Saudi Arabia is pursuing a coastal tourism surge, focusing on developing a yachting industry and community to attract maritime visitors. The Saudi Red Sea Authority (SRSA) is spearheading significant growth in the Kingdom’s coastal tourism sector, supported by government initiatives to establish Saudi Arabia as a top global tourism destination under Vision 2030.
Ambitious goals include drawing 250,000 visitors for yachting activities and generating nearly $3 billion in tourism revenue, driving the expansion of coastal tourism.
Saudi Red Sea Tourism
With rising interest in yacht tourism both domestically and internationally, SRSA has strengthened its regulatory role by introducing comprehensive frameworks such as:
- Saudi Yacht Regulation
- Visiting Yachts Regulation
- Large Yacht Chartering Regulation
- Marina Design and Operations Regulation
These measures aim to improve marine infrastructure, ensure environmental sustainability, and promote investment in coastal tourism.
In partnership with stakeholders, SRSA has accelerated Red Sea infrastructure development, issuing 29 tourism licenses to bolster the economic environment for yacht tourism. These include three licenses for yacht chartering companies, 10 for marina operators, and five for technical service providers in leisure and tourism, fostering a vibrant marine tourism ecosystem.
The Red Sea region, with its 1,800 km coastline, boasts over 1,000 islands, 150 pristine beaches, and 3,200 cultural and tourism assets, including heritage villages, markets, and active maritime ports. These natural and cultural resources provide a solid foundation for Saudi Arabia’s growing yacht tourism industry.
SRSA has actively cultivated international partnerships to boost investment opportunities. It participated in major global yacht and maritime events, such as the Monaco Yacht Show 2023 and the Dubai International Boat Show 2024, to adopt best practices and strengthen global collaboration. The authority also signed agreements with prominent institutions like the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to advance Saudi Arabia’s coastal tourism sector.
By offering technical, administrative, and advisory support to local and international investors, SRSA ensures a seamless investment experience, aligning with Saudi Arabia’s strategy to attract global investors through regulatory simplifications, tax incentives, and infrastructure development.
Through its efforts, SRSA is reshaping Saudi Arabia’s yacht tourism industry by delivering exclusive and tailored experiences for 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 revenue, and create around 28,000 jobs, supporting the Kingdom’s economic diversification goals.
Global Context
Yacht tourism is a vital component of coastal economies worldwide. In 2023, the global yacht market was valued at 7.67 billion, 17.33 billion by 2032. Europe dominated the market in 2023, accounting for 47.58% of the global sector. Italy exemplifies the economic impact of yacht tourism, with its marine industry growing three times faster than its GDP between 2012 and 2022. In 2022, Italy held over 50% of the world’s yacht manufacturing orders and supported approximately 157,000 jobs.
With ongoing advancements in regulatory policies, infrastructure development, and international collaboration, SRSA is committed to establishing Saudi Arabia as a leading global destination for yacht tourism. These initiatives align with Vision 2030’s broader goals of enhancing the Kingdom’s tourism and economic landscape, ensuring Saudi Arabia remains a key player in the global yacht tourism industry.
(Source: Arabian Business)
