24 Hrs
Source:
الاقتصادية
Red Sea marina entry rules for foreign yachts
The global yacht market grew to over $10.3 billion by the end of last year, according to the Saudi Red Sea Authority, which is working on developing procedures for allowing foreign yachts to enter the Red Sea through licensed agents. Nine yacht leasing companies have been licensed, along with 14 authorized tourist marinas along the coast, with more expected soon. Projections indicate that the worldwide yacht market will reach $15.5 billion by 2033, with the leasing sector growing to $11.34 billion by 2030, driven by increasing demand for private and organized marine experiences. The market is experiencing rapid growth, with more than 6,174 super yachts longer than 30 meters projected to be in operation by August 2025. Yacht owners favor destinations that provide suitable anchoring environments and comprehensive services, leading to significant expansion in the leasing sector and the development of local skills to meet the growing demand.
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