MB92 Group to build refit yard for the Gulf of Arabia
Superyacht refit company MB92 Group has announced a joint venture with Al Seer Marine and P&O Marinas to bring the first superyacht refit and repair facility to Dubai, United Arab Emirates (UAE)
The operation plans to open its superyacht repair and refit services from next year, with the full construction of the shipyard to be completed by 2026.
“The strategic venture has been part of our expansion plans for a long time now,” Jean-Marc Bolinger, CEO, MB92 Group told Superyacht Investor at the Monaco Yacht Show. “There has been strong demand from customers and with the development of the region increasingly making it a yachting hub, this maintenance and refit yard feels like the final part of the puzzle.”
Gunther Alvarado, CEO, Al Seer Marine said, “Leading this powerful partnership is part of Al Seer Marine’s overall investment strategy and vision for the Gulf Region.”
With the superyacht market in the region consistently growing, the refit yard is poised to offer its services to customers who would previously have to sail through the Suez Canal to reach refit yards such as MB92 La Ciotat or MB92 Barcelona (pictured).
With the company’s current sites in Spain and France, construction was constrained by the pre-developed landscape. In the UAE however, this is not the case. “What is really special about this announcement is that we have the opportunity to build something from scratch. That is what is exciting. You rarely get such a unique opportunity,” said Bolinger.
The Swiss national added that it enables MB92 and its partners to build the facility using the latest technologies. “It also means that we can focus that technology on being more sustainable technologies enabling more sustainability and allow it the facilities to be easily upgraded in the future,” he said. MB92 has previously highlighted the need to urgently boost the industry’s sustainable standards.
Superyacht management and maintenance service provider Al Seer Marine and marina operator P&O Marinas have been searching for a third party to join the venture since 2019. Following the announcement, MB92 will be the dedicated operator of the shipyard in Dubai.
“Dubai has developed its reputation over the years as a top destination for luxury yachting with the creation of several high-end marinas,” said Hamza Mustafa, chief operating officer, P&O Marinas. “With the development of a new service centre and refit shipyard, the UAE and Dubai’s offering as a hub for yacht owners will be even more attractive.”