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Dubai Maritime City (DMC) has signed an agreement with Gulf Craft to invest US$100mn for the construction of a shipyard in Dubai
The agreement was signed by Khamis Juma Buamim, chairman of DMC and Mohammed Hussein Al Shaali, chairman of Gulf Craft, stated local reports.
The shipyard will be constructed on a freehold plot spanning nearly 83,000 sqm. It will specialise in manufacturing luxury yachts and house a service centre that would provide the latest technology in yacht management, stated officials from Gulf Craft.
The new shipyard will allow the company to further align with Dubai’s national innovation strategy, which aims to make the UAE one of the world’s most innovative nations within the next seven years, added officials.
Khamis Juma Buamim, chairman of DMC, said, “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 honour for us to work together for the national yachting industry, which is characterised by the production of quality and specialised designs.”