.
.
.
.

UAE-based yacht company competing with global players

Published: Updated:

Yachts are toys for the rich, mostly seen on the beaches of St. Tropez and Monaco. And a UAE-based company is now one of the world’s top manufacturers.

It's a big step when competing against the likes of UK’s Princess Yachts and Sunseeker.

Mohammed Hussein al-Shaali, head of Gulf Craft Inc., a fiberglass-boat and yacht manufacturer, told Al Arabiya on Wednesday that his company was among the world's leading producers in the field due to the increase in demand for luxurious yachts in the Middle East.

Chaali said 75 percent of the company’s revenue was because of purchases of luxurious Majesty Yachts from the GCC countries, as well as the popularity of marine tourism.

He also revealed that Gulf Craft, founded in 1982, has delivered 25 Super Yachts since its launch.

According to Chaali, the company intends to manufacture a new super yacht called Majesty 155. Manufacture will take until 2015.

Commenting on the Dubai Boat Show, which opened on Tuesday, the company’s chief operating officer Erwin Bamps said the show is very important as it allows clients the chance to closely examine yachts and look at new equipment.

“The design was globally commended when it was displayed at the Monaco and Cannes exhibitions in 2012. We look forward to meeting our clients... and provide them with our services.”

Meanwhile, charter department manager Elisabeth Niek of CSO Yachts, a yacht brokerage house based in France, said her company was keen on participating in the boat show due to the increased demand for yachts by clients in the Middle East.

Niek also said that Gulf products were popular in foreign countries, adding they are competitive with rivals.