Sauleau’s depth of profundity makes predictions for the coming year - whether it comes to sales, charter, technology, new destinations, and the environment - come more as reassurances rather than anticipation.

Sales Numbers: Good Enough?!

Going into 2025, IYC witnessed an increase in sales starting from the second quarter onwards, despite a slow start to 2024 and a slowdown across the overall industry, which Sauleau ascribes to a concatenation of factors that were bound to happen after a record-breaking period for the industry owing to the COVID-19 pandemic. “We’ve been going through quite an intense last four years where the industry saw a tremendous boom in regards to sales and charter,” said Sauleau. Though the numbers are no longer reaching pandemic-time levels, Sauleau remains resolute in the market’s direction. “The fact that we’re seeing - what we like to call - a normalization of sales” in 2023 and then followed up by 2024 is relatively normal.”

Meanwhile, the state of the U.S. economy - the market with the most sway in the superyacht industry, and representative of 50-60% of IYC’s revenue, - has contributed to the market’s slowdown, according to Sauleau. Interest rates and the fate of the U.S. presidential elections precipitated a period of stagnation, where prospective buyers put a pause on their plans until the uncertainty subsided, Sauleau explains: “The U.S. market, which is usually leading the charge in terms of sales worldwide, was also a little slower last year. That also triggered the worldwide results of the sales market. Potential owners in the entry-level to mid-level segment have been on the fence waiting to see whether or not the interest rates will lower. Worldwide instability and macroeconomics have also played a role in the mindset of some buyers.”

Now on the other side of the presidential race, all signs are optimistic for 2025 as it pertains to the superyacht market, “The last couple of months of 2024 have given us strong hopes for a good and strong 2025 which I think is also the result of some optimism to some extent with the election of Trump in the U.S., triggering a stronger appetite for investment in yachting.” said Sauleau.

The Omission of Russian Buyers

Three years after sanctions regimes instituted by the UK, US, and EU, following the Russian invasion of Ukraine, caused a steep decline in Russian buyers, their absence has been supplanted by the rise in the number of individuals from multiple markets. “When the sanctions were imposed on Russian nationals and residents, we saw an influx of newcomers to the industry, which alleviated the fact that Russians were not able to transact any longer. That was largely compensated by the U.S. customer base and to some extent, European and Middle Eastern customers,” said Sauleau, crystallizing the need for firms to have a diverse mix of clientele. “Companies that were predominantly dealing with Russian customers saw a big hit and struggled to recover, whilst others who have, and had, a healthy mix of clientele were not so impacted.“

However, contrary to accepted industry wisdom, Sauleau dislodged the belief that the sanctions have caused a profound effect on the market as the media has suggested, since Russian buyers chiefly operate in the larger end of yacht segments, making the news of their frozen assets ripe for the headlines. “We have to remember that Russian-owned, big boats always made the big headlines, but overall it represented close to 10% of the industry. The bulk of your market today, where you do the most transactions, is within the 30-40 meter segment and the average selling price is $7 million. It’s not just about the 100 meter + boats in our industry.”

A Wave of Younger Superyacht Owners

It was not just buyers from other nationalities filling in the gaps of the Russian market, but perhaps a new age demographic that emerged as a byproduct of both the restrictions and opportunities brought about by the pandemic, a trend that Sauleau was among the first to observe and point out. A wave of younger owners who have placed an emphasis on exploration and wellness, some even turning their vessels into private sanitoriums. “The stock market and COVID, to some extent, created new wealth in the medical and financial worlds. Young people accessing wealth faster wanted to try a new way of life that was traditionally more related to the so-called “older generation” as well.” said Sauleau. From his point of view, attracting a younger crowd was always undoubtedly in mind for Sauleau as part of IYC’s strategy, and the pandemic only aided in fast-tracking this phenomenon. “This was good for yachting because many of us were trying to find a strategy to find younger generations and make sure we had a succession plan of yacht ownership, but it came to us naturally.”

More Superyachts on the Seas, More Demand

As of November 2024, there are 6,006 superyachts over 30 meters in operation, according to the latest Superyacht Times Gulf Report, a figure up from the 5,325 superyachts over 30 meters in August 2021. Thus with the increased number of vessels comes an increased demand for berthing and mooring options, illustrating the need for the industry to establish new cruising grounds. “I think what you will, and already see throughout the world, is the lack of marinas and berths. The increase of yacht purchases in the last four years has triggered a clear indication that we don’t have enough marinas. The fact that some new destinations are welcoming yachts with the latest technologies and marinas available is good.” Said Sauleau. It is no surprise that slowly gaining traction, among these new cruising grounds, is the Middle East.

