Dubai: Gulf Craft, one of the largest yacht makers in the Arabian Gulf, projects around a 15 per cent increase in revenue in 2015, helped by growing global demand, according to its chairman, Mohammad Al Shaali.
Revenue for the year is forecast to reach $120 million (Dh440 million) this year, from $105 million in the previous year.
Gulf Craft is expected to deliver 45 yachts and 250 boats this year, up from 40 yachts and 200 boats in 2014. The company, which has tied up with 45 boat and yacht dealers worldwide, has also signed four agreements with dealers in Russia and Romania this year.
“We are becoming more and more known worldwide. We are trying to strengthen our dealer network by exporting more yachts and bigger yachts,” Al Shaali said in an interview on Wednesday.
The yachts that are due to be delivered this year measure between 14 and 47 metres, and are valued at around Dh280 million.
The luxury yacht industry is recovering from the 2008 financial crisis, growing steadily since 2010, Al Shaali said.
Gulf Craft showcased Dh180 million worth of boats and yachts at the Dubai International Boat Show, which kicked off on Tuesday, including its new super yacht, the $10 million Majesty 122, and the Nomad 65, under its new brand Nomad Yachts.
Yachts are the company’s biggest-selling vessels, having accounted for 85 per cent of its sales in 2014. But Gulf Craft said it has been expanding its portfolio of boats, adding up to three models every year.
“Every year we put between two and three new models in small boats [in the company’s portfolio]. We still have a lot of customers for small boats in the UAE and the overall region, and countries like Maldives and Seychelles … I am selling 200 boats a year,” Al Shaali said.
The boats that the manufacturer is expected to deliver this year are six to 12 metres in size and cost between Dh200,000 and Dh2 million, he said.
Gulf Craft, which has a 50 per cent market share in the Gulf, is investing $7 million over the next three years to expand its existing facilities in the UAE and Maldives, including upgrading machinery, the automation system and environmental regulation.
It is investing $100 million to set up a shipyard and service centre in Dubai Maritime City.
“It will take four to five years to complete the infrastructure and be able to start production,” he said.
