O2 Marine, a new yacht manufacturing firm, expects to have sales worth Dh10 million ($2.7 million) in the first year of its operations, according to the company’s founder.

Saud Jamal Al Shaali also said the order book was fully booked until June 2009. The company began operations in June of this year.
“02 Marine is keen to capitalise on the boom in the construction of waterfront properties and marinas all over the GCC region in general, and particularly in the UAE,” Al Shaali said.
“Waterfront development will see the building of nearly 2,000 additional marina berths in the next five years in the UAE alone. Qatar and Bahrain have also initiated major waterfront projects and beachfront property development schemes,” he said.
“There is high demand for beachfront properties, inclusive of marinas and residences with boat-berthing facilities, from large numbers of multi-national expatriates and locals with high purchasing power.”
Al Shaali also said regional manufacturers were not able to cover market requirements.
O2 Marine has already established a distributor network in Australia, Oman, Kuwait and the UAE and is currently in negotiations with other countries for providing distribution facilities.