Emerging Markets: The Middle East

The developments made by several countries including, but not limited to, Saudi Arabia, Dubai, and Egypt in the investment in infrastructure, modernizing of regulations, and hosting of worldwide sporting events - in an effort to cultivate superyacht tourism - has transformed the region into a destination that can provide- an alternative to popular winter staple the Caribbean, a belief backed by Sauleau, although it does not come without its challenges. “In the summer it is challenging to be there [The Middle East], it puts quite a strain on the yachts. But in the winter, as an alternative destination to the Caribbean, there is a card to play for destinations like Dubai, Saudi Arabia, and others which are not necessarily yet made famous for being yacht-welcoming destinations, but what they can offer is amazing,” said Sauleau. IYC, which opened its Dubai branch in 2023, is studying the potential to expand its presence in The Middle East, and Sauleau emphasizes that these emerging destinations have the opportunity to lean into a peculiar untapped audience: “The interest will come from yachts which are not necessarily doing dual season today, but are only doing a winter season. They may see the opportunity to do dual seasons for both charter and their own usage. That's where I think the urgency may be..”

Technology: Convenience or Intrusion?

As is the case in every industry, technology, more specifically the rise of artificial intelligence (AI), has permeated the superyacht sector, but to mixed reception. Where some find the encroachment of AI unwelcome in an industry built on the human touch, IYC has embraced the times and has even become the proprietor of their own technology company. “Technology is one area whereby we are not shy to invest and not shy to come up with new investments and ideas. We are investing into new apps, software and utilizing AI,” said Sauleau, who believes that catering to a new generation of owners means staying up to date with the utilities now embedded in their daily lives. “ We saw an interest in our online facility, Reserve, whereby people are taking ownership by looking into yachts they would like, making their selection, and looking at the calendar to book. That is what comes with the younger generation, who are used to all these tools like Uber and similar applications. We have been already doing some relatively good numbers with this functionality.“ It could also be argued that the rise of technology has also benefited the industry’s movement towards sustainable yachting.

Environmental Efforts: It Takes Two To Tango

Hydrogen, fuel cells, electric-hybrid: new concepts that have entered the lexicon of today’s superyacht builders, who have used the past few years to invent new, cutting-edge alternatives to the fossil fuels damaging our seas, taking a page from the efforts made by the wider maritime sector. However in the superyacht sector, the commissioning of any new build is a two-party effort, with the final word coming from the buyers themselves, begging the question: Are owners willing to invest and take the risk in trying new, greener methods of superyachting? Indeed they are Sauleau posits. “What yachting has achieved in the past few years in terms of propulsion systems and materials used on board is remarkable. Of course, it’s very easy for some to point fingers at yachting for not being green, but we have to remember there is a lot of progress that has been made in the yachting industry thanks to the shipyards, but also owners, who are, for many, taking the leap and investing, challenging and researching their own methodologies to implement onboard their yachts. We see a movement whereby there is a great effort and desire for all parties to come up with new ways to do yachting.”

Whether small or big sustainable additions are being implemented in today’s fleet, owners are not only paving the way for a greener future but, as sustainability slowly continues to play a role in the future of yacht financing, are also investing in the future resale value of their vessels. “. “Some banks are making a point to only provide financial support to yachts which are making the decision towards more sustainable technologies. While you are investing a little more initially, you will have a return going forward but also immediately, especially if you are running on battery packs, for example. “ said Sauleau. “ Building a more sustainable asset is going to play a positive role in your investment. This is definitely the way forward, to promote, invest and implement new technologies onboard.

Finishing Words

To finish our interview, I asked Sauleau if he had any advice to impart to anyone reading this interview, with the stipulation that this advice could only be taken from his life and experiences, not from a textbook or otherwise. “Believe in what you do, never take no for an answer, and be consistent. You can fail, but you can also rise and you can succeed. Second, always believe in yourself. This is the key.” Sauleau replied. He also remarks to me that his advice does not “reinvent the wheel”, and perhaps this idiom is the true nugget of wisdom dispensed by Sauleau. The importance of individuality and identity is what should move us forward in 2025 and beyond.

Click here to read the unfiltered interview in full, where we delved into an array of topics from the need for boat shows in 2025, why chartering will have significance in any brokerage firm, and more.

