16 sectors, 16 delegated countries. Communicating and promoting these principles to the World.
Global Initiative with substantial influence in the “Host” Countries.
NEOM is an exceptional Project inspired and supported by exceptional Principles:
- Unrivalled in Concept
- Unmatched in Intelligence
- Unconstrained by History
- Built on Humanity’s Greatest Resource: Imagination
- Neom is a New Kind of Tomorrow in The Making
- A Place on Earth Like Nothing on Earth
- A New Blueprint for Sustainable Life on A Scale Never Seen Before
- Where Inventiveness Shapes a New, Inspiring Era for Human Civilization
- Where We Live the Future, As We Create the Future
This proposal is to help communicating and promoting these principles to the World while, at the same time, creating an International Network that, besides all other benefits, would upgrade NEOM to a Global Initiative with substantial influence in the “Host” Countries.
This is the NEOM CLUB communicated globally by its delegated Ambassadors in sole task to communicate the project globally, allure new investors in the region, and award each country offering in return with a title within NEOM Club.
Every delegate Royal Personality approved by the Government to implement and deliver sealed deals per country of travel.
The Sectors – Regional Targeting – Luxury Yachting/Mediterranean/Europe/Greece: The NEOM project is pioneering the future of 16 sectors: Energy, Water, Mobility, Biotech, Food, Manufacturing, Media, Entertainment, Culture and Fashion, Technology & Digital, Tourism, Sport, Design and Construction, Services, Health and Well Being, Education and Livability.
For each or more sectors, there could be a “Host” Country strategically appointed by the Administration to be one of sixteen NEOM’s Ambassador-Countries to the World.
for each or more sectors, there could be a “Host” Country strategically appointed by the Administration to be one of sixteen NEOM’s Ambassador-Countries to the world
In order for NEOM to allow new investors, an investment from the Kingdom could take part in the host country. The investments made in each of the Ambassador-Countries would focus on one Primary Sector supported by several secondary as deemed necessary.
As an example Greece is the perfect candidate for the Tourism Sector with a focus on premium Superachting Infrastructure and Services. Along with the development of the Tourism as a Primary Sector experts from the following sectors would also be involved:
- Design and Construction marina, Resort & Technical Support Infrastructure Development
- Services – Marinas, Technical Station, Yacht Management, Yacht Support, VIP, etc.
- Education – Superyacht Crew Academy
- Manufacturing – Superyacht Building, Repair and Maintenance
- Energy – Floating Solar Farms/Ocean Wave Energy (Hydrokinetic)
- Food – Mediterranean Diet/Gourmet Cooking for Super/Mega Yacht Guests
- Technology and Digital – IOT Facility Management & IT Infrastructure
The NEOM Network: The Ambassador-Countries would be the Members of the NEOM Global Network which besides the local operations would greatly benefit the Parent Project as among other things, it would:
- Offer the same exclusive privileges to NEOM Citizens in NEOM Network (NEOM Club Card)
- Broaden the Experts Community sending back their input to NEOM
- Act as a Pilot and Global R&D Platform for every NEOM Project.
- Showcase the NEOM Principles to the World
- Establish the NEOM Concept as the ultimate example of “Business for Good”
- Achieve Controlled Investment Portfolio Diversification
- Produce Revenue – NEOM Investment Capital
- Constantly create Business and Employment Opportunities
- Attract Major Investors & Create / Maintain Strategic Alliances
- Create a Multinational Interactive Community
- Use the Local/Regional Financing Tools
Why to start with Greece: As member of both the EU and the Union for the Mediterranean, a country carved by the sea, just across the Suez Canal, with more than 6,000 islands, 13,500 km of vastly undeveloped coastline, the perfect climate and the third largest fleet of Superyachts in the World, Greece, in its contradiction, and its perfect Mediterranean weather, defines the term “Luxury Yachting Destination” and presents the potential investor in the Yachting and Marina Industries with significant opportunities for a number of reasons including but not limited to:
- Very long Yachting Season, typically running from April 15 to October 15, although the number of yachts sailing the Greek waters outside this period shows a significant annual increase mainly due to mild weather and much less crowded ports. Having said that, yachtsmen would definitely appreciate the chance to extend their season in a nearby destination such as the Red Sea coast of Saudi Arabia, especially if they’re presented with strong incentives, 3 days via sea and Suez Channel.
