The Business of Middle East Superyachting

Gulf Craft Crypto

Gulf Craft to Offer Cryptocurrency Payment Solutions for Boat Purchases

UAE builder Gulf Craft has announced that it will start accepting fully-regulated crypto-payments for boat purchases, services, and refit works.

To facilitate smoother transactions to international buyers, the shipyard is partnering with ARIP Pay, a Bahraini licensed fintech provider, a service that converts stablecoins such as ASDC or USDT into AED or other traditional currencies. 

 “By integrating ARP Pay, Gulf Craft not only meets evolving client preferences but also strengthens the UAE’s reputation for forward-looking manufacturing and financial innovation. The UAE was built on maritime trade and the early adoption of new ideas. Embracing regulated digital payments is a natural next step,” said Mohammed Alshaali, Gulf Craft’s co-founder and Chairman.

Gulf Craft’s Majesty 100 Terrace. Image: Gulf Craft

 “Adding a crypto option future-proofs our customer experience. We stay ahead of the curve by adopting technologies that shape tomorrow’s commerce and by tapping into the growing segment of crypto holders who prefer paying with digital assets.”  Added Gulf Craft Group CEO Erwin Bamps. 

The UAE introduced the Virtual Assets Regulatory Authority (VARA) in 2013 to regulate virtual asset movements, as blockchain-settled payments in the yachting industry gained prominence over the past 7-8 years. 

The concept of using cryptocurrency was introduced to superyacht transactions by Denison Yachting in 2016, when the firm offered payments through bitcoin and other cryptocurrencies. It was lauded for enhancing privacy and convenience, and for removing intermediaries from traditional payments. And now, Gulf Craft has become the first Middle Eastern shipyard to offer this solution.