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Sat 8 Sep 2012 10:24 AM

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Dubai's Drydocks signs deal with German yacht maker

Shipyard announces plan for joint projects with luxury manufacturer Lurssen Werft

Dubai's Drydocks signs deal with German yacht maker

Dubai shipyard Drydocks World has announced a deal with a German luxury yacht manufacturer to work on joint projects.

Khamis Juma Buamim, chairman of Drydocks World and Maritime World has had discussions with senior execs of Lurssen Werft, a German shipbuilding company that designs and builds yachts and naval ships on the sidelines of an event in Hamburg.

The company is one of the leading builders of custom super yachts, a statement said.

It added that the two companies aim to work together on navy projects not limited to the UAE's naval fleet.

The plan is to form a joint venture at Dubai Maritime City (DMC) to cooperate in the yacht repair business.

DMC is already an established centre for yacht repair, the statement said.

Buamim said: "We are delighted to have reached this agreement with Lurssen, a world leading player in the yacht and specialized business.

"Our facility in DMC is well placed to become a key destination outside Europe for yacht owners for service and maintenance.

"This co-operation will further strengthen and provide definite direction to our aspiration to become the preferred choice for maintenance of yachts."

Last month, a special court in Dubai formally approved the $2.2bn restructuring of Drydocks World, thereby making its complex debt deal effective.

Drydocks, a unit of conglomerate Dubai World, approached the special tribunal in April to force recalcitrant creditors to sign up to its debt restructuring plan.

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