Egypt

Suez Canal Authority

<a data-gid="gid://syiq/Company/4514" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="South Red Sea Shipyard (Company)">South Red Sea Shipyard</a>, in partnership with the <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a>, has launched a 37-metre sportfisher yacht for the Suez Canal for Modern Boats Company.<img src="https://photo-assets.superyachttimes.com/photo/378100/image/large-8f3b8e02507c8b431c5ec694e2e58eba.jpg" data-gid="gid://syiq/Photo/378100">The company is a joint venture between the two entities and is developing several projects aimed at boosting marine tourism. The newly launched yacht is built to <a data-gid="gid://syiq/Company/1457" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="RINA (Company)">RINA</a> class standards and features exterior design by <a data-gid="gid://syiq/Company/796" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fry Associates Inc. - Fryco (Company)">Fry Associates Inc</a> and interiors by Georges Vafiadis.<img src="https://photo-assets.superyachttimes.com/photo/378104/image/large-cd94ac2b3d529e9d4c19310119196142.jpg" data-gid="gid://syiq/Photo/378104">The yacht can accommodate up to 12 guests and eight crew members, including the captain. She is equipped with two hydraulic systems: a winch at the bow and a hydraulic swimming platform at the stern.Beyond this launch, <a data-gid="gid://syiq/Company/4514" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="South Red Sea Shipyard (Company)">South Red Sea Shipyard</a> is expanding its yacht manufacturing capabilities with new fibreglass production facilities in the Safaga industrial zone, supporting a broader programme to build yachts and leisure boats for tourism and transport.<img src="https://photo-assets.superyachttimes.com/photo/378103/image/large-7bbe28e6f702758e9a3155b14ea72f8b.jpg" data-gid="gid://syiq/Photo/378103">Ryad El-Dogheishy, Head of the Yachting Department at <a data-gid="gid://syiq/Company/4514" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="South Red Sea Shipyard (Company)">South Red Sea Shipyard</a> and Board Member of the Suez Canal for Modern Boats Company, commented, “Construction has begun on an 18-metre yacht, with a fibreglass mould under development to enable serial production once the factory becomes fully operational. The company is also building two 17-metre leisure boats with a 15-passenger capacity for the <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a>, as well as a 25-passenger Nile Taxi designed for river tourism.”<img src="https://photo-assets.superyachttimes.com/photo/367050/image/large-2f87e1fd131f659cbec6cf96d4a919b7.jpg" data-gid="gid://syiq/Photo/367050">Gulf Superyacht Summit 2025As the Middle East’s maritime sector continues to flourish, the <a href="https://www.superyachttimes.com/events/gulf-superyacht-summit-2024" target="_blank">Gulf Superyacht Summit</a> will return in December to the region. The seventh edition of the two-day conference will take place on 4 and 5 December 2025 in Abu Dhabi and promises to draw on the experiences of the previous summits.The <a href="https://www.superyachttimes.com/events/gulf-superyacht-summit-2024" target="_blank">Gulf Superyacht Summit</a> seeks to inform, assist and advise yachting clients and related interested parties, with the goal to develop the Gulf as a superyacht winter destination. &nbsp;Tickets are available <a href="https://www.eventbrite.nl/e/gulf-superyacht-summit-2025-tickets-1393764560319" target="_blank">here</a>You can find out more about yachting in the Gulf region by <a href="https://www.superyachttimes.com/market-reports/gulf-superyacht-report-2024-2025" target="_blank">downloading the full Gulf Superyacht Report 2024-2025 here</a>.<img src="https://photo-assets.superyachttimes.com/photo/349168/image/large-8445e5adef5d1c4fc32934bec670a6df.jpg" data-gid="gid://syiq/Photo/349168">

37m yacht launched in Egypt

South Red Sea Shipyard, in partnership with the Suez Canal Authority, has launched a 37m sportfisherman yacht.