Despite the geopolitical challenges, the past 12 months have proved to be eventful for the region’s leisure marine industry, and look no further than Saudi Arabia, which officially opened doors to the 840,000 square meter Sindalah Island during Red Sea Week in late October. The yachting hub is the first offering by mega-destination NEOM, with a marina operating at an 86-berth capacity for superyachts up to 180 meters in length. The launch proved a success, boosting yacht traffic in the Red Sea with 53 yachts in attendance. This year, NEOM also announced plans for the coastal community Jaumur, a residential town centered around a superyacht marina that seeks to build a 1.5-kilometer aerofoil to accommodate the largest vessels.

To complement these projects, the Saudi Red Sea Authority (SRSA) introduced key regulations to streamline regulations and ease passages. In February, SRSA announced a six-month temporary entry regime for foreign vessels, while in the second half of the year, SRSA promulgated further regulations for Saudi and foreign yachts - including the first-ever yacht tourism licenses, an operator license to Jeddah Yacht Club and Marina - which launched its membership club in June - and chartering licenses to several yacht agents. Several domestic and international companies received these licenses, including Hill Robinson, JLS Yachts, and Faisal M. Higgi & Associates. Meanwhile, superyacht services agency BWA Yachting also announced its expansion to The Kingdom.

On the other side of the Red Sea, Egypt has made developments of it’s own. Alongside the return of the Egypt International Boat Show in July, the Suez Canal Authority (SCA) instituted a 50% reduction of transit fees for any vessel under 300 tons passing the canal, In October, The SCA announced further discounts on transit and mooring fees for yachts transiting the Red Sea, providing incentives for yachts over and under 300 tons.

Over in the UAE, three boat shows took place, including the 30th edition of the Dubai International Boat Show (DIBS), - which signed a long-term deal with its home of Dubai Harbour. In November, The Abu Dhabi International Boat Show (ADIBS), and the first Qatar Boat Show found participants from international shipyards and boat builders, who have brands announced their permanent expansion to the Gulf.

Ferretti Group opened new dealership branches in the UAE and Oman, while BehneMar Yachting became the official authorized sales agent for The Italian Sea Group in The Middle East. Meanwhile, Heesen Yachts appointed a new regional agent Hisham Abu Shaakra as the Middle East market agent. Superyacht specialist service company West Nautical opened its first office, in Dubai’s Business Bay, providing superyacht services, including sales, crew, management, and charter services. To address the increasing demand of berthing in Dubai, D-Marin’s Business Bay Marina saw a rebrand after it was acquired by development group OMNIYAT, now known as Marasi Bay Marina. In September, D-Marin launched the company’s fifth marina in the UAE, Port De La Mer, located on the coast of La Mer’s north peninsula.

UAE-based shipyard Gulf Craft underwent a corporate restructuring in August when it announced the appointment of CEO Yannis Haidis. In the same month, the builder partnered with the Dubai Maritime Authority to facilitate smoother procedures for maritime vessel registration and licensing for Gulf Craft clientele, utilizing digitization to improve the yachting experience in the region. At the Qatar Boat Show, the luxury builder announced plans for a new 108,000-square-foot facility in Ajman, UAE, to address the growing need for superyacht services in The Middle East.

Meanwhile, the launch of refit facilities came courtesy of Sunreef Yachts, which opened a manufacturing facility in Ras Al Khaimah in March 2024, and from the Qatar Free Zones Authority, which partnered with Qatar Navigation to open a new shipyard at Qatar’s Marsa Port. The facility is set to provide refits, modifications, repairs, and exterior upgrades for luxury yachts, naval ships, and wooden boats.

This was 2024. a year that introduced new boat shows catered to each market, there was further harmonization of rules, construction of new refit facilities, an increased commitment to sustainability, continued investment in infrastructure, and the addition of more major sporting events. If the progression achieved throughout the past twelve months reflects where the Red Sea and The Gulf aim to be headed in the coming years as these locations mature - the leisure marine industry in the Middle East is proving to be a lucrative destination in the years to come.

In the benighted days of the COVID-19 pandemic, the idea of prospective clients touring superyachts in person was no longer possible. Brokers and sellers were forced to think outside of the box and welcome the use of technology in an industry otherwise apprehensive of veering away from the conventional ways of conducting business.

In this edition of The Maritime Observer newsletter, I spoke to Thomas O'Nial to find out how his new agency, Virtuelle, is transforming the way superyacht marketing is done, thanks to the advent of virtual reality. O’Nial inventories the reasons for starting this new venture, and how it’s time to adapt to the new ideologies of marketing strategies. We also ponder one seminal question - is the industry ready to accept new ways of presenting new builds to prospective clients? They may have to.

