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Wed 8 Jul 2009 01:53 PM

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UAE yacht builder buys German shipyard

Abu Dhabi MAR announces acquisition of controlling interest in Nobiskrug facility.

UAE yacht builder buys German shipyard
SHIPYARD DEAL: Abu Dhabi MAR has taken a controlling interest in the Nobiskrug Shipyard in Germany. (Supplied)

A Gulf-based yacht builder on Wednesday announced its acquisition of a controlling interest in the Nobiskrug Shipyard, in Rendsburg, Germany.

Nobiskrug, with 100 million euros in turnover, has been a significant shipbuilding enterprise since it began life in 1905 and has launched more than 700 vessels, and has 420 employees, Abu Dhabi MAR said in a statement which did not say how much the deal was worth.

The facility of about 173,000 sq m currently has five large yachts under construction.

Abu Dhabi MAR, which was established two years ago, shares common ownership with the CMN Shipyard in Cherbourg, France, noted for expertise in building military and commercial vessels.

Abu Dhabi MAR currently has four yachts under construction including the Swift141 and Swift135 which are conversions of Dutch-built navy frigates.

There are approximately 75 yachts of 60 metres or longer on order around the world, of which 10 are being built by Nobiskrug, CMN, and Abu Dhabi MAR.

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