Talal Nasralla
Chief Executive Officer, Gulf Craft
Talal Nasralla
Chief Executive Officer, Gulf Craft
There is no doubt that every single sector has been impacted by Covid-19. In the past, purchasing a boat was a strictly emotional transaction but with the ongoing pandemic we find that people are waking up to the practicalities associated with yacht ownership. A private yacht is the ideal way to spend time with family and friends while remaining safe and socially distanced.
From our perspective as a Superyacht shipyard, the pandemic has solidified the need to interact with clients through different avenues and not rely on large boat shows. In 2021, we hosted our own “Virtual Boat Show” where clients could meet the Sales Team virtually and take a private tour through the yacht. We also launched our ongoing “Virtual Showroom” where clients can enjoy unaccompanied tours and reach out to us virtually for support if they have any questions during their “visit”.
We find that clients are still eager to see our latest products and learn what we’re working on, but in more exclusive interactions. Last year we even delivered 2 yachts via Zoom, making the buying process as easy as possible for clients who cannot travel.
The lockdown restrictions created a huge pent-up demand for boats and yachts, although social distancing guidelines were challenging as we dealt with a reduced workforce. Our operations team worked tirelessly to keep the shipyard up and running throughout the year and delivered two Superyachts at the height of the pandemic.
Overall, we recorded a robust 42% growth in order book value in the first half of 2021 compared to full-year 2020, securing 71 boat and superyacht orders with 32 already delivered to customers.
In the same period, we also expanded into an additional 12 countries with distribution channels set up in territories including Germany, Spain, the Netherlands, Portugal, as well as regions in Australia. In the Maldives we announced the development of a new factory that is committed to doubling the size of our operations within 16 months. We have already been awarded a contract with Maldives Transport and Contracting Company (MTCC) to manufacture vessels for the Integrated National Public Ferry Network which aims to establish an efficient transport system between the administrative islands of the Maldives.
We also announced a strategic partnership with P&O Marinas, DP World’s collection of world-class luxury marinas and picturesque harbors, to open a dedicated Sales Center at Mina Rashid Marina, the home port for many of Dubai’s superyachts. The initiative will include a design studio, sales center, as well as a full team of aftersales technicians to offer optimum support to the yachts in the marina.
Gulf Craft currently builds under five key brands: Silvercraft; Oryx sports yachts and open cruisers; Nomad explorer yachts; the flagship Majesty yachts; and Touring Passenger Vessels ranging from 31 foot to 175 foot in length. To date, we have built over 10,000 boats and yachts.
Today there is certainly appetite for mega yachts, and this is evident with the orders received this year, which include a Majesty 120 and several Majesty 100’s. The Majesty 100 is among our best-selling models that has been globally acclaimed for its innovative design, powerful performance and massive interior volume. The Majesty 120 is also gaining traction since its launch last summer with one vessel delivered and two additional hulls currently in production.
What really sets us apart from the competition is having our own state-of-the-art integrated manufacturing facilities - a 462,000-square-foot facility in Umm Al Quwain, UAE and a 100,000-square-foot facility in the Maldives as well as a service centre in Ajman, UAE.
Innovation and technology are at the core of these in-house manufacturing process. We are constantly striving to introduce new and original solutions to each aspect of the manufacturing process, using automation, Augmented Intelligence (AI) technology in some of our equipment, and virtual reality to create an exact replica of our standard building process.
One example is our Nomad series, known for its on-water living experience and powerful performance, which has a semi displacement hybrid hull that provides distinctive seakeeping and ocean-going capability enabling the yacht to cut through rough seas with a much smoother motion.
The ’yacht of the future’ will be defined by its agility, durability and most importantly its economic value. Here, we believe composites have a key role to play.
Composites have gained significant traction over steel in our industry which is no surprise given their benefits. One of the best examples is our Majesty 175, the world’s largest composite production superyacht. The advanced composite materials used in building the Majesty 175 - such as vinyl ester resin and carbon fibres - make it lighter and more cost-effective to maintain while the materials last longer than metals and do not succumb to erosion. The cruise experience is also smoother, quieter and comfortable when compared to superyachts built with steel.
Classification societies are an integral part of innovations like this, ensuring yachts are built to the necessary design, construction and maintenance standards. RINA is globally recognised as a leading maritime classification society and continues to be a valued Gulf Craft partner. Over the years, RINA’s wealth of industry experience and talented group of professionals have played a key role in making sure that our operations abide by the required protocols, from conceptualisation all the way to the handover.
Classification can also assist with sustainability initiatives. As Gulf Craft’s prominence in the industry grows, so does our duty to promote sustainable practices. We have studied several ways to lessen our environmental impact including waste management and recycling to reduce waste at our factories.
We also use energy-efficient lighting and fixtures that contribute to more sustainable operations in the shipyard, plus advanced materials such as Kevlar and the aforementioned carbon fibres in our building processes.
BIOGRAPHY
As the Chief Executive Officer at Gulf Craft, Nasralla is responsible for overseeing the implementation of the company’s global growth strategy while strengthening its continued development and capabilities. Nasralla initially joined Gulf Craft’s Executive Management team in late 2020 as Chief Strategy Officer to spearhead the company’s global expansion. Talal brings fifteen years of experience in finance and business operations, along with a deep understanding of the UAE market having worked for some of the key players in the banking sector. He was previously Director of Private Banking at Barclays PLC, overseeing and managing high net worth clients’ assets, having also worked as Director at Credit Suisse AG. He was also a Director of the Executive Office at Shuaa Capital PSC, playing a key role in fund raising and managing large-scale projects in the hospitality and real estate sectors. In addition, Talal was a Board Member of Gulf Finance Corporation and Shuaa Capital Saudi Arabia. Talal started his career as a Business Development Officer at DMCC’s Dubai Diamond Exchange and then as Business Development Manager at the Emirates Credit Information Company (emCredit). He holds a BA from the American University in Dubai.
