Dubai government buys superyacht marina Porto Montenegro
The principal investment arm of the government of Dubai the Investment Corporation of Dubai (ICD) has bought the Porto Montenegro Marina and Resort from Montport Capital. Porto Montenegro was conceived and developed by Canadian entrepreneur Peter Munk, founder of Barrick Gold of Toronto, who is understood to have sold his stake in the venture.
Porto Montenegro Marina is located within the Bay of Kotor, a world heritage site on the Adriatic Sea, and set against the background of the Montenegrin mountains. The port that was a former Yugoslav naval base of is just a decade old and was awarded the Superyacht Marina of the Year in 2015.
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 landside,” said His Excellency Mohammed Al Shaibani, executive director and chief executive of ICD. “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.”
Executed and managed from inception by managing director Oliver Corlette and his team, the development has enjoyed the support of the Prime Minister of Montenegro and his government.
“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 Peter Munk and his team of experts through the development of Porto Montenegro project,” said Montenegro Prime Minister Milo Djukanovic.
Munk 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.
In addition to 450 berths already built and fully occupied, and with the necessary approvals in hand to build another 400 berths plus develop land with an area of 280,000 square meters, the resort could potentially double in size to become the leading luxury yacht port on the Mediterranean.