Here’s a question: why would anyone want to sell something as breathtaking as the H3 superyacht? Here’s another: why wouldn’t anyone with money want to buy it? The alleged owner, Waleed bin Ibrahim Al Ibrahim, CEO of the media company MBC Group, has been trying to sell this magnificent luxury vessel for €295 million ($320 million) since 2023. Interestingly, despite all its charms and an extensive year-long refit, the vessel still remains at the shipyard in Alblasserdam, unsold by brokerage Edmiston for the last two years.
The H3 motor yacht was originally built in 2000 for the Prime Minister of Qatar, and if its name were an acronym, it would stand for high-class, hedonism, and hallmark qualities, because the 344-foot Oceanco vessel is all that and more. Let’s delve into the details of what makes this vessel such a catch, which only makes one wonder how the H3 is still on the market when lesser yachts have been snapped up in no time.
An Overhaul Like No Other
Formerly known as the superyacht Indian Empress (ex-Al Mirqab) when it was auctioned, H3 was seized in Malta in March 2017 before being given a new lease on life. Oceanco, along with The A Group, stripped the ship down to her hull in 2018 and began a transformation like no other. The year-long refit was a testament to the prowess of a renowned shipyard, with key upgrades including an entirely new superstructure and a completely redesigned interior by Reymond Langton Design.
Once she was new and novel, a grand unveiling was organized, complete with a light show. However, the spotlight is still frozen on this vessel, which has been residing next to Oceanco’s covered shipyard for quite some time.
A few months later, the owner put the yacht up for sale, and two years have passed since. Brand new and unused, the motor yacht is ideal for someone looking to acquire a lavish, well-appointed vessel and put it to use right away.
That’s the beauty of refitting existing superyachts, as owners can take possession much faster compared to commissioning a brand-new yacht. According to Jeroen Koppes, Facility Manager at Oceanco, a newly built superyacht can take years to complete, while the H3’s transformation took just one year. Moreover, refitting is far less environmentally taxing than building a new yacht from scratch.
The Luxuries of H3
The incredible H3 is a seafaring château befitting royalty, boasting features like a 23-foot-long infinity pool, a beach club, and a climate-controlled winter garden. Despite being docked with no new owner in sight, the grandeur of the vessel is maintained flawlessly by a crew of around 30 members. “It must be ready to set sail immediately upon request,” said Jeroen Koppes, Facility Manager at the shipyards in Alblasserdam and Zwijndrecht.
“The crew cleans the yacht continuously, up to ten times a day. The owner does not want to see even the slightest trace of dirt.” And why would he? As the 3,521 GT vessel is outfitted with the most extravagant touches, including an interactive video wall in the main salon, a forward-facing whirlpool on the sundeck, elegant lounge rooms, a spa salon, and much more.
The top deck boasts a gym and even a touch-and-go helipad, ensuring a seamless travel experience.
Waleed bin Ibrahim Al Ibrahim – The Media Mogul Behind the Yacht
Saudi billionaire Waleed bin Ibrahim Al Ibrahim is a visionary and the founder and chairman of the Middle East Broadcasting Center (MBC Group). A stalwart in the media industry in the Middle East and North Africa, the 62-year-old businessman was born with a silver spoon but carved his own legacy. Pursuing higher education in the United States and London, he launched the Arab world’s first private free-to-air satellite broadcasting company in 1991 and set out to revolutionize the region’s media landscape. Under his leadership, MBC Group expanded rapidly, introducing a diverse portfolio of channels that captivated audiences across the Middle East and beyond. His net worth is reportedly $1.6 billion, a figure that certainly suits the owner of one of the world’s most exquisite superyachts.