In this months news, The Qatar Boat Show and Abu Dhabi International Boat Show that took place in November brought forth a litany of news and announcements. The former, taking place at Qatar’s Old Doha Port, proved to be an all-around success for its first-ever edition; with international brands such as Feadship, Oceanco, and Benetti participating and displaying their new models. Elsewhere, Saudi Arabia continues to grant licenses to yacht agents and marinas in the Kingdom in preparation for more superyacht offerings in the new year.

For an afternoon read, you can find my article on Gulf Craft Chairman Mr. Mohammed AlShaali, occasioned by his lifetime achievement win at the Boat Builder Awards last week. From manufacturing small boats and moving into luxury yachts and now catering to both segments, the shipyard’s 40-year journey to this point is one of patience and resilience. Mr. AlShaali built a boat brand with complete in-house capabilities, out of necessity, and created a robust export strategy through international expansion that aided the company through a financial crisis and global pandemic. It is a remarkable story. Congratulations to Mr. AlShaali on this honor.

Wishing you a peaceful remainder of the year,

Faisal

Feature: With Virtuelle offering 3D tours, You Can Now Explore Your Future Yacht Before It’s Even Built

When it comes to selling a big ticket and emotional purchase such as a superyacht, there is more of a story to be told than what is currently offered in the yachting industry. A story that should be individualized to each prospective future yacht owner, proportionate to their own desires and needs. No one understands that more than Thomas O’Nial, a former yacht sales manager and commercial director for some of the biggest shipyards, before joining Camper and Nicholsons, dealing with the world’s most high-profile clients. So when he found the reliance on static renders and plans to be outdated tools for selling new-build superyachts to prospective buyers, he created his own. Now, he’s acting as a bellwether for the next era of superyacht marketing with Virtuelle, an agency providing a new way for people to experience their future superyacht before it’s even built – through the use of virtual reality 3D tours.

Over the course of our conversation, I found out what galvanized Mr. O’Nial to make this leap into starting Virtuelle, the attitudes to new technologies in the industry, the importance of personalization, and how storytelling is key to a successful marketing strategy.

You can read the full interview here.

Qatar’s Marsa Port to Open New Superyacht Facility

At this year’s Qatar Boat Show, maritime and logistics solutions company Qatar Navigation (Milaha) has agreed with the Qatar Free Zones Authority (QFZA) to construct The Milaha Yacht Yard, a new shipyard at Qatar’s Marsa Port. The facility will be located at Umm Alhoul Free Zone in Marsa Port and will span 22,000 square meters, providing refits, modifications, repairs, and exterior upgrades for luxury yachts, naval ships, and wooden boats.

Read the full story here.

Saudi Red Sea Authority Issue First-Ever Yacht Tourism Licenses

For the first time, The Saudi Red Authority (SRSA) has partnered with the Insurance Authority to grant licenses for six tourist yacht agents in Saudi Arabia as the next step in the Saudi Vision 2030 to create a thriving coastal tourism sector in Saudi Arabia. In an effort to regulate maritime and tourist activities, acknowledge infrastructure needs, and promote investment in Saudi Arabia, the regional and international companies to receive licenses from SRSA include Faisal M. Higgi & Associates Co. Ltd., Yusuf bin Ahmed Kanoo, Hill Robinson, JLS Yachts LLC, GAC, and HASCO Group.

Read the full story here.

UAE, Jordan & Turkey Marinas Receive Top Honours at Abu Dhabi Maritime Awards

The Marinas edition of the 2024 Abu Dhabi Maritime Awards was held on November 23rd, recognizing achievements, initiatives, and leadership exhibited by marinas across The Middle East, North Africa, and the Türkiye (MENAT) region.

The ceremony, held under the patronage of His Highness Sheikh Hamdan bin Zayed Al Nahyan, announced the winners during this year’s Abu Dhabi International Boat Show. 120 submissions from marinas in eight countries were received. The event awarded marinas for efforts in several categories including Sustainability, Innovation, and Health and Safety.

The evening’s top honors, the Outstanding Marina Award – recognizing overall achievement – saw a clean sweep by D-Marin’s Türkiye marinas, winning three all three Gold, Silver, and Bronze Awards for D-Marin Turgutreis, D-Marin Göcek, and D-Marin Didim marinas, respectively.

Read the full story here.

Gulf Craft Announces Plans for New Facility in the UAE

UAE-based builder Gulf Craft announced the opening of a new facility by the end of this year. Alongside showcasing a fleet of superyachts, Gulf Craft took to the Qatar Boat Show to share the news of the brand new 108,000-square-foot facility, which will be located in Ajman, UAE. This marks the second facility by Gulf Craft in the UAE, with an existing space operating in the Umm Al Quwain area.

Read the full story here.

