Qatari shipbuilder Nakilat Damen Shipyards Qatar (NDSQ) has signed a contract for the construction of a 69m-long fast luxury vessel, to be built entirely in the Gulf state.
The superyacht will be built for the state of Qatar at the Erhama Bin Jaber Al Jalahma Shipyard by NDSQ, the joint venture between Qatari shipping company Nakilat and Dutch group Damen Shipyards.
A statement said the vessel will be equipped with the latest technology and will reach speeds of up 20 knots.
Sheikh Mohammed bin Fahd Al Thani, State Minister, and Muhammad Ghannam, chairman of NDSQ, signed the contract for the vessel at a ceremony held in Doha.
The deal announces NDSQ's entry into the superyacht new-build market, with the company saying it is ready to accommodate the world's biggest luxury vessels.
In January NDSQ inaugurated a 140m barge Al Ghatroushah, the largest vessel ever to have been constructed in Qatar.
NDSQ also launched six built-in-Qatar mooring boats in November and is working on a further 13 vessels destined for use at Qatar's Port of Mesaieed.
Al Thani said: "Our fully integrated marine industry will play a major role in the future development of Qatar and we are delighted to be placing this order for the first vessel of this type to be built in Qatar, for Qatar."
Ghannam added: "We are honoured to be given this opportunity to deliver this landmark yacht project in Qatar. NDSQ continues to prove Qatar's shipbuilding capabilities while Nakilat, Damen and NDSQ are all fully committed to realizing His Highness's vision for world-class shipbuilding in Qatar."
NDSQ began operations in 2010 and builds ships in steel, aluminum and fibre reinforced plastic (FRP), up to 170m in length.
Damen Shipyards Group was established in 1927 and operates more than 50 shipyards, repair yards and related companies worldwide.
Gold hits 3-month peak on heightened political risk
Political worries spur safe-haven demand for bullion
UAE's Gulf Craft says to enter world's megayacht market
Luxury boat builder announces plans to start manufacturing...
Luxury retailer Rolex re-opens Mall of Emirates boutique
Swiss watch firm says the UAE remains a key market in the...
Recruitment firm targets UAE, inks deal to provide VIP butlers
Savoir Vivre says it is now working with VIP households...
Revealed: Dubai’s newest design hub Concept-Me
The design studio, store, and café is set to open in April...
Revealed: Dubai’s highest picnic
“Pure Picnic” is located at the 35 floor of Hilton Hotel...
$1m Batman Tumbler Batmobile for sale in Dubai
Owner has plans to bring new Batman vs Superman batmobile...