UAE’s Gulf Craft Group Becomes First Shipyard in MENA to Accept Crypto

Implemented in collaboration with Bahrain‑licensed fintech firm ARP Pay, the crypto payment solution enables Gulf Craft’s clients to settle invoices using regulated stablecoins, including USDT and USDC, which are automatically converted into USD or AED. Designed to streamline high-value transactions, the system offers a seamless and compliant option for clients who prefer using digital assets, particularly in international purchases.

Mohammed Hussein Alshaali, Chairman of Gulf Craft, underscored the strategic fit of the launch with the UAE’s broader ambitions: “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.”

Erwin Bamps, Group CEO of Gulf Craft, added: “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.” Bamps detailed that whether buyers purchase Majesty or Nomad yachts or boats from its Oryx and SilverCAT ranges, they can now transact through “a channel that is fast, transparent and fully compliant.”

Gulf Craft’s move aligns with the UAE’s goal of becoming the world’s most crypto‑friendly country, supported by frameworks like Dubai’s Virtual Assets Regulatory Authority (VARA), free‑zone crypto exchanges, and a thriving fintech environment. VARA continues to award operating licenses to virtual asset service providers (VASPs) and pursues a regulatory approach described as “living regulations,” continuously evolving alongside industry advancements.

Founded in 1982, Gulf Craft has an established reputation for excellence in yacht construction. The company operates a major 462,000 sq ft shipyard in Umm Al‑Quwain, alongside facilities in Ajman and the Maldives. To date, Gulf Craft has built over 10,000 vessels, ranging from power catamarans to luxury superyachts.

Their portfolio includes flagship models such as the Majesty 175, one of the largest composite superyachts globally, with a range exceeding 4,400 nautical miles and lines like Nomad Yachts, SilverCAT catamarans, Oryx Cruisers, and the Majesty brand for larger craft.

The crypto ecosystem across the GCC is rapidly expanding. By mid‑2022, MENA was already among the world’s fastest‑growing regions in crypto adoption, with billions flowing through stablecoin and decentralized finance (DeFi) channels. A Chainalysis analysis revealed these trends, amplified by digital asset regulation across jurisdictions.

This innovation by Gulf Craft comes amid rising interest from governments and consumers alike. For instance, Dubai courts have even recognised cryptocurrency as valid for salary payments, while projects tokenizing real-world assets continue to emerge across the UAE and Bahrain.

By allowing clients to pay in stablecoins, Gulf Craft is lowering friction in large cross-border transactions and attracting high‑net‑worth individuals who hold digital assets. Compared with traditional banking, crypto payments can be faster, more cost‑efficient, and more transparent, especially for international clients.

For Gulf Craft, the introduction of crypto payments is another milestone in its multi‑decade evolution. The company has previously undergone major expansions, establishing facilities overseas and increasing deliveries of superyachts over 30 metres, ranking 13th globally in 2025. The crypto integration now positions it at the intersection of luxury maritime and financial innovation.

Gulf Craft’s crypto initiative illustrates a broader trend in the UAE’s maritime and fintech sectors: blending traditional expertise with cutting‑edge payment methods. As VARA continues to refine its regulatory framework, and as licensed fintech providers like ARP Pay proliferate, digital asset use in big-ticket purchases may become increasingly normalized.

Gulf Craft has taken a pioneering role, becoming the first MENA shipyard to offer regulated crypto-to-fiat payments and opening a new channel for international yacht clients to transact securely and efficiently.