Dubai: The Investment Corporation of Dubai (ICD) said on Sunday it has agreed to the purchase of Porto Montenegro Marina and Resort located in Montenegro, from Montport Capital.
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 investment arm of the Dubai government said in a statement.
“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,” stated Mohammad 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.”
Priority
He added: “Looking ahead, our aim is to realise Porto Montenegro Marina and Resort’s full long term potential. 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.”
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, the Mandarin Oriental in New York, and the One&Only in Cape Town, South Africa.