South Red Sea Shipyard and Suez Canal Authority launch 37m sportfisher yacht

SuperYacht Times is pleased to announce that Ryad El Dogueshy, Manager of the Yachting and Service Boat Division and Board Member at <a data-gid="gid://syiq/Company/4514" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="South Red Sea Shipyard (Company)">South Red Sea Shipyard</a>, will speak at the upcoming <a data-gid="gid://syiq/Event/280" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2025">Gulf Superyacht Summit 2025</a>.<img src="https://photo-assets.superyachttimes.com/photo/374741/image/large-8514fc3a4a198154731b1c9e34e9d394.jpg" data-gid="gid://syiq/Photo/374741">Scheduled to take place on 4 and 5 of December at the Conrad Abu Dhabi Etihad Towers, the <a data-gid="gid://syiq/Event/280" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2025">Gulf Superyacht Summit</a> brings together leading figures from across the yachting, tourism, and investment sectors. The event aims to inform, assist, and connect stakeholders, with the goal of advancing the Gulf’s growth as a prominent superyacht destination.Located on Egypt’s Red Sea coast, <a data-gid="gid://syiq/Company/4514" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="South Red Sea Shipyard (Company)">South Red Sea Shipyard</a> has built more than 24 vessels since 1999, including seven private yachts and two commissioned for the Egyptian Presidency (29-metre Nasr and Erada). The yard also specialises in dry docking and refit. In recent years, it has expanded its activities in the commercial sector, delivering 20 tugboats and 12 fishing vessels to the <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a>.The yard spans 250,000-square-metres and is equipped with a 600-tonne mechanical slipway and an 850-tonne travel lift for dry docking. In partnership with the <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a>, the shipyard is developing a 55,000 square-metre fibreglass factory within a free zone, designed to support yacht exports and provide tax incentives. The new facility, expected to be operational by January 2026, will produce vessels ranging from 10 to 40-metres.El Dogueshy will take part in the panel titled: Egypt’s Growing Role in the Red Sea, which will focus on the potential of Egypt’s yacht manufacturing sector and its contribution to the Gulf region’s wider maritime development.<img src="https://photo-assets.superyachttimes.com/photo/349168/image/large-b90119a14b7b205a61a6737ab2b994c2.jpg" data-gid="gid://syiq/Photo/349168">

Ryad El Dogueshy of South Red Sea Shipyard announced as speaker at GSS 2025

SuperYacht Times is pleased to announce that Ryad El Dogueshy of South Red Sea Shipyard will speak at the upcoming Gulf Superyacht Summit 2025.

