The Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, announced the purchase of Porto Montenegro Marina and Resort, a landmark yacht marina and waterfront development in Montenegro, from Montport Capital. Located within the Bay of Kotor, a World Heritage site on the Adriatic Sea, the waterfront development offers a lifestyle community for boat owners, residents and tourists, set against the magnificent background of the Montenegrin mountains. In only ten years, Porto Montenegro firmly 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 is in alignment with ICD’s strategy to add high quality international assets in fast growing markets to its substantial portfolio. The transaction marks ICD’s first investment in Montenegro and the yacht marina sector, both of which are expected to experience strong growth in coming years.
“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.”
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 a BUA of 280,000 square meters, the resort has the potential to double in size and become the leading luxury yacht port on the Mediterranean.
ICD is currently developing the Royal Atlantis Resort and Residences, a set of hotel rooms, suites and luxury apartments that will grace the shores of Palm Jumeirah, facing Atlantis. 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 also owns significant equity interest in Kerzner International Holdings Limited (KIHL), the international operator of the One&Only, Atlantis and Mazagan brands.