Sheikh Khalifa Bin Zayed Al N ahyan, President of the United Arab Emirates, is apparently the billionaire who commissioned Project Azzam — the mysterious code name for the world's new largest yacht.
News of the yacht, which will clock in at a record 590 feet, broke in May. But now the New York Post is reporting that the UAE president is behind the ship, and he's paying a whopping $627.4 million for it.
At 590 feet, Project Azzam will dwarf Russian billionaire Roman Abramovich's $485 million, 536-foot yacht Eclipse, which is currently the largest yacht in the world.
According to the Post:
Unlike most propeller yachts, Azzam is said to boast a custom propulsion system with four giant water jets, to make it one of the fastest on the seas. Reports say the gas guzzler’s tank would have to hold an astounding 264,172 gallons of fuel. Only two locations reportedly could accommodate a yacht so big — Monaco and Antibes, although sources said Sheikh Khalifa wants to cruise the Seychelles.
Just to put Project Azzam in perspective, 590 feet is more than a football field and a half long. And an AirbusA380 is 239 feet long.
Here's a snapshot of the still-under-construction boat, sent to us by Superyachts.com:Now check out another billionaire sheikh's insane car collection >
More From Business Insider