Maritime Observer Newsletter #8
Monaco Yacht Show preview, plus all the news from September 2024
Welcome back to the September 2024 edition of The Maritime Observer’s newsletter.
Among the developments this month, new appointments by Heesen Yachts and Gulf Craft transpired on the corporate side, while Saudi Arabia issued its first regulations for Saudi Yachts on the legislative front. A round-up of the latest headlines can be found below. Keep up with all the latest news on Maritimeobserver.com/news.
Meanwhile, this edition’s preview sheds light on the most important event of the year. As September comes around, the return of boat show season does as well. The end of this month will see the return of the Monaco Yacht Show, one of the most high-profile events on the boating calendar. For brands coming from The Middle East, the show is seminal in bolstering profiles and exposing exhibitors to new audiences from around the globe. While providing a first look on the brands to watch out for, this edition of the newsletter posits one fundamental question - what is the role of a boat show in 2024?
Wishing you a fantastic September,
Faisal
Heesen Yachts Appoints New Middle East Agent Hisham Abushakra
Coming off the heels of appointing new COO Ruud van der Stroom, Dutch builder Heesen Yachts announced the appointment of Hisham Abushakra as the new Middle East Region market agent.
Effective September 1st, this move recognizes the role of the Middle East as a global player in the superyacht industry. “The region’s rich culture, lifestyle, and growing interest in leisure boating have contributed to the increasing demand for premium yachts.” said the shipbuilder.
More here.
Red Sea Authority Issues First Regulations for Saudi Yachts
The Saudi Red Sea Authority has announced new regulations for yacht cruising in the Red Sea. The regulations lay out the fundamental conditions for using yachts in the Red Sea, including requirements for safe access from marinas and yachts, conditions for obtaining a technical license, conditions for safe use of water toys on yachts, and requirements for marina environmental protection.
More here.
Gulf Craft Group appoints new CEO Yannis Haidis
After a corporate restructuring by UAE-based shipyard Gulf Craft, announcing the formation of Gulf Craft Group at the Dubai International Boat Show this past February, the shipyard has appointed Yannis Haidis as the new chief executive officer.
Haidis arrives at Gulf Craft with over 30 years of experience, with multiple tenures at major multinational FMCG corporations in the EMEA region. The group announced that Haidis’ role will concern overseeing “the overall development of the Group’s future evolution, aimed at propelling international expansion into new markets and opportunities for the Company.”
Luxury Destination AMAALA Moving Forward After $6bn Contract Is Awarded
Saudi Arabian Developer Red Sea Global is moving forward with luxury-development AMAALA after 600 contracts totaling $6.13bn were awarded to date to various partners including Al Rawabi Hassan Allam, Shapoorji Pallonji Group, DEPA Group, Alec Engineering and Contracting, Havelock One and AL-AYUNI Investment and Contracting Company.
More here.
The mere uttering of the words “Monaco Yacht Show” can evoke a certain collective feeling. Emblazoned in mind is an image of stunning, luxurious vessels docked against the backdrop of Port Hercule, where the leading yacht event is held every September. Since its inception in 1991, the Monaco Yacht Show (MYS) has metamorphosed from a floundering event into the ne plus ultra of the boating calendar, where stakeholders of the superyacht industry come together at the beginning of autumn to exhibit their work, designers showcase naval concepts, and shipyards launch new builds. With this iteration, the show celebrates its 33 anniversary, and its success would make one question the secret behind its longevity. The show has always been at the forefront of the industry’s needs.
For example, the superyacht industry saw its most profitable year in 2020, a period where boat shows were forced to cancel, reschedule, or go virtual. The unprecedented success of the brokerage sector in 2020 advanced a curious question about the role of boat shows post-pandemic, where do they fit in?
In 2021, the Monaco Yacht Show returned after a one-year hiatus to introduce a new three-tier program as the show’s organizers shifted to a more client-centric event, where holders of the “discover” pass are reserved for yacht clients while trade visitors received a “connect” pass. This followed a trend previously illustrated by LYBRA's The Superyacht Show in Barcelona's OneOcean Port Vell, which back in 2018 hosted an event solely focused on the end-user.
That being said, boat shows still hold an instrumental part in the superyacht ecosystem. When establishing new yachting hubs, it is the globalization of these events that can elevate brands, cement the new name of shipyards, and bring forward prospective clients. In a way, the event possesses a potency where it may even help cement new destinations on the nautical map.
In a time when the United Arab Emirates and Saudi Arabia began efforts to transform The Middle East into an international yachting hub, the Monaco Yacht Show played a seminal part in shaping this vision. The region has witnessed an upward trajectory in establishing itself as a superyacht destination by welcoming owners worldwide to extend their itineraries into the offerings of the Red Sea and Arabian Peninsula. Developments from the UAE’s investment in world-class Harbour and Mina Rashed marinas to Saudi Arabia’s mega-destinations, NEOM, Amaala, and Red Sea Project, affirm the region’s intentions of attracting foreign flags to consider this alternative destination.
There are multiple, regional brands exhibiting at the 2024 Monaco Yacht Show, and exhibitors are utilizing the peculiarities of the event. When Gulf Craft announced the appointment of new CEO Yannis Haidis, the UAE-based shipyard emphasized his role being “aimed at propelling international expansion into new markets and opportunities for the Company.” Meanwhile, Majesty Yachts, Gulf Craft’s flagship series, oversaw a shift in its presentation with the release of the Majesty 111 in 2023, when Dutch-based Phathom Studio was tasked with giving the yacht “international appeal”. The Majesty series was re-imagined to now cater to Western owners. While the shipyard is no stranger to the show, this year, Majesty Yachts will be displaying the 37-meter Majesty 120, a vessel keeping luxury, performance, and comfort equidistant.
Another exhibitor, marina chain D-Marin, will be present at the event, in proportion to the opening of the recently announced Port De La Mer marina, the group’s fifth marina in the UAE. Following the rise in popularity of Dubai as a cruising destination, there came a concomitant demand for more berthing options, with the number of superyachts visiting the Emirate reportedly doubling in 2024, compared to the year prior.
In the past few years, Egypt has gone through efforts to transform the Red Sea into welcoming superyacht owners worldwide to visit the Suez Canal, a prospect virtually unheard of. and earlier this summer, the country brought back the Egypt International Boat Show after a 13-year hiatus, while also announcing a reduction of transit fees in the Suez Canal. Elsewhere in the region, Qatar is gearing up to host a boat show of it’s own. Old Doha Port, notably home of multiple superyachts visiting for the 2022 World Cup, will be welcoming guests worldwide this November for the Qatar Show.
While the brands exhibiting will undoubtedly raise their stock, they also act as emissaries to the region as a whole, illustrating the efforts and developments of the Middle East, a destination ready to welcome foreign flags from every part of the world. The Monaco Yacht Show, a paean to nautical excellence, is the requisite venue to do that. As the needs of the industry evolve and priorities shift, networking remains one of the core tenets of this sector, and the event remains a constant, adapting to the times.