Luxury yacht and fibreglass boat manufacturer Gulf Craft has signed an agreement with Dubai Maritime City (DMC) to invest $100m in a new shipyard in a bid to develop a global manufacturing facility.
Gulf Craft will build the 900,000ft² service station over the next five years and it will sit in the marine district of DMC.
The facility will have a shipyard to manufacture high-end luxury yachts and a service centre incorporating advanced technology.
Dubai Maritime City chairman Khamis Juma Buamim said: "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.
"With the massive expansion in marinas, mooring boats and yachts in the region, the demand for specialised services is increasing in this area, and positioning the region as a service destination for production operations, multi-functional services and quality."
Gulf Craft builds more than 400 vessels a year, including fishing and family boats, sport cruises and luxury super-yachts of up to 155ft.
The company has 30 years of manufacturing experience and has delivered more than 9,000 vessels to date.
Dubai Maritime City aims to support the interests and lifestyle of the maritime community through offering facilities, including housing, offices, entertainment and retail.
Image: Officials during the signing ceremony. Photo: courtesy of Drydocks World.