Maritime Observer Newsletter #7
Updates on two seized vessels, news out of Egypt's Boat Show, and an autumn/fall boat show guide.
In the boating calendar, August is usually the calm before the storm. Not only does September follow with the prestigious Cannes Yachting Festival and the Monaco Yacht Show, but this year, the Middle East region looks to host nautical showcases of its own, including the debut of Qatar’s Boat Show, the Abu Dhabi Boat Show, and the Dubai International Boat Show. The boat show guide below provides all you need to know for this upcoming autumn/winter season.
During this year’s Superyacht Investor conference, Paul Miller of Millstream Underwriting prognosticated that it would take between 8 to 10 years for sanctions issues to resolve, with the 92-meter Royal Romance illustrating exactly that. While this month saw the 81-meter Alfa Nero seal its fate, Royal Romance is one of the several luxury vessels entangled in seizures and arrests following the 2022 Russian Invasion of Ukraine, now potentially no longer under Ukrainian ownership.
Elsewhere, Saudi Arabia is slowly gearing up for the soft opening of both NEOM’s Sindalah Island and the first phase of Amaala’s Triple Bay, with updates continuously being provided for both. Meanwhile, news coming of Egypt’s boat show proved to be fruitful, with new agreements and strategic cooperations announced.
Thank you for reading the Maritime Observer’s newsletter. I would love to hear from you. Please reach out to faisal@maritimeobserver.com
Wishing you a fantastic August,
Faisal
· Sanctioned Superyacht Alfa Nero Sold to Undisclosed Buyer
Alfa Nero, the 81-meter Oceanco-built superyacht, has been sold to a new unnamed owner for $40 million. The yacht was seized in 2022 in Falmouth Harbor, Antigua following the sanctioning of her owner, Andrey Guryev, by the U.S. government following the Russian invasion of Ukraine.
Following Alfa Nero’s seizure, the U.S. Treasury Department cleared the yacht for sale, nearly auctioning her off to Google CEO Eric Schmidt in June 2023 for $ 67.6 million. Plans to complete the sale were thwarted by Yulia Guryeva, daughter of the Russian businessman, who claimed to be the proprietor of the yacht, thus precluding the Antiguan government from issuing a clear title when completing the transaction with Schmidt.
Over one year later, with the court dismissing Guryeva’s appeal, Alfa Nero re-emerged on the market and a sale was completed by Northrop and Johnson to a private buyer. “I am very happy that the ship is no longer the responsibility of the people and the government of Antigua and Barbuda “ - Ronald Sanders, Antigua and Barbuda’s ambassador to the US.
· Auction to sell Royal Romance called off; Yacht Potentially No Longer Under Ukrainian Ownership
Royal Romance, the 92-meter motor yacht, will no longer be auctioned off by the Asset Recovery and Management Agency ( ARMA) of Ukraine after a new decision made by the Croatian court canceled its prospective sale. Royal Romance, owned by sanctioned Ukrainian lawyer Viktor Medvedchuk, was seized in March 2022 as she was docked in Croatia following the Russian Invasion of Ukraine. Following a Croatian court ruling, ownership of the vessel was transferred to the Ukrainian government, which had plans to sell the asset for Ukraine's benefit.
Publishing the news to his telegram channel, Yaroslav Zheleznyak, deputy chairman of the Councilʼs Committee on Finance, Tax and Customs Policy in Ukraine, announced the news after the District Court of Split lifted the arrest of the yacht on June 25th, adding “Ukraine might lose this asset altogether.” The reasons for canceling the sale are attributed to a “lack of indictment” from the Prosecutor General’s Office for the criminal case. Further, according to Zheleznyak, decisions regarding Royal Romance remain under the aegis of the Croatian Court since the yacht is still docked in Croatia.
· Felix Maritime Agency, Alicante's Yacht Club, and Marassi Marina Yacht Club sign agreement at EIBS
On the second day of the Egypt International Boat Show, a friendship agreement was signed between the Spanish nautical club Real Club De Regatas De Alicante (RCRA), Felix Maritime Agency, and Marassi Marina Yacht Club. Details of the agreement will see all clubs promoting the other’s maritime industries, with Felix aiding in the promotion of RCRA in Egypt, and planning future regatta events, with Marassi Marina as a potential Mediterranean rally stop.
