Saudi Arabia taps Monaco expertise for Red Sea yachting push

Saudi Arabia is planning to bring the sparkle of Mediterranean marinas to its Red Sea coast, seeking counsel from the Principality of Monaco as it attempts to grow its yachting sector.

The Saudi Red Sea Authority has already issued 29 tourism licenses for yacht chartering and marina operations for its 1,800km coastline, which includes more than 1,000 islands and 150 pristine beaches.

Now it has signed agreements with the Yacht Club de Monaco and the Prince Albert II of Monaco Foundation to help develop the sector.

Monaco, a minuscule tax haven on the French Riviera, is famous for attracting gigantic super yachts – and their billionaire owners – to its iconic Port Hercule, the glittering backdrop to one of the world’s most famous F1 circuits.

Saudi’s ambition is to attract 250,000 visitors from yacht tourism by 2030, generating $2.9 billion and creating 28,000 jobs.