Saudi Arabia Targets $2.9bn Red Sea Tourism Spend and 28,000 Jobs as It Becomes Yachting Hub
Saudi Arabia is targeting a coastal tourism boom and establishing a yachting industry and community as it targets seafaring visitors.
The Saudi Red Sea Authority (SRSA) is driving significant growth in Saudi Arabia's coastal tourism sector, supported by ongoing government efforts to position the Kingdom as a leading global tourism destination in line with Vision 2030.
Ambitious targets to attract 250,000 visitors for yachting activities and generate nearly $3bn in tourism spending will push coastal tourism in the Kingdom.
Saudi Red Sea tourism
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
Visiting Yachts Regulation
Large Yacht Chartering Regulation
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 licences that have strengthened the economic landscape for yacht tourism.
Among these, three licences were granted to yacht chartering companies, 10 to marina operators, and five to technical service providers in leisure and tourism, fostering a thriving marine tourism ecosystem.
The Red Sea region, spanning 1,800km of coastline, is home to more than 1,000 islands, 150 pristine beaches, and 3,200 cultural and tourism assets, including heritage villages, 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 $2.9bn in tourism spending, and create an estimated 28,000 jobs in the sector, contributing to the Kingdom's economic diversification goals.
Globally, yacht tourism is a crucial element of coastal economies. In 2023, the global yacht market was valued at $7.67bn, with projections indicating growth to $17.33bn by 2032.
Europe led the market in 2023, accounting for 47.58 per cent of the global sector. Italy serves as a prime example of the economic significance of yacht tourism, with its marine industry growing three times faster than its gross domestic product (GDP) between 2012 and 2022.
In 2022, Italy held more than 50 per cent of the world's yacht manufacturing orders and supported approximately 157,000 jobs.
With continuous advancements in regulatory policies, infrastructure expansion, and international collaboration, SRSA 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.
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