4 EURO-NEWS
Investment corporation of Dubai to own Porto Montenegro
I
n May, it was announced that the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of
Dubai, has agreed to 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. Porto Montenegro has 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
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
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.” Porto Montenegro was conceived
and developed by Canadian entrepreneur Peter Munk, founder of Barrick Gold of Toronto – the world’s largest listed mining company - who, with an international group of investors led by Lord Rothschild, envisioned and financed the transformation of a derelict naval base into a major yachting destination. Porto Montenegro moved from concept to reality in just under ten years. Executed and managed from
inception by Managing Director Oliver Corlette and his team, the development has always enjoyed the support of the Prime Minister of Montenegro, his Government and the people of Tivat and Montenegro. “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,” confirmed Prime Minister Milo Djukanovic. He added: “The Government shall
continue with the new investors the co-operation in implementation of a
shareholder of Montport Capital, owner of Porto Montenegro Marina and Resort, 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. 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
built and fully occupied and with approvals in hand to build another 400 berths, the resort has the potential to double in size and become the leading luxury yacht port on the Mediterranean. “Looking ahead, our aim is to
realise Porto Montenegro Marina and Resort’s full long-term potential,” added Al Shaibani. “Our priority at ICD is to support management in the fulfilment of its ambitious plans and to further establish Montenegro as a prime European yachting destination.”
MDL Marinas retains standard
Its Investors in People standard has been retained by MDL Marinas Ltd, thus demonstrating the company’s commitment to realising the potential of its management and staff. Investors in People is the UK’s
leading accreditation for business improvement through people management, and provides a wealth of resources for businesses to innovate, improve and grow, with a focus on good people making
MARINA EURO-REPORT • JUNE 2016
great business. Paul Devoy, Head of Investors in
People, said: “Achieving the Investors in People standard is something that any organisation should be truly proud of. Working with Investors in People inspires and enables leaders, managers and employees at all levels to build their skills, improve their performance and achieve their potential. We’d like to congratulate MDL Marinas on its achievement”. Commenting on the award,
Michelle Hitchcock, Head of Business Development at MDL Marinas, commented: “I am delighted and proud we continue to meet the Investors in People standard. The focus on our teams, together with our learning and development programme, is a key principle of our business. This award is recognition for the dedication of our professional teams and their desire to provide excellence in customer service every day”.
Michelle Hitchcock of MDL Marinas received the Investment in People award.
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