Gulf Craft to invest USD 400 Million in Maldives

H.E. Mohammed Hussain Alshaali Chairman of Gulf Craft and Saudulla Ahmed Managing Director of SAS e Construction Pvt Ltd signing a MOU | Photo: Avas

Male’, Maldives –  United Arab Emirates based luxury yacht and fiberglass boat manufacturer Gulf Craft has announced to invest around $300Million – $400Million (MVR4.6 Billion – MVR6.1 Billion) in the Maldives.

Gulf Craft, which has a successful Maldivian Branch, signed a memorandum of understanding (MOU) at a ceremony held yesterday with SAS E Construction Pvt Ltd for the development of a “Gulf Lagoon”. Chairman of Gulf Craft H.E. Mohammed Hussain Alshaali and SAS e Construction Managing Director Saudulla Ahmed signed the MOU at the Gulf Craft Maldives Boatyard in Thilafushi.

SAS E Construction Pvt Ltd  have accepted a 3 year contract for dredging, reclamation & shore protection work to be carried out near Male’ Atoll. With 8 separate islands reclaimed, the project is also reported to include 4 resorts. The land was designated to Gulf Craft by former President Abdulla Yameen’s government, however no work was done at the sites during Yameen’s presidency.

According to the Chairman of Gulf Craft this project would contain various infrastructure, such as new Gulf Craft Boat Factory , a Marina for Seafarers and Liveaboards, a Maritime School and a Resort that will welcome Maldivians with exceptional hospitality.

According to the company, the key intention of Gulf Craft is to build luxury boats in the Gulf Craft Maldives boatyard and export the Luxury boats from Maldives to other Asian countries and also supply local market with the best boats and mid size luxury yachts at the most affordable price. 

Gulf Craft has been pioneering yacht and boat building in the UAE since 1982. With four generations of experience and pedigree that propelled the shipyard to its international standing, Gulf Craft’s growing portfolio features the ultra-luxury Majesty Yachts, the adventurous Nomad Yachts, and the Oryx sport cruisers. In 2000, Gulf Craft launched a 100,000 square foot facility producing top quality yachts, pleasure boats, and rapid transport vessels in the Maldives. 

Despite the abrupt stop in services due to COVID-19 pandemic, in April 2020, Gulf Craft announced the continuation of its production at both the facilities in the UAE and the Maldives, with all of the necessary precautionary measures taken in terms of physical distancing and hygiene requirements to ensure the safety of employees, visitors and contractors such as disinfection, tests and daily health checks.