Ajman Forum

A boat manufacturer, O2 Marine, on Sunday launched a Dh19 million factory in Ajman.

Operating for six months now, average sales during the first year of operations are expected to touch Dh10 million, according to officials.

Saud Jamal Al Shaali, managing director of O2 Marine, said that the company is targeting a market share of 10 to 25 per cent as the demand for boats is expected to grow steadily.

"With all the projects coming up, the industry is booming. The current factories don't really cover all the requirements of the market today.

"They are fully booked and there is a waiting period of two years," Al Shaali said.

The company will manufacture about 50 boats and yachts a year. Al Shaali said that this is expected to increase very quickly.

With current manufacturing rate at roughly four boats a month, Al Shaali said that in two months, the company will expand operations to take that number up to six to nine boats per month.

Targeting the mid-range customer with 24 feet to 56 feet boats, the company is focusing on international clients as well.

"Most of the boats we manufacture are for clients outside the UAE. One of our goals is to expand, while serving the international market," he said, mentioning clients in Egypt, Oman, Kuwait, Tunis and Australia.

While current investment in assets is roughly Dh19 million, Al Shaali said that with the launching of phase two of the factory within two years, there would be more investment.