Saudi Arabia saw an eventful October. The grand opening of NEOM’s long-anticipated first project, Sindalah Island proved successful, acting as a receptacle in boosting yachting tourism in the Red Sea. For the Sindalah’s launch event on October 25th as part of Red Sea Week, 53 yachts adorned the 86-berth marina, which accommodates vessels up to 180 meters in length. Elsewhere, more sporting events are coming to Saudi Arabia in 2027, where the sailing event The Ocean Race will conclude at Red Sea Global’s AMAALA.

Shifting the focus to this month, the inaugural Qatar Boat Show (not to be confused with the now-defunct Qatar International Boat Show) takes place on November 6th, an event prognosticated to attract 20,000 visitors. Old Doha Port, a project specifically built for the 2022 FIFA World Cup, is also home to the upcoming boat show. The ambitious marina seems like it is the emissary for Qatar’s superyacht prospects, which is setting its sights on attracting the broader populists of the yachting community. Are the merits of this project enough to create a fully-fledged destination? I examine this question in this week’s Spotlight.

Wishing you a blessed month,

Faisal

How Old Doha Port Is Turning Qatar Into a Global Yachting Destination

When Doha, Qatar was announced as the host of the 2022 FIFA World Cup, it also served as an opportunity to elevate the country’s superyacht sector, opening up the market’s potential to transform into a leading luxury destination for boat owners. Alongside the construction of world-class stadiums, the Qatari government invested in building Old Doha Port, a superyacht-friendly marina that welcomed over 20 luxury vessels for the worldwide tournament, including the 111-meter Al Lusail and the 110-meter Anna. In accommodating vessels of this stature, the project proved impressive in ambition and scale. Two years later, Old Doha Port will host the first-ever Qatar Boat Show, ushering in the beginning of a new wave of superyacht tourism for the Gulf State. The country aims to create a touristic maritime destination, recognizing the input foreign-flagged superyachts can have in driving economic development. For a nation already robust in its domestic yacht ownership and holds advantageous all-year-round weather, Qatar’s focus on investing in infrastructure, regulation, and destination appeal is paramount.

Before Qataris became notorious for luxury sea travel, the boating culture in Qatar stemmed from a storied sea-faring history when boats were utilized for fishing and shuttling between islands. Eventually, the rise of global superyacht ownership included clientele from the Gulf State in a sizable manner. Today, Qatari nationals own at least 52 superyachts over 30 meters, according to The Superyacht Times’ Gulf  Superyacht Market Report, denoting strong purchasing powers in Qatari culture. Attributed to this is an increased purchasing power in line with the country’s ascent to becoming a player in the region’s economy. Starting from the late 1990s, largely due to the vast deposits of natural gas and oil, Qatar stands as one of the world’s wealthiest nations, with the fourth highest GDP per capita. This allows the opportunity to make purchases of luxury assets, such as superyachts, possible. It was only logical that the country began to invest in the requisite infrastructure needed to foster the emerging yachting community.

Redeveloping the former Port of Doha, the government-owned Old Doha Port is a 450-berth marina spanning 800,000 square meters, 53 of which accommodate yachts up to 160 meters, the first in Qatar and one of the select few in The Middle East to operate at a capacity of this size. “During COVID, Qatar has built a lot of infrastructure, Old Doha Port certainly has big berths, spaces in there and downtown location,” said Captain Steve Corbett of JLS Yachts, a superyacht agency operating in The Middle East and the Indian Ocean and has processed over 100 entry/exit permits and 85 boat registrations in the region alone.

Alongside Old Doha Port,  six prominent marinas make up Qatar's maritime infrastructure. Among them is The Pearl, an island with three marinas accommodating berths up to 60 meters in length, while Lusail Marina welcomes boats in the 40-meter range. The other marinas in the state are provided by luxury hotels, including the Ritz Carlton, Four Seasons, and the Doha Marriott. In total, Qatar offers 1,877 berths, 108 of which accommodate superyachts between 40 and 160 meters in length. There are plans to install a further 400 berths to meet the growing demand.  As Old Doha Port was the first to provide berthing options for vessels above 50 meters, it additionally brought change from a regulatory standpoint as well.

The accessibility and ease of a superyacht’s entry and exit are key tenets for making a flourishing yachting destination. For Qatar, the arrival of Old Doha Port brought modernization to the rules. In 2020, the port was announced as the primary entry and exit point for superyachts entering Qatar, streamlining operations from the previous arduous regime where visiting vessels were required to enter through the northern part of the country. Earlier this year, Old Doha Port entered into a strategic partnership with the aforementioned marinas, aiming to enhance the experience of yacht owners and boost luxury marine tourism in the Gulf State by sharing resources and expertise. 

