Gulf Craft to invest in new DMC shipyard

Gulf Craft plans on making a $100 million investment in developing this facility over the next five years.

By Staff Report

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Published: Thu 23 Oct 2014, 11:48 PM

Last updated: Tue 7 Apr 2015, 10:44 PM

Dubai: Dubai Maritime City (DMC), a world-class maritime cluster in the heart of Dubai, 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 900,000sqf.

The agreement was signed by Khamis Juma Buamim, chairman of Dubai Maritime City, and Mohammed Hussein Al Shaali, chairman of Gulf Craft. Gulf Craft plans on making 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 specialised technology for the yacht industry. The UAE-based company, 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.

Mohammed Hussein Al Shaali said: “I would like to thank His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for his continuous support and attention to the marine manufacturing industry.”

— business@khaleejtimes.com



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