The Gulf’s Yachting Boom
With the UAE and Saudi Arabia ranking among the top 10 tourism destinations worldwide, yachting’s expansion into the Gulf marks a new era for the region.
The Growing Popularity of the Gulf Among the Superyacht Elite
You need only look to the increasing number of yachts visiting the Middle East to understand its growing popularity among the superyacht elite. According to the 2023 Superyacht Times Gulf Superyacht Market Report, 129 superyachts visited the region at least once in 2022, a 38% increase compared to 2021. In the first nine months of 2023, 140 superyachts were recorded in the area – not including the influx of superyachts for the Abu Dhabi Formula One Grand Prix – while 175 yachts are forecasted to visit in 2024.
Dubai Emerges As An International Yachting Hub
The Gulf region is more than catching the eye of the superyacht industry. Dubai has some of the biggest marina developments in the world and is a popular launch pad for yachts looking to travel further east to places like the Seychelles, Maldives, Indonesia, and Thailand. “Having transformed from a small trading port to a global city, Dubai’s world-class maritime infrastructure, continued development of state-of-the-art facilities, strategic location between East and West and superb climate have contributed to the emirate becoming an international yacht tourism destination,” says His Excellency Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing.
IYC’s Expansion In The Middle East
In September 2023, IYC opened a new office in Dubai – its 15th worldwide – in partnership with Vision Investments Limited, a subsidiary of Al Ameeri Group Holding. “Our presence in the Middle East solidifies our position as a key player in the yachting industry and reflects the significance of the UAE's vibrant yacht market,” says Raphael Sauleau, CEO of IYC.
Nouman Al Hakim, Al Ameeri Group COO, adds: “Yachting is booming throughout the Middle East and all GCC countries. Demand continues to grow, and our partnership with IYC underpins our concerted efforts to focus on the maritime industry.”
Factors Driving The Yachting Industry’s Growth In The Middle East
A large proportion of superyachts in the Gulf – around 137 yachts over 98’ (30m) – are locally owned in the Middle East. The United Arab Emirates accounts for the largest number of superyachts owned in the region, with at least 136 yachts over 98’ (30m), while around 10% of 2023 new builds over 131’ (40m) are destined for Middle Eastern owners. Within brokerage, the second biggest used yacht sold in 2023 was the 351’ (107m) Benetti motor yacht LANA (since renamed MAR) which was sold in an off-market deal in February and is now based in Abu Dhabi.
Other factors, such as a wave of new wealth and exhilarating sporting events, are also drawing yacht builders, brokers, and suppliers to the region. In addition to the Abu Dhabi Grand Prix, the inaugural 2024 UIM E1 World Championship – the world’s first and only all-electric race boat championship – took place in February in Jeddah, Saudi Arabia. With teams owned by some of the world’s biggest celebrities, such as Tom Brady, Rafael Nadal, and Marc Anthony, it pulled the world’s focus.
“Both Dubai and Saudi Arabia are working hard to create new yachting destinations, such as opening pristine coral reefs for diving enthusiasts,” adds Akritidou.
Charter Opportunities and Experiential Tourism
Both the Jeddah Grand Prix and the annual Dubai International Boat Show at Dubai Harbour provide excellent opportunities for owners looking to catch charters, says Dubai-based IYC Sales and Charter Consultant, Zoe Akritidou.
“The number of charter yachts built to European standards and coming to Dubai has increased,” she says. “The local preference is for day charters aboard 98’ (30m)+ yachts with onboard DJs, top cuisine and watersports. From an international perspective, it’s weekly charters that attend events like the Grand Prix, sail to Oman and cruise the Emirates coastline taking in key destinations, such as Ras Al Khaimah and Snoopy Island.”
Just an hour from Dubai International Airport, Ras Al Khaimah epitomizes the region’s charter offerings, pairing modern sophistication with a backdrop of the Hajar mountains and views of the Arabian Gulf.
Signature yacht excursions include hiking on the UAE’s highest mountain, Jebel Jais, before taking the world’s longest zipline back down, and guided kayaking among flamingos and herons in the surrounding mangroves. Guests can visit an Emirati pearl farm to learn the secrets of the ocean’s depths or go hot-air ballooning over the desert in search of indigenous wildlife.
Emerging Yachting Destinations and Infrastructure Development
In northwest Saudi Arabia on the wildlife-rich Red Sea, a maritime destination is being built from the ground up. Designed as a living laboratory where entrepreneurship will chart the course of a “new future”, NEOM is pitched as a destination home for people who dream big. It will include hyperconnected cognitive cities, ports, and enterprise zones. It’s pitched as a hub for business leaders and companies to research, incubate, and commercialize new technologies.
His Excellency Issam Kazim notes, “The Middle East has one of the world’s richest maritime landscapes and the region has made substantial investments to upgrade and modernise yachting facilities. The next decade will see the evolution of the recently launched Nakheel Marinas Dubai Islands and the ongoing conversion of Mina Rashid into a residential waterfront community. We also expect more marinas and other facilities in the near future plus anchorage points across the Dubai coastline.”
“Dubai’s appeal also extends beyond its beautiful marinas,” he adds, “with fine-dining restaurants, leading tourism attractions and diverse sea and land-based experiences available for visitors to enjoy, as well as open anchorage areas that are easily accessible from marinas. An exceptional quality of life, initiatives facilitating easy entry and robust air connectivity collectively establish the city as a preferred destination for yacht tourism.”
To date, Dubai Maritime City is the most equipped yachting facility in the region, however, the MB92 Group is one of several yachting companies to have announced a new facility in NEOM’s island destination of Sindalah. Located in the Saudi water of the Red Sea and due to open in 2024, Sindalah is scheduled to be the first physical showcase of NEOM and a gateway for the global yachting community. It reaffirms the Gulf’s commitment and capability to provide exceptional yachting services on a global scale.
