United Arab Emirates (UAE) based Gulf Craft, on Thursday, revealed intentions to invest between USD 300 million and USD 400 million in Maldives for a project termed 'Gulf Lagoon'.
Gulf Craft signed an agreement with local company, SASe Construction Pvt Ltd, to develop a reef located in Kaafu Atoll by the end of 2023.
Managing Director of SASe Construction Saudhulla Ahmed signed the agreement with Gulf Craft Chairman and former UAE Foreign Minister Mohamed Hussain Al Shaali during a ceremony held at the Gulf Craft Maldives Boatyard in Thilafushi, Kaafu Atoll.
According to local media outlet Mihaaru, the project 'Gulf Lagoon" will involve the reclamation of eight islands which will constitute four resorts.
Additionally, Gulf Craft will also construct a new boat factory, a harbour for yachts and safaris, as well as a youth training centre as part of the project.
Gulf Craft is a manufacturer of luxury yachts and fiberglass boats based in UAE. The company has operated in Maldives since 2001.