Porto Montenegro sold to Investment Corporation of Dubai
by Sophia Heath
Porto Montenegro will soon be under new ownership as the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, has agreed to purchase the marina.
The brain child of Canadian entrepreneur Peter Munk the once derelict naval base has been transformed into a superyacht heaven over the past decade. Last year it picked up the award for Superyacht Marina of the Year.
“I’m enormously proud of what has been accomplished at Porto Montenegro,” said Munk. “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 ICD is the ideal party to take the resort to the next level, and to maximizse its virtually unlimited potential. With this transaction, I am confident that I am leaving Porto Montenegro in very safe hands."
The purchase is the ICD’s first investment in Montenegro. In the immediate future there will not be any change at the marina but it is thought that the group will continue to develop the site.
“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.”