Riyadh - Saudi Arabia
The Saudi Red Sea Authority signed a prominent memorandum of understanding with the Maritime and Commercial Registries Company of the Marshall Islands during the Monaco Yacht Show, in a strategic step aimed at enhancing the attractiveness of the Red Sea for private yacht owners and expanding their rental options in an organized manner, thus supporting the growth of yacht tourism and flowing qualitative investments towards marinas and marine navigation services in the Kingdom.

A program that facilitates rental procedures and reduces costs

The signing was witnessed in the presence of Mohammed bin Issa Al-Ghamdi, Executive Vice President of the Coastal Tourism Management Sector in charge of the Authority, and Joe Aseel, Executive Director of Commercial Yacht Affairs at the company. The memorandum includes recognition of the Private Yachts for Commercial Activities (YET) program in the Red Sea, which allows qualified private yachts the option of chartering for limited periods while maintaining their private registration without the need to convert it to a commercial registration. This step contributes to reducing procedural burdens and operational costs on owners, while adhering to the highest international standards for safety and protection of the marine environment.

Supporting the safety system and knowledge exchange
The memorandum covers essential aspects of exchanging knowledge and experiences and applying internationally approved best practices in safety and environmental sustainability. Regarding the dimensions of this cooperation, officials of the Saudi Red Sea Authority confirmed the comprehensive regulatory vision by saying: “The memorandum reflects the authority’s direction towards developing a regulatory environment that responds to the needs of yacht owners and operators, and links facilitating the practice of activities with adherence to safety requirements and protection of the marine environment,” which enhances the ability of national coastal destinations to attract the regional and international fleet and establish sustainable international partnerships.

Promising investment returns and an integrated coastal economy

This agreement opens broad horizons for private sector investors to operate marinas and develop maintenance, refueling and navigational supply services. This activity will also reflect positively on Arab tourists and visitors by providing various and luxurious rental options for exceptional coastal tourism experiences along the Red Sea, in addition to raising berth occupancy rates and revitalizing the hospitality, restaurant, and entertainment sectors, which contributes directly to diversifying the national economy and achieving the goals of Saudi Vision 2030.