When it comes to winter destinations for superyachts, the Caribbean often dominates the conversation. However, recent attention has shifted towards the Red Sea, fuelled by extensive marina development projects on both the Saudi Arabian and Egyptian sides.Strategically located near the Mediterranean, the Red Sea offers superyachts a seamless transition from their summer cruising grounds and is progressing towards becoming a leading winter yachting destination.Despite this progress, several critical areas still require further development to fully realise the Red Sea’s potential as a sought-after destination. These include enhancing collaboration between nation-states, expanding infrastructure, adjusting regulatory frameworks for foreign-flagged vessels, and implementing robust sustainability measures to preserve its rich biodiversity.<img src="https://photo-assets.superyachttimes.com/photo/340269/image/large-9e9fc0cee2376c5984af362e554aca7a.jpg" data-gid="gid://syiq/Photo/340269">At the latest <a data-gid="gid://syiq/Event/232" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2024">Gulf Superyacht Summit</a> in Dubai, the 'Red Sea Opportunity' panel discussion featured Bahi Naguib, Red Sea Operations Director at <a data-gid="gid://syiq/Company/7369" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Felix Maritime Agency (Company)">Felix Maritime Agency</a>; Vienna Eleuteri, CEO Advisor for Regenerative Development, Regulations, and Policies at the <a data-gid="gid://syiq/Company/7269" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Saudi Red Sea Authority (Company)">Saudi Red Sea Authority</a> (<a data-gid="gid://syiq/Company/7269" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Saudi Red Sea Authority (Company)">SRSA</a>); Txema Rubio, Commercial Director of the <a data-gid="gid://syiq/Company/7941" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Group (Company)">MB92 Group</a>; and Rayan Bukhari, General Manager of <a data-gid="gid://syiq/Company/2220" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Hill Robinson (Company)">Hill Robinson Saudia</a>. The panelists explored the current progress of key projects and regulatory developments in Saudi Arabia and Egypt, discussing the potential impacts of these ambitious initiatives.The critical role of collaboration between Egypt and Saudi ArabiaTo develop the Red Sea into a superyacht destination, symbiotic collaboration between nearby nations is crucial for its development. Naguib emphasised the necessity of joint efforts between Saudi Arabia and Egypt. He stated, "Everything that passes through Saudi must also traverse the Suez Canal in Egypt. Both the Egyptian government and the private sector are crucial in supporting Saudi Arabia’s initiatives to develop this destination. Given the numerous stakeholders and complex dynamics involved, ensuring seamless access is essential." He noted that operations in the Suez Canal must be as efficient as possible and mentioned that, with cooperative efforts from the Saudi government, Egypt is working to streamline these processes. Furthermore, Naguib highlighted recent regulations introduced by the <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a>, which offer a 30% discount to yachts under 300 tonnes traveling to the Red Sea, describing this as a commendable first step. However, he stressed the need for further development of infrastructure and destinations in the Red Sea region.Bukhari concurred with Naguib’s points but introduced an additional perspective. "For me, it’s quite straightforward, whether we’re discussing the Egyptian or the Saudi side of the Red Sea. To stimulate growth in the yachting ecosystem, we must create demand," he explained. "This involves developing a compelling and desirable itinerary, especially from the Saudi perspective, with which I am more familiar." Bukhari underlined that numerous developments are in progress. "There are exciting prospects on the horizon, both short-term and long-term. A prime example is the success of the <a data-gid="gid://syiq/Company/6557" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Jeddah Yacht Club & Marina (Company)">Jeddah Marina &amp; Yacht Club</a> and <a data-gid="gid://syiq/Company/7283" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sindalah Marina (Company)">Sindalah</a> in <a data-gid="gid://syiq/Company/7371" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NEOM (Company)">NEOM</a>, although, like any project, they require some adjustments. If we continue on this path, I am confident that soon we will establish an attractive itinerary for any superyacht."<img src="https://photo-assets.superyachttimes.com/photo/340144/image/large-2c026ddbd656a1ed4fdbf1fb87bd0b9b.jpg" data-gid="gid://syiq/Photo/340144">Rubio agreed with Bukhari’s point on the importance of creating a compelling itinerary in the Red Sea region. He added, “From our perspective, we play a modest yet crucial role, operating with rigorous discipline and a commitment to adaptability.” Rubio emphasised the broader challenges, stating, “Ultimately, there is a significant amount of infrastructure that still needs to be developed, and while our role may be small, it is essential. Our work not only supports the creation of itineraries but also ensures the availability of services and maintenance, which are critical for the success of winter cruising in the region.Evidence of how successful collaboration between Saudi Arabia and Egypt can be instrumental in developing the Red Sea was underscored by Naguib ahead of the Saudi Red Sea Week. He highlighted that a delegation from Saudi Arabia visited Egypt, which greatly enhanced direct communication between the two countries, particularly in relation to the Suez Canal. “The Egyptian authorities were proactive in ensuring smooth transit for numerous vessels,” Naguib reported. “This official delegation provided Egypt with valuable insights into the expectations and requirements of their clients.” He added that the outcomes not only met but, in some cases, exceeded expectations. “Many were pleasantly surprised by the efficiency of passing through the Suez Canal,” he recounted, emphasising the collaborative efforts of the two governments and their promising potential to establish the Red Sea as a premier destination for yachts.