Dolphins Portugal – The SetĂşbal dolphin watching and scenic cruises take place in the waters around the Sado estuary, the Troia peninsula and the Arrábida natural park. This includes the Bay of SetĂşbal also known as the Bay of the Dolphins and recognized by UNESCO as one of the most beautiful bays in the world! This coastal region is known for its calm waters, white sandy beaches, often with dramatic craggy backdrops, and a balmy micro-climate.