AZZAM - The World's Largest Yacht
Lürssen, the leading shipyard for large luxury yacht building, has launched the 590-foot Azzam, now the largest motor yacht in the world. Lürssen Yachts

A new luxury yacht has taken the title of largest motor yacht in the world. Measuring 590 feet long, the German-built craft, named Azzam, has officially bumped Roman Abramovich's 536-foot Eclipse from its No. 1 ranking.

While the owner of the Azzam has yet to be identified, industry sources cited by CNBC say the owner is likely the royal family of the United Arab Emirates.

The maker of the Azzam, Lürssen Yachts, told reporters that the boat was "without a doubt the most challenging yacht that has ever been built."

Powered by jets rather than propellers, the yacht boasts 94,000 horsepower under the hood and can travel at a top speed of 30 knots, about 30 percent faster than most megayachts.

While photos of the Azzam’s exterior have gone viral, no immediate descriptions or photos of the ship's interior have become available. CNBC reports that French interior designer Christophe Leoni took the reins in designing the inside of the ship, which boasts a main salon measuring 95 feet long by 60 feet wide, with no pillars dividing the space.

The yacht will go through sea trials later this summer and officially launch sometime this fall, CNBC reports.