While these developments signify progression, the Gulf State has the opportunity for further harmonization if creating destination appeal is the goal, and officials should look no further than a neighboring Gulf State. “To us, if they could be in line with the UAE or with Dubai especially, it’s very good for superyachts, it’s easy and welcoming. There is no use having a boat come for a few days. You want it there as long as possible. Spend money, get work done, time for crew change, go shopping, have excursions” said Captain Steve Corbett who, with JLS, played a pivotal role in working with Dubai’s tourism authority to ease the regulations for foreign flags visiting Dubai. “We can clear a superyacht in 30 minutes, but the same superyacht to go to Abu Dhabi is 30 hours,” he said. To boost international tourism, Dubai has introduced significant developments, including the decision to forgo the 5% tax applied to any visiting foreign flag operating on a visa, introduce six-month permits for crew of any nationality, and six-month renewable cruising permits. Dubai’s achievements in the superyacht realm only make Qatar’s success more propitious. “They are coming to the UAE, so they are already committing to the Gulf and not proceeding straight to the Far East. The moorage is good and the city has a lot to offer but you have to attract those yachts. More events and yachting-related activities.” said Captain Corbett. For these yachting-related activities, this week’s Qatar Boat Show is a good place to start. 

This is where the next fleet of boats will grace Old Doha Port, as 95 vessels are scheduled for the first edition of the Qatar Boat Show. The event, announced in March 2024, expects to welcome over 20,000 visitors and nearly 500 exhibitors and brands,  The lineup for this year’s show includes international brands Feadship, Oceanco, Heesen Yachts, Sunreef Yachts, and Sunseeker. In addition, UAE-based builder Gulf Craft will be exhibiting vessels from their Majesty, Nomad, Oryx, SilverCat, and Silver Craft lines. 

Establishing new cruising grounds is key in the evolution of the superyacht industry. That’s why the Middle East is growing into a popular destination among superyacht owners. As the role of the leisure maritime sector for economies is well understood, the scope for Qatar to contribute further to the larger global yacht market and join burgeoning neighboring states Dubai and Saudi Arabia can be achieved through cultivating a yachting community. Coupled with the requisite infrastructure, the facilitation of more accessible rules, and investment in ancillary yachting-related events, these factors will make it an easy choice to add Qatar to any itinerary list in the near offing.

NEOM’s Sindalah Island Launch Spikes Red Sea Superyacht Traffic

As part of Red Sea Week, the launch of NEOM’s Sindalah Island spiked superyacht traffic in the Red Sea with 53 yachts visiting the luxury resort.

Full story here.

AMAALA To Host The Ocean Race Finale in 2027

Luxury development AMAALA will host the finish to the 2027 Ocean Race, Red Sea Global has announced. This partnership marks the first time in Ocean Race’s 51-year history that sailors will compete in Red Sea Waters.

Full story here.

Suez Canal Authority Announce Discounts on Transit and Mooring Fees for Yachts Transiting The Red Sea

The Suez Canal Authority (SCA) announced new discounts on transit and mooring fees for yachts traversing the Red Sea for a limited time in a move to boost marine tourism in Egypt. Starting from November 1st SCA’s new navigation circular (No. 4) of 2024 entails a 20% fee reduction for yachts with a gross tonnage of 300 and below, on the condition that the yacht returns for transit within a 60 day period of their outbound voyage. Yachts that spend time during the winter season in the Ismailia Yacht Marina for over 90 days will receive a 20% discount. This applies to any voyage during wintering, regardless of the direction the passage arrived from.

Full story here

Seventh Edition of the Egypt International Boat Show Announced for February 2025

Seven months after the Egypt International Boat Show made its return following a 13-year hiatus, the seventh edition of the show now returns in a new winter slot. The event arrives at it’s new home at the Cairo International Convention & Exhibition Centre (CICC) from 6-9 February 2025.

Full story here.

Reader,

September 2024 went profitably by, marking the return of the boat show season opening triumvirate, Cannes Yachting Festival, Genoa Boat Show, and Monaco Yacht Show, where brands and companies from around the world congregated to take part. Several shipyards also took the opportunity to share their fiscal results, indicating the industry's strength at a time when the vagaries of political events happening around the world have affected the market.

