The Investment Corp. of Dubai, the principal investment arm of the government of Dubai, said it agreed to buy Porto Montenegro, 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 background of the Montenegrin mountains, Porto Montenegro established itself as a yachting destination during the past decade and was named Superyacht Marina of the Year in 2015.
The move to acquire the marina and resort is in alignment with ICD’s strategy to add high-quality international assets in fast-growing markets to its portfolio. The transaction marks ICD’s first investment in Montenegro and the yacht marina sector, both of which are expected to see 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,” ICD executive director and CEO Mohammed Al Shaibani said in a statement. “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 in 2006 by Canadian entrepreneur Peter Munk, founder of Barrick Gold of Toronto — the world’s largest listed mining company.
Munk, along with an international group of investors led by Lord Rothschild, envisioned and financed the transformation of a derelict naval base that fell into disuse after the breakup of the former Yugoslavia.