When Saudi Arabian Crown Prince Mohammed Bin Salman goes shopping, he doesn’t just pick up luxury goods, he buys the very best. The Château Louis XIV, dubbed the world’s most expensive residence, serves as his holiday home. Aboard his Serene superyacht reportedly hangs the $450 million Salvator Mundi, the world’s most expensive painting. And now, he’s setting his sights not just on a yacht but an entire shipyard. According to sources familiar with the matter, Saudi Arabia’s affluent sovereign wealth fund, the Public Investment Fund (PIF), has entered the bidding process for Marina Barcelona 92 (MB92), a superyacht maintenance and repair company owned by Luxembourg-based Squircle Capital.
Saudi Arabia is no stranger to MB92. Neom and the MB92 Group recently partnered to establish a 10,000-square-meter yacht repair facility at Sindalah, NEOM’s luxury island development in the Red Sea. The announcement came just before Sindalah’s grand opening, marking the first successful project completion under the ambitious $1.5 trillion NEOM City plan. With Sindalah expected to welcome the world’s most prestigious vessels, MB92’s expertise in onboard electrical, mechanical, and hydraulic system repairs makes it a natural fit.
Squircle Capital, which raised its stake in MB92 to 93% in 2022, has been trying to sell the Catalan company for over a year, seeking around $570 million.
Given Saudi Arabia’s growing focus on luxury tourism and mega-projects, securing a specialized yacht refitting center in the Middle East would align perfectly with its broader strategy. MB92 closed 2023 with a turnover of $260 million and a net profit of $17 million, more than double the previous year’s earnings.
The company operates two world-class superyacht hubs, in La Ciotat and Barcelona, both equipped with state-of-the-art shipyard facilities and technology. The La Ciotat shipyard in France is the go-to destination for billionaires and their prized vessels, including Jeff Bezos, whose $500 million sailing yacht Koru underwent maintenance there. Even ace filmmaker Steven Spielberg trusted La Ciotat for a touch-up to his brand-new $250 million superyacht just last year.
With Saudi Arabia’s Public Investment Fund in the race to acquire MB92, the deal could reshape the future of luxury yacht maintenance in the Middle East. And if the acquisition goes through, it might be time to wonder, could the “MB” in MB92 soon stand for Mohammed bin Salman?
