Superyachts, marinas and the economics of the yacht waterfront, with a view from the Gulf, the Red Sea and Egypt, built on a benchmark of 37 marinas from Tangier to Muscat.
The report in six numbers
superyachts of 30m or more in service at the end of 2024, up from 917 in 1987
yachts of 100m or more in build or on order, against 68 in service (January 2026)
economic activity generated by each superyacht a year, while berthing is about 6 to 9% of a 50m yacht's running costs
Blackstone's price for Safe Harbor Marinas in 2025 as a multiple of marina net operating income
Dubai Harbour resale prices over Dubai Marina in 2025. Dubai Marina itself sat 29% below Downtown
yacht permit processing in Egypt through the digital window introduced in July 2023, down from 30 days
In brief
Berthing is one of the smaller lines in a yacht's running costs and, in the Gulf and the Red Sea, the part of a marina that has already been built. We benchmarked 37 marinas, 26 of them in the Middle East and Africa, and followed where a yacht's money goes. The value lies in the few berths that can take the largest yachts, in the work those yachts need, and in the land around the water.
The 30m+ fleet has grown at about 4% a year over the past decade, but yachts of 76m and over on order are equal to about 42% of the 80m+ fleet in 2022. The scarcity is in deep water for 60m-plus yachts, in the right sea at the right time of year.
Each superyacht generates about €9m of economic activity a year, yet berthing is roughly 6 to 9% of a 50m yacht's running costs. In New Zealand, 90% of what visiting superyachts spent in 2023/24 went to the marine industry, mostly refit and services.
Blackstone paid US$5.65bn for Safe Harbor Marinas in 2025, about 19.5 times net operating income and twice the value per marina paid five years earlier. In July 2026 CVC agreed to sell D-Marin to InfraVia at a reported 15 times EBITDA.
Dubai Marina trades 29% below Downtown, Porto Arabia 15% below Qanat Quartier and La Condamine 9.5% below the Monaco average. Dubai Harbour, newer, deep-water and paired with beach and hotels, resold 92% above Dubai Marina in 2025.
Yas Marina takes yachts of 175m, Dubai Harbour 160m and Marassi 155m. Yet Gulf Craft's new Ajman centre handles yachts only up to 60m, Gulf superyacht tariffs are not published, and 129 superyachts visited the Gulf in 2022, fewer than St Barts held on New Year's Eve 2025.
Its digital window cut yacht permit processing from 30 days to under 30 minutes in July 2023, and Egypt opened its waters to foreign-flagged charter yachts in May 2025. The Galala marina went to Nautix on a renewable 15-year concession with a 60/40 revenue split in the state's favour.
What it means
Publish berth stock, visiting yachts and refit activity every year, and judge a marina by the refit, crew and events business it supports rather than its berth count.
Put deep-water berths in front of the highest-value plots, sell long-lease rights on large berths to fund the marine works, and keep the marina's title, accounts and operator contract separable for a later sale.
Underwrite the large berths and the yard, not the average berth, and price the exit: marina platforms have sold at 15 to 21 times earnings.
Inside the full report
Heirstone datasets
marinas in the Heirstone Marina Benchmark, 26 of them in the Middle East and Africa, with berths, largest yacht, operator and the real estate around the water
rules Heirstone would apply to any marina-led masterplan in the Gulf, the Red Sea or on Egypt's coasts
Built from public sources current at October 2026. Every figure is referenced in the report, and figures we derive by combining published numbers are labelled Heirstone analysis.
No current published superyacht tariff could be found for any Gulf marina in the Heirstone benchmark. Egypt is the exception in the region: in 2022 it set national docking fees of US$4 to 14 per metre a day, depending on yacht length. In the Mediterranean, a 55m yacht paid €4,289 a day in high season at Puerto Banús (2024).
Marina platforms have sold at 15 to 21 times earnings. Blackstone paid US$5.65bn for Safe Harbor Marinas in 2025, about 19.5 times net operating income, and CVC agreed in July 2026 to sell D-Marin to InfraVia at a reported 15 times EBITDA.
Only on the new deep-water frontline. Dubai Harbour apartments resold at AED 3,773 per sq ft in 2025, 92% above Dubai Marina and 37% above Downtown, while Dubai Marina itself sat 29% below Downtown.
Real Estate Strategy
Heirstone Consulting Research
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