Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing facility
Dubai Maritime City (DMC), a maritime cluster in Dubai, today announced an agreement with Gulf Craft to invest in a free hold plot located within the marine district of DMC, on an area of approximately 900,000 square feet. According to DMC, Gulf Craft plans to make a $100 million investment in developing this facility over the next five years. It will include a state-of-the-art shipyard to manufacture high-end luxury yachts as well as a service center incorporating cutting-edge, highly specialized technology for the yacht industry.
The agreement was signed by His Excellency Khamis Juma Buamim, Chairman of Dubai Maritime City, and His Excellency Mohammed Hussein Al Shaali, Chairman of Gulf Craft.
UAE-based Gulf Craft, is one of the top 10 manufacturers of superyachts globally, completing and delivering more than 9,000 vessels to date and winning a number of local and international awards, including the World Yacht Trophy for Shipyard of the Year 2014 and the Best Asian Yacht Builder at the Asian Boating Awards 2014.
Commenting on the announcement, Mohammed Hussein Al Shaali, Chairman of Gulf Craft said, “As a company, a presence in Dubai Maritime City is a huge step towards further building on our vision to grow Gulf Craft’s global success with regard to building vessels that reflect the latest in innovative concepts, designs and technology. A prominent footprint and operations within the Emirate of Dubai places Gulf Craft in the heart of the regional and international market.”
HE Khamis Juma Buamim commended the agreement due to the future positive and beneficial results, saying, “We are delighted to sign the agreement with Gulf Craft, as we have a common interest in innovation and consistent improvements; Gulf Craft is a prestigious national company with a global reputation in innovation, quality and competitiveness. It is an honor for us to work together for the national yachting industry, which is characterized by the production of quality and specialized designs. We believe in the national product and we are delighted to enable Gulf Craft to grow and strengthen its position on the global map for the manufacturing and construction of yachts.”
Buamim stressed that Dubai Maritime City provides specialized services to yacht manufacturers and is looking forward to continued cooperation with leading companies in this market segment such as Gulf Craft.
Buamim concluded by stating, “With the massive expansion in marinas, mooring boats and yachts in the region, the demand for specialized services is increasing in this area, and positioning the region as a service destination for production operations, multifunctional services and quality.”