Gulf Craft to Invest USD $400 Million in the Maldives

UAE-based luxury yacht and fiberglass boat manufacturer, Gulf Craft has announced an investment of around $300 million – $400 million (MVR 4.6 billion – MVR 6.1 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.

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SAS E Construction Pvt Ltd has 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 his presidency.

According to the Chairman of Gulf Craft, this project would contain various infrastructures, such as a new Gulf Craft Boat Factory, a Marina for Seafarers and Liveaboards, a Maritime School, and a Resort.

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 the Maldives to other Asian countries. It also aims to supply the local market with the best boats and mid-size luxury yachts at affordable prices. 

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