<img src="https://photo-assets.superyachttimes.com/photo/285492/image/large-4b771601-8882-42a3-840f-de9e06e3473e.jpeg" data-gid="gid://syiq/Photo/285492">Regulations and their role in developing the Red SeaWhile infrastructure and international cooperation are crucial, regulatory frameworks are equally vital in shaping the Red Sea's future as a yachting paradise. For a yachting destination to be truly attractive, regulations that facilitate the cruising of foreign-flagged private and commercial vessels are essential. Although a region may boast many marinas, if the conditions do not support easy cruising, it will be challenging to attract superyachts to the area.Eleuteri emphasised the critical role of comprehensive and detailed regulations in advancing yachting activities in the Red Sea. She noted that the <a data-gid="gid://syiq/Company/7269" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Saudi Red Sea Authority (Company)">SRSA</a> was established to develop a regulatory framework aimed at promoting a thriving maritime sector in the Saudi-administered Red Sea. This framework supports shipyard operations and provides a broad range of services for yachting and superyachting. "By creating a regulatory ecosystem, we ensure that operations not only meet the highest standards but also align with specific sustainability goals. Our goal is to foster an environment where all activities are conducted at their best," she stated. Furthermore, Eleuteri highlighted the importance of innovation across all aspects of this ecosystem and underscored the necessity of collaboration. "The ocean, as we know, has no boundaries and connects us all. I concur with the panellists' earlier points that collaborative and participatory approaches are crucial to our success."Bukhari echoed Eleuteri’s point, explaining that regulations in Saudi Arabia are currently managed through a collaboration between many government entities, ministries and the Saudi Red Sea Authority. He highlighted the establishment of Ebhar, Saudi Arabia's counterpart to Egypt's Manassa platform - a portal that consolidates all government procedures and information from 20 agencies. Ebhar streamlines processes such as yacht registration, procedures for entering and leaving the Kingdom, sailing permits, issuing navigational licenses, and registering yachts under the Saudi flag. “Ebhar dramatically changed the landscape for us,” he remarked. “With its launch and initial release, it marked the beginning of proper governance and the establishment of a healthy yachting ecosystem.”<img src="https://photo-assets.superyachttimes.com/photo/334955/image/large-f6eb5e3e3f5b2a77e6cfc08ed64138c9.jpg" data-gid="gid://syiq/Photo/334955"> On the topic of dealing with superyachts registered under foreign flag states, Bukhari noted that processes can vary depending on the yacht's flag. “If you're talking about white-listed flags, most procedures are straightforward,” he explained. “However, for grey-listed or black-listed flags, the approach can differ. As an agent, I may not be fully positioned to provide a definitive answer, but I believe there are specific processes in place to handle incoming yachts from a customs and immigration perspective, depending on their flag.” He also addressed the issue of VAT, adding, “There are policies and procedures in place, and if followed correctly, VAT can be reclaimed based on factors such as the goods, the time frame, and how and where the records are maintained.”Regarding whether the <a data-gid="gid://syiq/Company/7269" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Saudi Red Sea Authority (Company)">SRSA</a> collaborates with other stakeholders to establish dialogue for improving regulations in the Red Sea, Vienna Eleuteri shared insights into ongoing efforts. “At present, several initiatives are underway to establish systemic collaborations with major international organizations in the field. Dialogue has been ongoing for some time, and several specific initiatives are currently in progress. For instance, following discussions in Monaco with major player in the industry, we are planning to organise a roundtable. This roundtable will focus on developing sustainable solutions, addressing needs such as those of local fishermen and yachts navigating the Red Sea,” Eleuteri explained. She added that these initiatives are being prepared for a more systematic approach. “There is a clear willingness to progress, and I consider this a very promising start.”<img src="https://photo-assets.superyachttimes.com/photo/291613/image/large-faa764426b1c1ec713163946753184f9.jpeg" data-gid="gid://syiq/Photo/291613">Role of sustainability and its importance in making the Red Sea Region attractiveWith extensive marina construction underway on both the Egyptian and Saudi-administered sides of the Red Sea, discussions about sustainability and the preservation of the region's ecosystem and biodiversity have naturally been raised. Eleuteri addressed this topic, highlighting the launch of the National Red Sea Sustainability Strategy by His Royal Highness Prince Mohammed bin Salman. She explained that the initiative goes beyond implementing regulatory codes and guidelines for building and operating in the Red Sea. “It aims to position Saudi Arabia as a global benchmark for a regenerative and sustainable blue economy,” she said. Eleuteri further emphasised the importance of preserving the region's pristine environment, which underlines the imperative for stringent environmental protections.” The strategy, she noted, focuses on preparing for a deeper understanding of ecological footprints and striving to achieve natural climate-positive contributions. “This is not just an environmental mandate,” she explained, “but a comprehensive framework built on five key pillars: environmental protection, economic development, social development, safety and security, and