- Innovation: Innovation is limited and mostly focused on services designed by the private sector to facilitate specific market segments. In general, the sector has shown limited interest in innovative solutions and infrastructure design such as floating facilities or energy efficient applications having yet to adopt the EU Blue Growth Initiative. There’s huge room (and the market) for new technologies and innovative solutions.
- Competitiveness: Yachting and Marina industries present comparable advantages related to Greece’s coastline morphology and the over 225 inhabited islands (more than 6,000 in total), which can facilitate different market segments. There is a large number of high-expertise companies serving the industry, that have taken a hit by the recent economic crisis affecting the performance of the sector and consequently its competitiveness. Large investments would only benefit from the local expertise and gradually improve the all-round competitiveness.
- Spill-over effects: In Greece there are several state-owned marina infrastructures currently abandoned or misused as they lack the appropriate facilities and services to support Yachting. Most of them offered for privatization expansion and upgrade along with new Master Planned marinas open to private investment. There’s also a good number of Shipyards that could be modernized to facilitate building, repair, refit and maintenance of Superyachts/Mega Yachts.
- Superyacht Engineering Expertise: Greek Technical Teams introduce core competence in engineering and total services of a Technical Station, yet with a meaningful innovation by enabling practical solutions during refit/maintenance projects to meet the demands of Ownership in competitive time frames and budget.
- Sustainability: Despite all setbacks, Commercial Yachting is the only industry in Greece that has enjoyed considerable growth during the past 10 years which along with its non-massive character that eliminates congestion makes this sector of the Economy highly sustainable.
- Ownership yachts operating in Med during summer and in Red Sea during winter.
Investments inspired by the NEOM Philosophy: All investments made in the context of this proposal should align with the Principles and Philosophy of the NEOM Concept for Value, Long-Term and Socially Responsible Investing.
Vision: To make NEOM a Global Initiative – Pioneering the Future through plot model now and before its delivery in the Kingdom – Substantiating Business for Good – Giving back to the National and International Community.
Mission: Investment Excellence – NEOM Network Efficiency – Benchmark Quality Services – Constant Development – Blue Growth – Royals funds to be offered to the project in return of privileges in NEOM Club
Superyacht Market Background: The global Yacht Industry is projected to reach US$74.7 billion by 2022, driven by the rising interest in luxury cruising among high net worth and ultra-high net worth individuals particularly in developing regions of Asia-Pacific and the Middle East. The market is richly benefiting from the growing trend towards marine tourism and water-based sports and leisure activity. Superyachts which are custom built and come with a premium price tag are poised to witness strong demand. Superyacht builders are focusing on luxury features, thoughtful and futuristic seafaring designs, performance and craftsmanship, all of which are vital for delivering the most memorable on-the-water experience. The United States represents the largest market worldwide. China is forecast to register the fastest CAGR of 8.1% over the analysis period, driven by rising personal wealth of citizens, growing base of millionaires and billionaires, rising interest in Yachting as a leisure and sporting activity, growing international dominance of Chinese yacht manufacturers like Zhunai Shipyards and Yantai Ruffle, and government plans to develop marine infrastructure for supporting Superyachts in the country.
Greek shipowners represent the world’s biggest merchant marine fleet, but also the third largest fleet of Superyachts (40 meters and over). Greece’s seas are also the fourth most popular destination for these luxury vessels, with more than 100 Superyachts with an average length of 50 meters cruising the country’s shores during the Yachting Season.
The findings from two recent reports by Knight Frank and Bloomberg have come as something of a surprise, even to experts in the field of luxury yachting, and show the sector growing at rapid pace in recent years, alongside tourism.
This also boosts docking and repair services – as dozens of these vessels will also be spending the winter in Greece – along with the Superyacht building sector in this country.
