O2 unveils $5m boat factory
Dubai, November 3, 2008
O2 Marine, a boat manufacturer, has opened a Dh19 million ($5.17 million) factory in Ajman, a report said.
The company expects the first year of operations to hit Dh10 million, according to the Gulf News report.
O2 is eyeing a market share of 10 to 25 per cent, on rising demand for boats. It will make 50 boats and yachts a year.
Presently it makes four boats a month, which will go up to six to nine boats, in two months, an official said.
Most of the boats they manufacture are for clients outside the UAE, he added.
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