The UAE-based Gulf Craft, one of the top 10 manufacturers of superyachts globally, plans to invest $100 million in developing a state-of-the-art shipyard to manufacture high-end luxury yachts at the Dubai Maritime City (DMC).

The facility will also have a service centre with cutting-edge, highly specialised technology for the yacht industry.

The company has signed an agreement with DMC, a world-class maritime cluster in the heart of Dubai, to take a freehold plot located within the marine district of DMC, measuring approximately 900,000 sq ft.

The agreement was signed by Khamis Juma Buamim, chairman of Dubai Maritime City, and Mohammed Hussein Al Shaali, chairman of Gulf Craft.

The company has delivered more than 9,000 vessels to date and has won 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.

Al Shaali said: “I would like to thank HH Sheikh 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. This focus serves as our motivation to better our efforts every day. Gulf Craft reiterates its support to fly the UAE flag high with regard to further raising the reputation of the Emirati manufacturing industry on a global scale.”

He continued: “I would also like to extend my gratitude to HE Khamis Juma Buamim, Chairman of Dubai Maritime City, for his personal efforts and those of his team in making this agreement possible.”

He added: “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.”

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 characterised by the production of quality and specialised 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 DMC provides specialised services to yacht manufacturers and is looking forward to continued cooperation with leading companies in this market segment such as Gulf Craft.

Gulf Craft has manufactures a wide diversity of vessels, ranging from fishing and family boats to sport cruises and luxury superyachts up to 155 ft. It produces more than 400 vessels a year, and operates  globally through a wide distribution network.  - TradeArabia News Service