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Largest private yacht in the world is launched

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

Its name is Azzam and, at 590 feet long, 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 and, despite its size, can reportedly reach a top speed of 30 knots.

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