UAE's Gulf Craft to invest US$ 400 mln in the Maldives

UAE’s Gulf Craft company is making an investment of approximately USD 400 million in the Maldives. The Gulf Craft Company already operates widely in the Maldives’s boating sector.

The official signing ceremony of an MoU for the development of Gulf Lagoon was signed between Gulf Craft and local construction company, SAS e Construction Pvt Ltd on Thursday. During the ceremony held at Gulf Craft Maldives’ Boat Yard at industrial island, Thilafushi, the MoU was signed on behalf of Gulf Craft by its Chairman and former Foreign Minister of UAE, Mohammed Hussain Alshaali Chairman of Gulf Craft. Managing Director, Saudulla Ahmed signed the MoU on behalf of SAS e Construction Pvt Ltd.

It has been reported that the key project would contain several other projects, such as the establishment of a factory for boat making, and a maritime school for young millenials. A harbour for safaris and yachts will also be constructed under the project. The project is estimated to cost US$ 400 million, which is the single largest investment to be undertaken in the Maldives by a private party since the new government began administration.