Gulf Craft, a leading builder of super yachts, plans to invest in Dubai Maritime City and join the Dubai Council for Marine and Maritime Industries, a statement said.

The decision follows a meeting between Khamis Juma Buamim, chairman of Dubai Maritime City and the Dubai Council for Marine and Maritime industries, and Mohammed Hussein AlShaali, chairman of Gulf Craft at the Maritime Business Centre in Dubai.

They discussed potential cooperation between the two companies in the fields of industry, investment and development of the maritime sector.

Discussions also touched upon the measures required to develop and stimulate growth in the marine sector. The current legal and regulatory framework for the sector, its constraints and effectiveness in terms of enhancing capacity, attracting investments and developing the supply chain in the local, regional and global context were examined, said a statement.

Measures were discussed on the way forward to develop and grow the yacht and boat building sector in the UAE in order to make the  “Made in UAE” a widely recognizable global brand.

AlShaali said he was impressed by the support afforded for private business, in particular for local companies and institutions, by the management of Dubai Maritime City.

The City, he said, had several industrial and economic advantages and fundamentals which allowed it to be an attractive investment option including its unique location and, excellent world-class infrastructure. The proximity of the location to an industrial zone and its positive effect on operational costs were the ideal environment to stimulate growth and investment, he said.

Buamim emphasized that the visit was important for forming effective and seamless network relationships with key local companies to facilitate the efficient delivery of services.

The annual growth rate of the marine Industry in the UAE was 15 per cent, which is higher than the global growth rate for the sector. - TradeArabia News Service