Saudi Red Sea Authority takes key steps to boost yacht tourism
The Saudi Red Sea Authority (SRSA) is driving significant growth in the kingdom's coastal tourism sector, supported by ongoing government efforts to position KSA as a leading global tourism destination in line with Vision 2030.
With increasing interest in yacht tourism both locally and internationally, SRSA has intensified its regulatory role, issuing comprehensive frameworks such as the Saudi Yacht Regulation, the Visiting Yachts Regulation, the Large Yacht Chartering Regulation, and the Marina Design and Operations Regulation.
These efforts aim to enhance marine infrastructure, ensure environmental sustainability, and encourage investment in coastal tourism.
In collaboration with its partners, SRSA has accelerated infrastructure development along the Red Sea, issuing 29 tourism licenses that have strengthened the economic landscape for yacht tourism.
Among these, three were granted to yacht chartering companies, 10 to marina operators, and 5 to technical service providers in leisure and tourism, fostering a thriving marine tourism ecosystem, it stated.
The Red Sea region, spanning 1,800 km of coastline, is home to over 1,000 islands, 150 pristine beaches, and 3,200 cultural and tourism assets, including heritage villages, vibrant markets, and active maritime ports.
Such natural and cultural assets provide a strong foundation for Saudi Arabia's emerging yacht tourism industry.
SRSA has been actively engaged in fostering international partnerships to enhance investment opportunities. It participated in major global yacht and maritime exhibitions, including the Monaco Yacht Show 2023 and the Dubai International Boat Show 2024, with the goal of adopting best practices in yacht tourism and strengthening global collaboration.
The authority signed agreements with leading institutions such as the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to advance Saudi Arabia's coastal tourism sector.
By providing technical, administrative, and advisory support to both local and international investors, SRSA is ensuring a streamlined investment experience that aligns with Saudi Arabia's broader strategy of attracting global investors through regulatory simplifications, tax incentives, and infrastructure development.
Through its ongoing efforts, SRSA is transforming Saudi Arabia's yacht tourism industry by offering exclusive and tailored experiences that cater to both tourists and yachting enthusiasts.
By 2030, the authority aims to attract 250,000 visitors for yacht-related activities, generate approximately $2.9 billion in tourism spending, and create an estimated 28,000 jobs in the sector, contributing to the Kingdom's economic diversification goals.
According to SRSA, the yacht tourism is a crucial element of global coastal economies with the yacht market hitting $7.67 billion in 2023 and projected to growth to $17.33 billion by 2032.
Europe led the market in 2023, accounting for 47.58% of the global sector, it stated.
SRSA pointed out that Italy served as a prime example of the economic significance of yacht tourism, with its marine industry growing 3 times faster than its gross domestic product (GDP) between 2012 and 2022.
In 2022, Italy held over 50% of the world's yacht manufacturing orders and supported approximately 157,000 jobs, it added.
With continuous advancements in regulatory policies, infrastructure expansion, and international collaboration, SRSA said it is committed to positioning Saudi Arabia as a premier global destination for yacht tourism.
These efforts align with Vision 2030's broader objectives of enhancing the Kingdom's tourism and economic landscape, ensuring that Saudi Arabia remains a key player in the global yacht tourism industry, it added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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