Boatbuilder buffeted by ripples from Dubai

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It is a long way from the marble corridors of the Dubai International Financial Centre to a dusty shipyard in a sleepy outpost of the United Arab Emirates.

But last year Nasser Alshaali left his job as chief executive of the financial centre for Gulf Craft, his family business in Umm al-Quwain, a small northern emirate. In a region accustomed to consuming more than its fair share of deluxe items, the boatbuilder is a rare example of a local luxury goods manufacturer.

The economic downturn, though, has hit the company hard. Demand for its leisure boats has dropped by up to 40 per cent, prompting the company to send nearly a third of its workers home on extended leave, Mr Alshaali admits.