On May 6 it was announced that Porto Montenegro Marina and Resort was acquired by the Investment Corporation of Dubai (ICD), the principle investment vehicle of the Dubaian government. An investment of this kind in the Montenegrin superyacht and leisure industry highlights ICD’s desire to add fast growing international markets to its already expansive portfolio that covers finance, transport, energy, construction, retail and more.
“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,” commented 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.”
In addition to the 450 berths already built and occupied, Porto Montenegro has acquired the necessary permissions to build a further 400 berths and develop a 280,000sqm plot of built-up area (BUA) land, as well as having already started the second phase of construction on The Regent Pool Club Residences. Once the completion of the residences, berths and BUA land has been realised, Porto Montenegro may well have doubled in size.
While the exact figure for the sale of Porto Montenegro is unavailable, and will likely remain so, an article in The Globe and Mail, a popular Canadian newspaper, speculates that the price is thought to be in the order of €200-million. The deal, which has been executed and managed in full by managing director Oliver Corlette and his team, comes with the full support of the Montenegrin 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 Mr Peter Munk and his team of experts,” comments Milo Djukanovic, Montenegro’s prime minister.