governance and collaboration.” Eleuteri emphasised that any activities planned in the Red Sea must align with these pillars to build a truly sustainable economy in the region.She also highlighted the sustainable approach to investment, supported by tools to measure both negative and positive impacts. “As we develop new activities or construct facilities, we remain focused on how these contributions enhance GDP, which is critical. More importantly, we are now positioned to report on national determined contributions,” she said, referring to the agreements where industries commit to positively impacting the climate. <img src="https://photo-assets.superyachttimes.com/photo/273322/image/large-81c76517a9d6ab0a6ba06abc70e22e99.jpg" data-gid="gid://syiq/Photo/273322">Naguib agreed with Eleuteri’s point and expanded stating: “And just to add to that, on the sustainability front, Egypt could learn a great deal from your approach. Additionally, on the sustainability front, Egypt stands to benefit immensely from your strategic long-term vision, which places sustainability at the core of developments in the Red Sea. For it to be a lasting and viable destination, it's crucial to ensure that the beautiful dive sites and coral reefs remain intact. Additionally, there is a need for equity, which includes looking after both the fishermen and the yachting community, despite their competing interests.” Naguib also pointed out the critical importance of the regulatory framework, saying, “When you introduce new regulations, we on the Egyptian side pay close attention. We often take inspiration from your models, adapting them with slight modifications to fit our context.”Infrastructure and yacht related servicesFor the Red Sea to become an attractive destination, essential refit facilities and yacht-related services must be established to support visiting yachts. Refit capabilities are particularly crucial, as they provide necessary services, attract yachts to the region for maintenance, and encourage them to remain longer.<img src="https://photo-assets.superyachttimes.com/photo/261740/image/large-0fc9b6da51fb1ccc13fcad3f3ab28963.jpg" data-gid="gid://syiq/Photo/261740">Last year, the <a data-gid="gid://syiq/Company/7941" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Group (Company)">MB92 Group</a>, which includes <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">MB92 Barcelona</a> and <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">MB92 La Ciotat</a>, announced a partnership to establish a 10,000-square-metre repair facility. This facility is located near <a data-gid="gid://syiq/Company/7371" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NEOM (Company)">NEOM</a>’s luxury island and yachting destination, <a data-gid="gid://syiq/Company/7283" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sindalah Marina (Company)">Sindalah</a>. During the panel, Rubio shared further insights into the initiative, stating: “We are starting small, relatively speaking. It’s not the same size as the shipyards we have in <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">La Ciotat</a> or <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">Barcelona</a>, but it’s a brand new, made-to-measure service facility. We will have a paint shed, a 300-ton travel lift, and a capacity to handle yachts up to 45-metres in length, accommodating around 25 yachts at the same time. Additionally, we will be able to provide offsite services for larger yachts if needed.”Regarding the workforce, Txema Rubio explained that development is still in progress. “We currently have four staff members at the facility, including the managing director, and the workforce strategy aligns with our commitment to local growth,” he noted. “What makes sense is to grow locally.” Rubio elaborated on the implementation plan, which involves a mix of local and international companies establishing operations in the area. “Our experience in <a data-gid="gid://syiq/Company/97" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 Barcelona (Company)">Barcelona&nbsp;</a>and <a data-gid="gid://syiq/Company/547" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MB92 La Ciotat (Company)">La Ciotat</a> has shown that attracting OEMs (Original Equipment Manufacturers) can be highly effective. They bring their teams, start training local staff, and create a balanced mix of expertise,” he shared. “The result is a strong collaboration between the expertise of major brands and a skilled local workforce integrated into the shipyard.”Eleuteri expanded on the topic, stressing the unique challenges and opportunities involved in building an industry from the ground up. “Creating an entire industry from scratch is incredibly exciting,” she stated. “It’s not easy, of course, but there are so many aspects to consider, including the professionals involved.” She emphasised the importance of knowledge transfer, adding, “It’s happening in a very smooth and effective way, which is wonderful to see. We are even working on regulating and developing standards for job profiles, training, and certification. All of this contributes to the broader yachting ecosystem.” Eleuteri concluded by underscoring the significance of the moment: “We have this unique opportunity to get it right.”<img src="https://photo-assets.superyachttimes.com/photo/291466/image/large-ee3cbb034446ab3174540d0191674f33.jpeg" data-gid="gid://syiq/Photo/291466">The Red Sea's emergence as a leading winter yachting destination hinges on a multifaceted approach involving enhanced inter-state collaboration, substantial infrastructural developments, stringent yet flexible regulatory frameworks, and steadfast commitments to sustainability. As stakeholders continue to navigate the complexities of this transformation, the collective efforts of nations, industry leaders, and local communities will be crucial in realising the vision of a vibrant, sustainable maritime ecosystem. Despite the progress made, there is still much work to be done. As Eleuteri succinctly remarked, “As a Roman, I can say that Rome wasn’t built in a day.”

