Bonyan to build yacht factory in Italy

11 January 2008

UAE-based Bonyan International Investment Group has announced plans to build a Dh36.7 million ($10 million) factory in the Marche region of Italy to manufacture yachts.

The company said the facility will complement Bonyan's yacht-making factory in Egypt, and the yachts will be marketed to clients across the Gulf region, with the new factory will produce at least 15 yachts per annum.

"We are structuring Bonyan's business by expanding our investments as well as opening the doors for other investors in the real estate industry here," Bonyan chairman Abdulla Atatreh told the Khaleej Times.

The factory will be built in the seaside city of Pesaro in Italy and it is hoped will it will spur further projects between the region and the UAE.

The city's chamber of commerce is also setting up an office in Dubai to facilitate business-to-business meetings between investors in the UAE and in Urbino and Pesaro, the paper reports.

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