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German builder launches world’s largest motoryacht

A new yacht that the German luxury boatbuilder Lürssen launched Friday is now the largest motoryacht in the world.

Its name is Azzam and at 590 feet it earns bragging rights in the world of mega-rich megayacht owners by officially bumping Roman Abramovich's yacht — the 536-foot Eclipse — from its No. 1 ranking.

Lürssen won't comment on the ownership, but did post a photo of the newly launched boat on its website.

Industry sources say the owner of Azzam is likely the royal family of Abu Dhabi, according to a report by NBC News.

For speed, the boat is jet-powered with an amazing 94,000 hp of propulsion. Despite its size, it can reportedly reach a top speed of 30 knots.

Click here for the full report with video of the megayacht.

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