Dubai has begun discussions to finance the construction of two Orient Express Superyachts, as oil-rich Middle Eastern countries seek to diversify their energy sources away from fossil fuels.
Dubai Holding, the investment vehicle of Emirati ruler Sheikh Mohammed Bin Rashid al Maktoum, has been in talks with French hotel group Accor about financing the €800m (£684m ) construction two yachts carrying the Orient Express brand.
The move comes as Gulf countries continue to seek ways to diversify away from oil. In recent years, investment funds connected to the rulers in the UAE and Saudi Arabia spent billions on sectors like hospitality, tourism, and services.
The Orient Express Yachts will be launched in 2026 or 2027 by Chantiers de l’Atlantique, a French company. Accor is looking for a financial backer to finance the construction.
The Orient Express Silenseas, the first ship to be launched, will be 200 meters long and feature 54 suites that can cost up to €20,000 per trip.
Three rigid sails will be used to navigate the ship using wind power, along with traditional gas powered motors.
Sebastien BAZIN, Accor’s chairman and CEO, announced the project in 2013. He said that the superyachts will be “reminiscent” of the “golden age of mythical cruises.”
Accor is known as Ibis, the budget hotel chain in Europe, and owns Orient Express.
Accor, however, has been pushing for luxury hospitality over the past few years. It launched new trains as well as hotels in Italy, under the Orient Express label.
Since 2017, it has been operating the 140-year-old Orient Express that runs from Paris and Istanbul. The brand was acquired from the French public-owned rail company SNCF for an estimated €44m.
The cost of a cabin on the Orient Express can be thousands of pounds. A Grand Suite from Lyon, Italy to Venice costs as much as £10,100 and a Twin Cabin is £3,550 .
Dubai Holding is responsible for the management of $35bn in assets, which includes the Jumeirah Hotel chain. Accor has signed a contract with Dubai Holding for the launch of hotels in the UAE.
Accor Holding and Dubai Holding have been contacted for comments.