· Red Sea Global provides progress update on Triple Bay Marina
Red Sea Global has provided a progress update on ultra-luxury development AMAALA. Part of Saudi Arabia’s 2030 vision, Amaala is an ultra-luxury development situated along the north-western coast of the Kingdom. It will span more than 4,000 square meters, coming in 2025.
Inside Amaala is the Triple Bay Yacht Club. With over four levels in the 7,900 sq of land, the yacht club will be home for both visitors and residents of the development, along with yachting events and regattas. Triple Bay’s designs are led by American international architectural firm HKS at the helm. A stand-out feature of Amaala is the design that preserves Arabic heritage while keeping a modern look through the use of natural elements. Sustainable and elegant.
The yacht club will operate at a 120-berth capacity, accommodating yachts up to 130 meters in length. Vessel services will find fuel docks and personalized services. In September 2023, the development behind Amaala, Red Sea Global, partnered with Monaco Marina Management in an effort to establish Triple Bay as a first-class luxury destination.
Phase one of Triple Bay is set to be complete this year, replete with eight resorts accommodating over 3,000 hotel rooms, along with luxury retail and leisure provisions.
Regional Boat Show Guide - Autumn/Winter 24-25
Qatar Boat Show
November 6-9, 2024 - Old Doha Port
The premiere Qatar Boat Show comes to Old Doha Port from Wednesday, November 6th, until Saturday, November 9th.
On March 5th, 2024, a grand pre-launch took place in Doha, Qatar to announce the first-ever Qatar Boat Show (QBS), with the industry’s key players in attendance. The event, which prognosticates 20,000 visitors and 500 exhibitors, will take place between November 6 and November 9 2024 at the Old Doha Port.
Over the past few years, The cruise terminal has been transformed into a tourist destination welcoming over 300,00 visitors after four years of construction efforts. Old Doha Port comprises two first-class marinas spanning over 800,00 sqm, and operating at a 450 berth capacity. Within the 450 berths are 100 superyacht dedicated berths for vessels up to 160 meters in length. The two marinas’ most recent notable use was the 2022 FIFA World Cup where over 50 superyachts entered the country to witness the action.
News of this event comes as part of Qatar’s National Vision 2030, aiming to promote economic growth and tourism appeal. The event plans to display over 95 vessels on land and water, from boats to watercraft to lifestyle equipment and leisure toys.
Find out more here.
Abu Dhabi International Boat Show
November 21-24, 2024
Emanating from the Marina Hall at ADNEC Centre Abu Dhabi, the 2024 event returns following a successful show in 2023, attracting over 30,000 visitors, and showcasing over 100 boats in a 65,000 sqm show area. Brands included Sunseeker, Gulf Craft, Al Seer Marine, and Sunreef Yachts.
Now returning for its fifth edition, the Abu Dhabi International Boat Show returns for an indoor and outdoor three-day affair to showcase boats for the biggest yachting enthusiasts. The Abu Dhabi Boat Show combines all facets of nautical trade, from training & Sea Schools, waterfront development, fishing, finance and insurance, and travel and tourism.
Find out more here.
Dubai International Boat Show
19-23 February 2025 - Dubai Harbour
Transforming into one of the biggest shows on the global boating calendar, the 2025 show promises to be no different, if not grander. After a successful 30th anniversary event this past February, DIBS organizers announced a long-term extension of the show with its home in Dubai Harbour. The 31st iteration of the show expects to welcome over 1,000 exhibitors and over 30,000 exhibitors.
Dubai Harbour is a marina that served as a catalyst for turning the UAE into a global leisure maritime hub. this rapidly expanding world where yachts are getting larger and larger, this marina meets the demands of the modern owner and crew. Located between Jumeirah Beach Residence and Palm Jumeirah, Dubai Harbour is a new development that brings together a cruise ship and terminal, residential, retail, restaurants, and a world-class game game-changing marina.
Launched in 2020, `Dubai Harbour is divided into three distinct marinas. Alongside the Palm View and Harbour marinas, Bay Marina operates at a 104-berth capacity for yachts up to 160 meters in length, making it the Gulf’s first dedicated superyacht marina. Bay Marina is located at the Eastern side of the Dubai Harbour. This marina holds an astounding 560+ berth capacity, for marinas up to 160 meters in length. In this rapidly expanding world where yachts are getting larger and larger, this marina meets the demands of the modern owner and crew.
Find out more here.