An Investment Worth Of Almost USD 400 Million By Gulf Craft Company In the Maldives!

Gulf Craft Company is a luxury yacht and fiber manufacturer based in the United Arab Emirates (UAE) and is considered one of an elite circle of boat builders worldwide. They operate a successful branch in the Maldives as well which has been in place for 20 years, with exception during the COVID-19 peak period. One of their latest projects is the development of several infrastructure ranging from a boat factory, a marina for seafarers and live-aboards, a maritime school and resorts at 8 separate islands. The project is worth about USD 300 to USD 400 million.

As part of this project, the Company has contracted local construction company, SAS E Construction Private Limited for the development of a ‘Gulf Lagoon’. SAS E Conduction Private Limited has been assigned a scope of work specifying dredging, reclamation & shore protection work to be carried out near Male’ Atoll limited for a term of three years. A Memorandum of Understanding (MoU) was signed between the parties for the purpose at the Gulf Craft Maldives Boatyard in Thilafushi at Male’ Atoll. Gulf Craft Company was represented by their Chairman, Mr. Mohammed Hussain Alshaali at the signing ceremony whereas SAS E Construction Private Limited was represented by its Managing Director, Mr. Saudhulla Ahmed.

The Chairman of Gulf Craft Company has stated that key objective of the Company is to build luxury boats in the Gulf Craft Maldives boatyard and to export them upon competition to countries in the Asian region and also to supply to the local market at affordable prices.