UNDATED (CNN) -- From diamond encrusted head lights to gold stitching in the seats, the features of the UAE's first sports car perfectly fit with the glamour of Dubai. Enthusiasts in the region are impressed with the car, but owning one of the world's fastest cars comes with a very expensive price tag.

The glitz and the glamour in Dubai is nothing new, but at this year's Dubai International Boat Show all eyes were on shore with the showing of a $3.4 million car. Ralph Debbas, chairman and CEO of W Motors says, "Besides the luxury and exclusivity, this car has a flat six-twin turbo 3.8 liter engine, producing 750 horse power 1000 cubic meter of torque. Makes it go from 0-100 in 2.8 seconds and maximum speed of 395 km/h, its one of the fastest cars in the world, its also fully made of carbon fiber, it has the first holographic display with interactive motion inside meaning we replaced all the screens with a projector in mid air that projects all the images in three dimensions, you can control them, hold them and feel them in mid air like all the movies you see in 20 years while this car is the only car in the world that has this technology inside."

With gold stitching on the leather seats, to precious stones used in the head lights, the Lycan will be the first manufactured Arabian sports car and only seven cars will be available for purchase. Debbas says, "If we're going to wait until the whole region is at peace and then continue our projects we are never going to continue, not only is it in the middle east we have problems, it's all over the world, you cannot expect the whole world to be at peace to do it, no matter where we are and we're expecting everyone to support us especially the Arab world knowing we are making them proud by creating the first brand of cars and so far the response has been very positive and hope it's going to continue to the end."

Diamond-encrusted cars, gold-plated iPads and big-ticket items are nothing new in the region but in today's economic climate would people really pay $3.4 million dollars for a car? Dubai based Motoring Journalist writer Jonathan Castle says the $3.4 million car will sell without a blink of an eye. He says, "People will buy a $3.4 million car in this region, because it's a $3.4 million car, pure and simple. And it's gonna sell better here I think than anywhere else, it will certainly sell first here."

And then of course there is always the investment angle. Castle says, "Yes I would spend $3.4 million on a car, but with $3.4 million I think I would yeah, if there is a rarity behind it. So there you go it's a pretty good investment, cause if you sell that next year."

High-end cars mixed seamlessly with more than 400 boats and 19 super luxury yachts some of which go for more than $250 million. Still, $3.4 million for a car got a lot of head shakes. Castle says, "I don't know, but I like the idea of the whole carbon fiber base body 3.8v6 that's a lot of power. $3.4million it's a bit too much for it."

The carmaker says the Lycan is going to be in full production from the United Arab Emirates by the end of 2014.