During the Cannes Yacht Festival, Azimut-Benetti Group announced strong results for the 2023/24 fiscal year with a 55% revenue increase compared to four years ago, rising from €840 million in 2020/21 to €1.3 billion in 2023/24. Notably, the Middle East and Asia Pacific region accounted for 23% of total sales, an 8% increase from the 2020/21 period. Meanwhile, Dutch builder Heesen Yachts took to the Monaco Yacht Show to announce record revenues totaling €230 million for the 2023/24 year. Speaking to the press, CEO Niels Vaessen anticipated the role of Middle East clientele to take even more prominence in the coming years, noting: “We can see there is a lot of wealth in the traditional yachting markets [the US and Europe] and we expect those markets to be very stable in the coming years alongside a lot of growth in the Middle East"

The Middle East has indeed witnessed significant growth, and as a superyacht market, finds itself in a promising position as 2025 looms. Saudi Arabia’s highly anticipated developments NEOM and Amaala are set to usher in a new era of maritime tourism with their soft openings, as the Saudi Red Sea Authority recently released the first-ever regulations for cruising yachts in the Kingdom. With the infrastructure dedicated to establishing a thriving coastal tourism sector, The Kingdom plans to attract 19 million tourists by 2030.

The United Arab Emirates continues to prove itself as an established market. The Dubai International Boat Show, which returns from 19-23 February, broke records for its 30th edition when it welcomed over 30,000 visitors at Dubai Harbour. A high-demand area, the Emirate is addressing the shortage of berthing spots with the addition of new marinas, including D-Marin’s recently announced Port De La Mer. This is also evidenced when looking at domestic proprietorship. Observing the 40m+ segment when compared to the global fleet, the UAE saw an increase in superyacht ownership for the third consecutive year, occupying 3.7% of the total fleet, according to the Superyacht Times, Monaco Yacht Show Report 2024, while Saudi Arabia remained stable at 3.1%. 

Meanwhile, a notable trend deduced from the figures reveals a drop in owners of Russian nationality by over 10% in the past 3 years, now accounting for 7.8% of the global fleet, compared to 9.1% in 2022. Certainly, the 2022 Russian invasion of Ukraine remains a prevalent issue that affects the superyacht market in many ways. 

During the superyacht investor conference this past April, Paul Miller of Millstream Underwriting prognosticated that it would take between 8 to 10 years for sanctions issues coming out of the Russia-Ukraine war to be resolved. It seems as though we have started to see a semblance of that when the U.S. Department of Treasury announced it had removed the 136-meter superyacht Flying Fox from its sanctions list, permitting the vessel to be chartered globally without any restrictions. For now, the decision concerning Flying Fox remains an outlier as other vessels await to see their denouement. The 59-meter Phi remains docked at London’s Canary Wharf as her owner awaits a Supreme Court hearing, challenging the Appellate Court’s Decision from this past January. Meanwhile, the 82-meter Royal Romance, previously scheduled to be auctioned, after ownership was transferred to the Ukrainian Government, continues to face legal complications with her sale. The auction is now indefinitely suspended. Overall, it seems as though each of the concerned governments is handling the sanctions regulations in a different manner, and for the U.S., the issue of sanctions is one of several that concern the stability of the global market predicated on the upcoming Presidential Elections. 

The U.S. Elections, having historically impacted the market, are causing reticence from buyers and sellers who await to find out who emerges victorious between Donald Trump and Kamala Harris this upcoming November. Although contrary to conventional wisdom, election years have not caused any negative implications on the market, as this piece from yachting firm IYC posits, as much as it is potential buyers who are adopting a “wait and see” approach that causes a stall.

Alongside the presidential elections and sanctions measures, the political situation in the area has arguably affected the region most directly, if only for its perception. This year, Egypt made a remarkable effort to invest in its nautical offerings when it turned the Suez Canal into more than just a transit area for superyachts - as I wrote back in July - despite the ongoing security issues permeating the Red Sea. The re-emergence of Houthi Attacks on commercial shipping vessels continues to affect the maritime industry as a whole, and apprehension preventing any superyacht owner from cruising a high-risk designated area is apparent, even galvanizing the Suez Canal to incentive movement in the area by introducing a 50% discount on transit fees to boost tourism. But as noted in the aforementioned piece, security concerns surrounding the Red Sea are only one part of the equation affecting marine tourism, saying less about the region but more about the current political landscape.

It remains to see what will happen, but if there is anything to takeaway from the events lined up in Abu Dhabi, Qatar, Egypt, and Dubai, there are no plans to slow down anytime soon. I look forward to chronicling all of the developments on maritimeobserver.com.

Note: This December, The SuperYacht Times will be hosting the 2024 edition of the Gulf Superyacht Summit in Dubai. The two-day summit dives into sharing insight on building the Gulf’s appeal as a superyacht destination, an event pertinent to readers of this newsletter. You can find more information here.