Can the Red Sea become a leading winter destination?

When it comes to Winter destinations for superyachts, the Caribbean often dominates the conversation.

Can the Red Sea become a leading winter destination for superyachts?

Starting 1 November 2024, Egypt’s <a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">Suez Canal Authority</a> (<a data-gid="gid://syiq/Company/7490" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Suez Canal Authority (Company)">SCA</a>) will introduce significant reductions in transit and mooring fees for yachts, with discounts ranging from 20% to 50%. This initiative is part of a broader effort to enhance the attractiveness of the Suez Canal for tourist yachts and to boost tourism in the Red Sea. <img src="https://photo-assets.superyachttimes.com/photo/291466/image/large-ee3cbb034446ab3174540d0191674f33.jpeg" data-gid="gid://syiq/Photo/291466">This comes as the <a data-gid="gid://syiq/Event/232" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2024">Gulf Superyacht Summit</a> approaches, where regulatory developments will be discussed to position the Gulf region as the ideal winter yachting destination.Read more: <a data-gid="gid://syiq/Article/61668" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="GSS 2024 theme: “Yachting Arabia” a roadmap to the future of yachting in the Gulf (2024-10-13 20:00:00 +0200)">GSS 2024 theme: “Yachting Arabia” a roadmap to the future of yachting in the Gulf</a>To qualify for these new discounts, yacht owners or their representatives must adhere to specific administrative procedures. This includes submitting documentation that confirms transit plans and the duration of storage at Ismailia Marina. Compliance with these guidelines, as detailed in the latest circular, is crucial for accessing the fee reductions.Article One: Yachts with a gross tonnage of 300 tonnes or more are now eligible for streamlined transit through the Suez Canal. This includes direct inclusion in ship convoys and the ability to bypass waits at the Great Bitter Lakes anchorage, in accordance with the Suez Canal Rules of Navigation. Article Two: Yachts under 300 tonnes are eligible for several incentives:<ul><li>A 20% discount on return transit fees for trips from the north to the Red Sea, provided the return via the Suez Canal occurs within 60 days.</li><li>A 20% discount on transit fees for yachts moored at Ismailia Yacht Marina for over 90 days, regardless of the direction of journey.</li><li>A 50% discount on mooring fees at yacht marinas in Port Said or Suez for yachts that moor to complete transit procedures without overnight stays or the use of additional services.</li></ul>Article Three delineates the specific application requirements as referenced in Article Two. To access the discounts outlined:The agent must submit a letter stating the expected date of the yacht’s return journey from the Red Sea, assuming it has previously traversed the Suez Canal. This letter must also provide proof that Circular No. 4/2024 has been delivered to, signed, and stamped by the yacht's owner. This documentation allows the <a data-gid="gid://syiq/Event/232" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Gulf Superyacht Summit - 2024">Authority</a> to monitor compliance and apply the discount within the specified timeframe.These requirements are designed to ensure that all applications for discounts are thoroughly vetted and that compliance with the stipulated regulations is enforced.

Egypt’s Suez Canal Authority unveils new yacht discounts

Starting 1 November, Egypt’s Suez Canal Authority (SCA) will introduce significant reductions in transit and mooring fees for yachts.