The Investment Corporation of Dubai (ICD) has announced that it will purchase Porto Montenegro Marina and Resort from Montport Capital in alignment with its strategy to add quality international assets to its growing portfolio.
Located within the Bay of Kotor, and with 450 berths already built and fully occupied, the waterfront development is a popular Adriatic superyacht destination and community for boat owners, residents and tourists, winning The Yacht Harbour Association’s (TYHA) ‘Superyacht Marina of the Year’ award in 2015.
The move to acquire Porto Montenegro assists ICD, which is the principal investment arm of the Government of Dubai, in its ongoing strategy to add high quality international assets to its expanding portfolio, and marks the group’s first investment in Montenegro and the yacht marina sector; both of which are expected to experience a strong growth in coming years.
His Excellency Mohammed Al Shaibai, executive director and CEO of ICD said, “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 landside. It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors whilst providing exposure to a new geography.”
Milo Djukanovic, prime minister of Montenegro said, “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, which has been fully realised by Mr. Peter Munk and his team of experts through the development of Porto Montenegro Project.
“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.”
Peter Munk, the majority shareholder of Montport Capital, owner of Porto Montenegro Marina and Resort, added, “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."
In addition to 450 berths already in place at Porto Montenegro, the necessary approvals are in hand to build another 400 berths plus develop land with a BUA of 280,000 square meters, giving the resort the potential to double in size and become the leading luxury yacht port on the Mediterranean.
Al Shaibani added, “Looking ahead, our aim is to realize Porto Montenegro Marina and Resort’s full long term potential. 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.”
For more information, visit Porto Montenegro.