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Maldivian Sea Horse Yachts invests Rs. 11.5 bn

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Sea Horse Yachts (Pvt) Ltd (SHY) of the Maldives will invest USD 58 million (Rs. 11.5 billion) to set up a state-of-the-art yacht building facility at the Hambantota International Port Group (HIPG). The production is set to commence by early 2022.The project is expected to generate over 200 direct employment opportunities and an additional 300 indirect employment opportunities.

The agreement was signed by Johnson Liu, CEO, HIPG and Ali Hussain Didi, President, Sea Horse Yachts (Pvt) Ltd. Johnson Liu, CEO of HIPG, said that the Hambantota Port Industrial Park is an international trade zone.

“We are rapidly moving to diversify HIP’s industrial zone portfolio and at the same time we are widely promoting the location internationally. We have signed with more than 30 investors from across the globe i.e. UK, Singapore, Japan, Sri Lanka, China and now the Maldives.”

“We provide on ground logistical and operational support for these new ventures so that they will be up and running within a short space of time. This is done under our new operational blueprint ‘HIPG Speed’.”Our port industrial park team has assisted Sea Horse Yachts to obtain the necessary approvals from BOI, CEA, MEPA & CCD, and we will continue to provide further support, with land leveling, construction and operations etc.”

The newly incorporated (SHY), is a privately owned premium luxury yacht builder, located in Hambantota, Sri Lanka. SHY will be managed by a highly experienced team of experts from Sri Lanka, closely supported by British, European and South African innovators and designers. Sports and Youth Affairs Minister and State Minister of Digital Technology and Entrepreneur Development Namal Rajapaksa speaking at the ceremony said, “The objective of our government is to promote Sri Lanka as a maritime and aviation hub in South Asia focusing on transshipment and manufacturing. This project is a landmark for the Yacht industry and for Yacht manufacturers as Sri Lanka has a rich history in boat building dating back to the times of our kings.”

Island nations such as Sri Lanka and the Maldives have always built their economies around trade and our proximity to ancient maritime routes which are still used to this day.”

“Ventures such as this will pave the way for the next generation of youth, providing them with the knowledge and the tools to build an entirely new industry and a new era of boat building! I hope it will serve as a catalyst to spark in our youth the entrepreneurial drive to take Sri Lanka to the next level.”

High Commissioner of Maldives to Sri Lanka Omar Abdul Razzak said, “I understand this new collaboration to build state of the art, modern, luxury, high-speed passenger boats and yachts would have the highest standards, and would use advanced composite materials and innovative technologies in boat building.”

Source DailyNews
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