I would love to hear your thoughts. You can reach out to faisal@maritimeobserver.com

Wishing you a fantastic month,

Faisal

NEOM Announces Sindalah Yacht Club, Designed By Stefano Ricci

Saudi Arabia’s luxury development NEOM announced an upcoming yacht club for superyacht destination SINDALAH. Sindalah Yacht Club, with designs penned by Italian designer Stefano Ricci, spans 1,800 square meters and will also feature a lounge and an exclusive fine-dining experience curated by Chef Enrico Bartolini. Management of Sindalah Yacht Club will be overseen by IGY Marinas.

Full story here.

BWA Yachting Announces Expansion to Saudi Arabia

Superyacht services agency BWA Yachting is expanding over to the other side of the Red Sea

The global agency announced it will be operating in the Kingdom of Saudi Arabia, in partnership with Faisal M. Higgi & Associates Co. Ltd, a port agency specializing in cargo handling, customs clearance, and port agency services.

Full story here.

MarineMax Appoints Steven English as Chief Executive Officer of IGY Marinas

IGY Marinas,  a subsidiary of superyacht services company MarineMax, appointed Steven English as Chief Executive Officer.

English joined IGY in 2007 as Executive Vice President overseeing dispositions and joint ventures in marinas across Europe and the Middle East, before transitioning to the role of Executive Vice President when IGY was acquired by MarineMax from Island Capital Group in October 2022.

Full story here.

Egypt and Saudi Arabia Officials Meet to Promote Red Sea Tourism

Last week, Suez Canal Authority Chairman Osama Rabie and Saudi Vice Minister of Transport and Logistic Services H.E. Rumaih Al-Rumaih, accompanied by a distinguished delegation, met in Egypt to facilitate discussions around enhancing collaboration between Saudi Arabia and Egypt in areas pertaining to maritime tourism, facilitating entries of yachts and cruise ships, and easing navigations of key Red Sea projects.

Full story here.

Saudi Red Sea Authority and ICOMIA Form Partnership to Boost Superyacht Tourism in the Red Sea

The Saudi Red Sea Authority (SRSA) and The International Council of Marine Industry Associations (ICOMIA) have agreed on a new strategic alliance in an effort to boost the region’s coastal tourism sector. 

Through the newly formed partnership, ICOMIA plans to work toward this goal with SRSA by establishing connections with the global recreation boating industry, providing technical insight, and offering access to specialist training and development.

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136-Meter Superyacht Flying Fox No Longer Placed Under Sanctions by the US; Available for Charter Globally

The US Office of Foreign Assets Control has removed Flying Fox, the 136-meter superyacht, from its sanctions list. This move now allows the superyacht to be chartered without any restrictions imposed. 

In June 2022, the Lürssen-built vessel was listed as blocked property by the US Department of Treasury, following the 2022 Russian invasion of Ukraine, due to the yacht’s link to its management, Monaco-based brokerage firm Imperial Yachts. 

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M/Y Meridian A to Remain Seized by Spanish Authorities after EU Court Rejects Appeal For Annulment

The 85-meter motor yacht Meridian A to remain under arrest by Spanish Authorities after the EU Court rejected an appeal for annulment for  Council Decision (CFSP) 2023/1767 of 13 September 2023.

For the first time since  2022,  an update has been given on the status of M/Y Meridian A, as first reported by Superyacht News. A new ruling by the European Union’s General Court rejected an appeal brought by Sulberg Services, a company based in the British Virgin Islands, to repeal the decision taken at the time of the vessel’s seizure. 

Known as Valerie at the time of arrest, Meridian A was one of the first vessels to be arrested in 2022 following the Russian Invasion of Ukraine. She was seized by the Spanish Authorities as it was gearing up to undergo a refit at MB92 Barcelona after being linked to Sergey Chemezov, CEO of  Russian state-owned defense conglomerate Rostec. The yacht’s registered ownership belongs to British Virgin Islands company Sulberg Services, with Chemezov’s daughter-in-law Anastasia Ignatova being identified as the ultimate beneficiary.

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The Italian Sea Group Refute £186m Legal Filing Against Crew and Widow of Bayesian Superyacht Owner Mike Lynch

On Saturday, September 21st, Italian newspaper La Nazione reported news of a representative for the Italian Sea Group filing documents in a Sicilian Court on Friday against the crew and widow of Bayesian superyacht owner Mike Lynch. The Italian builder reportedly sought legal damages of up to £186 million, citing reputational damage and loss of earnings due to the incident

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