Gulf Craft, a UAE-based company renowned globally for its production of luxury yachts, has introduced cryptocurrency payment solutions. This makes it the first company in the yacht industry across the Middle East and North Africa to embrace digital currency options for purchasing Majestic yachts or covering maintenance and refurbishment costs. The payment system, developed in collaboration with ARP Pay, reflects a growing interest among high-net-worth individuals in flexible and convenient payment methods. This move aligns with the United Arab Emirates’ vision to become a global hub for legal digital assets.
This initiative supports the UAE’s digital economy strategy, which aims to double the contribution of the digital economy to the GDP to approximately 20% by 2031. Free zones like Dubai Multi Commodities Centre and Abu Dhabi Global Market host hundreds of blockchain companies, while the central bank is piloting a “digital dirham” as a central bank digital currency (CBDC) to facilitate cross-border payments.
Mohammed Hussein Alshaali, Chairman of Gulf Craft, emphasized the significance of this partnership with ARP PAY, stating its role in enhancing Gulf Craft’s ability to meet the growing demands of customers interested in these advanced payment systems and furthering the UAE’s reputation in advanced manufacturing and financial innovation.
He further noted, “The UAE has historically relied on maritime trade and innovation, making the adoption of legal digital payment solutions a natural and strategic step in the nation’s ongoing development.”
Irwin Bamps, CEO of Gulf Craft, expressed excitement about the launch of cryptocurrency payment options, ensuring long-term customer satisfaction and strengthening their leadership by adopting forward-looking technologies. This initiative targets growth in the digital payment market and caters to the needs of this specific client base. Customers will now be able to finalize payment transactions through a quick, secure, and legal solution for acquiring their yachts from Majestic or Nomad brands, or boats from Oryx or Silveryachts.
Gulf Craft offers its clients the option to pay in UAE Dirhams or US Dollars, along with the choice to utilize specific cryptocurrencies. Through the secure ARP Pay system, acknowledged cryptocurrencies like USDT and USDC can be converted to traditional currencies, ensuring a stable and efficient transaction experience for both the client and the yacht manufacturing company.