Arabs own 12% of the global fleet of superyachts

Superyachts owners from the Middle East own the longest and most luxurious yachts in the world, according to the Superyacht Builders Association (SYBAss).

Arabs own 12% of the global fleet of superyachtsOne hundred ninety three superyachts, or 12% of the global fleet of yachts over 40 meters in length, are owned by people from the Middle East with an average length of 63 meters – the highest in the world.

“The Middle East is one of the traditional markets for the superyacht industry. Most of the world’s largest yachts have been delivered for this region, and the historic demand from this region has been vital for the growth of this sector,” said Theo Hooning, Secretary General of SYBAss.

“The demand for superyachts from the Middle East can be classified as fairly stable over the years, while others may have been more volatile, and we have hopes that the stability and demand for superyachts in the Middle East will continue as is,” added Hooning.

The superyacht market is now the strongest it has been since 2009, with research from Boat International claiming more superyachts are being built around the world now than at any time since the end of the global financial crisis. Their 2016 Global Order Book – the pinnacle report for global yacht builds – found that 755 superyachts of 24 meters or longer are on order this year, up from 734 in 2015.

The market has also been boosted by the growing demand for explorer yachts as owners seek to visit remote destinations, according to Boat International, with an increase of 17% on last year’s explorer yacht builds.