Lists of the world’s biggest yachts already include several built in Greece, such as the Atlantis I and Atlantis II, constructed in the early 1970s at the Skaramangas Shipyard when it was owned by Stavros Niarchos, but also the 85-meter O’Ptasia, and large newer M/Y O’Pari which was built in Perama for Greek-owned Golden Yachts.
At the same time, an entire industry of builders, suppliers, crews, brokers and managers has taken root, promising high-quality services to some of the most demanding individuals in the world, while supporting the Greek economy with a high value-added activity. Knight Frank, one of the world’s biggest private wealth investment managers, has dedicated a part of its Wealth Report 2018 to super-yacht ownership by nationality and size. Setting the category threshold at 40 meters and above and using data from Superyacht iQ, the report notes there are currently 4,795 leisure craft that can be described as super-yachts in the world right now. When it comes to such vessels, Greece, with 107, ranks behind Russia (168) and the US (407) in terms of absolute ownership numbers. The average Greek-owned super-yacht is 50 meters in length, Russia’s is 59 meters and the US’s 52. Fourth place is occupied by the UK with 96 super-yachts and Saudi Arabia with 54, while the average length in the latter’s fleet is 68 meters.
Many of these Superyachts, particularly those owned by Greeks and Saudis, sail in Greek waters, which data show, are the fourth busiest in terms of super-yacht traffic, behind the US, French and Italian seas. This interesting fact was reported by Bloomberg, which used the AIS ship tracking system, which most Superyachts are equipped with, and found that over a random period during the summer season there were at least 100 Superyachts of an average length of 51.7 meters at a distance of two miles from the country’s coast, compared with 200 in Italy, 147 in France and 143 in the United States. Spain comes a close fifth, with Croatia and Monaco lagging in sixth and seventh place.
The next decade in Greece is set to see sustained growth in tourism, information and communications technology, energy, environmental sciences, food, beverages and agriculture, logistics, and life sciences. Greece’s exceptional human capital, advanced infrastructure, geostrategic position, and potential for economic expansion are attracting investor interest from around the world. And Greece’s newly designed investment framework supports the creation of new businesses, new synergies, and new partnerships.
Saudi Arabia in a changing World: Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in MENA, Saudi Arabia is a key player both Regionally and Globally. Since its establishment in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and modernization initiatives. In the last few years, Saudi Arabia has also attracted global attention for the momentum of its socio-economic transformation taking place under the auspices of the Vision 2030 development blueprint.
In the context of this transformation, the Kingdom’s Crown Prince Mohammed bin Salman courted investors with Neom, a $500 billion (Dh1.8 trillion) futuristic economic zone, and invited them to contribute their bit in the drive that is heralding the biggest social and economic change the Arab world has ever seen.
NEOM is one of three sites and locations comprising the “The Red Sea Collection”, the other two being Amaala and The Red Sea project, all owned by the Public Investment Fund (PIF) of Saudi Arabia.
According to an official statement, “The Public Investment Fund seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.”
The Red Sea Collection hopes to offer the yachting industry an alternative destination, and with over 64,000sq km of islands, there will be more than enough to explore.
“The Mediterranean is a stone’s throw to the Red Sea, it’s right through the Suez Canal. So, we have this opportunity to extend the Mediterranean yachting season, through the autumn into winter.” The timing couldn’t be better and Greece is right at the mouth of Suez Canal.
Local Expertise: The Importance of local expertise: Companies all face the same challenge — how to access resources with local expertise. This has led many companies to consider new or refined relationships with external service providers to complement and support their in-house management resources and operating model.
The Greek Yachting Industry is manned with world-class Experts, especially in Engineering, that would undoubtedly be a valuable asset to this Project.
A series of brilliant projects in all yacht sizes have been delivered in Greece related to complete construction of mega yachts, extensive refits, annual Technical Management and repairs for permanent or crossing yachts.
Moreover, a great marina network of prototype marinas already has attracted foreign investments with room for more opportunities.
