UAE-based Gulf Craft is investing $100m over the next five years on the construction of a new yacht-building facility in Dubai Maritime City (DMC).

A 900,000sq ft state-of-the-art freehold plot, located in the heart of Dubai’s maritime cluster, will be used to build a shipyard for the manufacture of superyachts.

“A presence in Dubai Maritime City is a much anticipated move for the company and will open a new horizon for Gulf Craft’s prospective global plans at a strategic level,” says Mohammed Hussein Al Shaali, chairman of Gulf Craft. “A prominent footprint and operations within Dubai will place us at the heart of the regional and international market.”

Gulf Craft CEO Erwin Bamps, who was promoted to the role of chief executive earlier this year, adds: “Gulf Craft has been lauded for its creative approach to yacht and boat building and this new shipyard will allow us 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. We intend investing in a state-of-the-art setup with regard to technology, design and operational efficiency.”