Monaco's Yachting Industry Explores New Markets And Future Trends
In his opening remarks, Bernard d'Alessandri, Director and Secretary General of the Yacht Club de Monaco and President of both Cluster Yachting Monaco and the Monaco Yachting Chamber, stressed the importance of involving younger generations in discussions about the sector's future.
Covering customs duties, international sanctions, compliance constraints, inflation and geopolitical instability, the panel chaired by Rachel Fisher (JMS Yachting) examined the tangible impacts on the market of the geopolitical climate and highlighted new areas being developed. Omer Malaz, founder of Numarine, highlighted opportunities in Saudi Arabia and Egypt. However, building a comprehensive yachting ecosystem will take 10 to 15 years, according to Maxwell Andrews, Executive Advisor at Monaco House Saudi Arabia. In his opinion, Monaco could play an important role thanks to its concentration of expertise, experience and investment. Yacht-building geography is also changing. Turkey is moving upmarket and narrowing the price gap with European shipyards. Malaz predicted that shipbuilding would increasingly shift eastwards, citing Turkey, Dubai and Poland.
The latest figures from Monaco Statistics and Economic Studies Institute (IMSEE) point to significant growth in the Principality's maritime economy and yachting industry. The sector generates €659.7 million in revenue, excluding financial and insurance activities, up 16.3% compared with 2022. It comprises 475 establishments, an increase of 15.6%, and employs 1,495 people, up 4.6%. Wholesale remains the sector's largest contributor, generating €361 million in revenue in 2025. The final session focused on large sailing superyachts, which remain a small niche compared with motor yachts. High costs for masts and rigging are among the main obstacles, while owners increasingly seek more space, stability, deck terraces and direct access to the sea. Reducing environmental impact is also becoming an important consideration, although the sector faces a shortage of sailing expertise among younger professionals, including brokers and crew.
Despite the costs and technical challenges, demand for bespoke sailing projects remains strong, driven by owners' passion for the experience and, in some cases, a desire to reduce their environmental footprint.
Founded in 2014, Cluster Yachting Monaco brings together more than 100 companies representing the Principality's yachting industry. Its next annual general meeting will take place on 9 December 2026.
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