The Superyacht Builders Association (SYBAss) has relocated its headquarters and legal office to Malta, with the association holding its first board meeting following the move from Monaco.

Prime Minister Robert Abela welcomed the decision, saying it was a recognition of Malta’s maritime credentials as the Government seeks to strengthen the country’s position in the international superyacht industry.

“The decision to establish yourselves in Malta is another step forward and a recognition of Malta’s strong maritime credentials,” Dr Abela said.

The Prime Minister said the Government aims to strengthen Malta’s position as a leading maritime centre while contributing to a safer, more sustainable and competitive superyacht industry.

“Malta is already at the forefront of the international superyacht flag industry, supported by extensive maritime expertise, a strong regulatory framework and an established maritime services industry. But our ambition goes beyond registration,” he said.

SYBAss represents an international membership in the superyacht sector. According to Dr Abela, its members are responsible for more than half of the yachts measuring over 40 metres that are currently being built worldwide.

The Prime Minister identified safety and regulation, sustainability, and skills development as three areas for cooperation with the association.

On sustainability, he said efforts should focus on decarbonisation that is “practical, technologically realistic and economically viable”.

He also highlighted the potential for cooperation in training, apprenticeships and professional development, which he said could create opportunities for Maltese students and graduates in the global superyacht industry.

Prime Minister Abela was accompanied during the visit by Minister for Sustainable Mobility Chris Bonett. SYBAss representatives attending included President Jan-Bart Verkuyl and Chief Executive Robert van Tol.