Investment Corporation of Dubai buys Montenegro marina, resort

Dubai - ICD plans to add high-quality international assets in fast-growing markets to its portfolio

The Investment Corporation of Dubai (ICD) has announced that it has agreed to purchase Porto Montenegro Marina and Resort, a yacht marina and waterfront development in Montenegro, from Montport Capital.

Located within the Bay of Kotor, the waterfront development offers a lifestyle community for boat owners, residents and tourists. In only 10 years, Porto Montenegro has established itself as a prime destination for the yachting community, and was awarded the Superyacht Marina of the Year in 2015.

The move to acquire Porto Montenegro Marina and Resort aligns with the ICD's strategy to add high-quality international assets in fast-growing markets to its portfolio. The transaction marks ICD's first investment in Montenegro and the yacht marina sector.

"The internationally renowned Porto Montenegro presents an opportunity for ICD to access a successful business with significant potential for development expansion, both in the marina and land side," said Mohammed Al Shaibani, executive director and CEO of ICD. "It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors while providing exposure to a new geography."

"Looking ahead, our aim is to realise Porto Montenegro Marina and Resort's full long-term potential," added Al Shaibani. "Our priority at ICD is to support management in the fulfillment of its ambitious plans, and to further establish Montenegro as a prime European yachting destination."

Porto Montenegro was conceived and developed by Canadian entrepreneur Peter Munk, founder of Barrick Gold of Toronto - the world's largest listed mining company - who, with an international group of investors led by Lord Rothschild, envisioned and financed the transformation of a derelict naval base into a major yachting destination.

Executed and managed from inception by managing director, Oliver Corlette and his team, the development has always enjoyed the support of the prime minister of Montenegro.

"The government of Montenegro has recognised from the very beginning and has supported the idea to position Montenegro as a leading superyacht destination on the Mediterranean," said Prime Minister Milo Djukanovic. "The government shall continue with the new investors the cooperation in implementation of a clear nautical tourism development strategy in Tivat and Boka Bay, and will continue to work together on further positioning of Montenegro as a high-end tourist destination."

Munk, the majority shareholder of Montport Capital, owner of Porto Montenegro Marina and Resort, said: "I'm enormously proud of what has been accomplished at Porto Montenegro. It has helped transform the perception of Montenegro throughout the world, has sharply increased the country's tourism revenue, and has created thousands of direct and indirect jobs. The Investment Corporation of Dubai is the ideal party to take the resort to the next level, and to maximise its virtually unlimited potential. With this transaction, I am confident that I am leaving Porto Montenegro in very safe hands."

The resort has 450 berths built and fully occupied and necessary approvals in hand to build another 400 berths plus develop land with a built-up area of 280,000sqm.

- business@khaleejtimes.com