Gulf Craft, the UAE-based yacht and boat builder, has announced that it closed deals worth AED85 million ($23 million) at the recent Dubai International Boat Show.
The company said in a statement that it sold five yachts and boats at the show, adding that it foresees greater sales momentum in the coming months.
"Despite the challenges brought upon by new regulations and taxes that were implemented on the manufacturing industry, Gulf Craft has managed to create its own space to grow by delivering unprecedented quality," said Notis Menelaou, vice president of sales at Gulf Craft.
"We not only continue to invest greatly in research and development, but also gain a lot from our 36 years of experience. Every time we move in a new direction, we keep our customer's requirements at the forefront. This astute approach helps us to develop premium crafts that are trend-setting."
The company added that its premieres at the show - the tri-deck Majesty 140 superyacht, the Majesty 62 family yacht and the limousine Touring 48 vessel - proved to be a "resounding success".
It said they evoked the interest of customers from the Gulf region, Europe, Russia and Australia.
The boat show attracted over 26,000 visitors over five days.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.