Porto Montenegro Acquired By Investment Corporation of Dubai
The Investment Corporation of Dubai, the principal investment arm of the Government of Dubai, has announced that it has agreed to the purchase of Porto Montenegro Marina and Resort.
The purchase marks the investment arm’s first move into Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years.
Located within the Bay of Kotor, Porto Montenegro offers a lifestyle community for boat owners, residents and tourists, set against the background of the Montenegrin mountains.
In only ten years it has firmly established itself as a prime destination for the yachting community, and was awarded the Superyacht Marina of the Year in 2015.
“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 CEO 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.”
Peter Munk, the majority shareholder of Montport Capital, owner of Porto Montenegro Marina and Resort, said, “The Investment Corporation of Dubai is the ideal party to take the resort to the next level, and to maximize its virtually unlimited potential. With this transaction, I am confident that I am leaving Porto Montenegro in very safe hands."
In addition to 450 yacht berths already built and fully occupied, and with the necessary approvals in hand to build another 400 berths plus develop 280,000 square meters of land, the resort has the potential to double in size over the coming years.
“Looking ahead, our aim is to realize 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.”
Last year, ICD acquired stakes in three luxury hotels across the world: the W Hotel in Washington D.C., the Mandarin Oriental in New York, and the One&Only in Cape Town, South Africa. It is also currently developing the Royal Atlantis Resort and Residences, a set of hotel rooms, suites and luxury apartments on the shores of Palm Jumeirah in Dubai.