Proposed Project Investments in Greece ahead of a reciprocal policy:
- Marinas – Building, Acquisition and Upgrade (such as the new Chalkis Marina – 350 expandable to 1000 berths) & exploitation of Porto Heli area.
- Strategic Shipyard–Superyacht capable Building, Repair and Maintenance Facilities – Acquisition and Upgrade (such as “Chalkis Shipyards S.A.” with Drydocks) http://www.chalkis-shipyards.gr/
- Strategic Real Estate Acquisition and Development – State and Privately owned. (Such as the Lafarge-owned Chalkis Cement Factory) https://www.lafarge.gr/
- Investment Bank or a NEOM Club Foundation
- Entity–to exploit investments, negotiate, discuss and achieve goals of investments, in strategic alliance with current players of Port Management in Greece.
Objectives: The main objectives of this proposal are as follows:
- Promote, Establish and Functionalize the NEOM Concept
- Create an International Network to facilitate the Parent Project interests
- Attract Major Investors by persuading them that NEOM Club is a trend
- Provide Benchmark Quality Services
- Create and Maintain Strategic, Political and Business Alliances
- Acquire a significant market share in a relatively short time
- Produce significant Revenue – Investment Capital
- Build an extensive and Yachting-specific designed List of Services
- Build and Maintain Strategic Partnerships with Yachting Houses throughout the Globe
- Penetrate and establish solid physical presence in high-potential Markets
- Act as a Pilot and Global R&D Platform for every NEOM Project.
- Become a strategic player in the Global Super/Mega Yacht Industry
- Become a Trusted Partner to both Public and Private ventures in the Yachting Industry
Services in Greece
- Marina & Marina Resort Development Projects
- Marina Ownership and Management Schemes
- Super/Mega Yacht Building
- Super/Mega Yacht Repair, Refit and Maintenance Services
- Yacht Management
- Shipyard Services
- NEOM CLUB Concierge services
- Investment Consulting
Permitting Management: The permitting process is one of the key aspects in the development of a project, as it is also a source of delays and budget overruns. From this perspective the permitting activities especially for a first-of-a-kind project, have a higher weight in the successful implementation of the project.
For this reason, the permitting process has to be clearly defined and included in the Execution Plan of any project. An initial permitting plan is not enough to secure a smooth process, the company/companies implementing the project must show commitment by providing the needed resources for the continuous tracking and control of the permitting plan. The commitment can only be achieved if the project sponsor and the key stakeholders of the project acknowledge that the permitting process is one of the essential factors for the successful implementation, and understand the need to commit “additional effort” to minimize the risks associated with permitting.
The failure to ensure proper public engagement as of early stages can amount to such a significant risk to the timing of the permitting process. The reasons for a failure in the public acceptance campaign are various, the following being just a few:
- Lack of a communication strategy with a clear path towards public acceptance;
- Lack of commitment from the project sponsor;
- Not enough effort committed for the public acceptance;
- Not enough knowledge about the local communities (e.g. not knowing the needs of the communities);
- Using inappropriate communication (e.g. use of highly technical details or technical personnel when connecting with the local communities); or Not involving the local authorities.
In light of the above, it is strongly suggested that a comprehensive permitting plan is issued and included in the Project Execution Plan
Strategic Alliances: It is a fact that today’s business environment has changed. Amid rapid and dramatic change heavily driven by globalization, increased business complexity and diversified customer needs, companies need to respond and adapt accordingly if they are going to survive and grow. Alliances serve as an important business strategy to respond to the business environment and they increasingly define the structure of entire industries, such as Yachting.
Strategic alliances have proved to work. Companies that successfully embrace alliance strategies consistently perform better than those that do not. These companies benefit from alliances in a variety of ways, including sharing cost and risk, pooling their respective strengths, and leveraging complementarities. An alliance could be instrumental in achieving a company’s long-term business objectives.
- The Greek State
- Local Port Authorities
- Super/Mega Yacht Builders/Brokers/Managers
- Large Multinational Corporations with physical presence in Greece
I trust that, for all the reasons mentioned earlier in this document the proposed alliances will prove to be greatly beneficial for the proposed Projects.
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