The Investment Corporation of Dubai has purchased a marina development in Montenegro—with a luxury hotel included—for a rumored €200 million. The Porto Montenegro deal is ICD's first investment in Montenegro and the yacht marina sector.
Peter Munk developed the resort marina as a rival to Monte Carlo and Cannes. The price was officially undisclosed, but as sources indicate, the rumored €200 million would be "good value" for the assets, which include the Regent Porto Montenegro.
The marina reportedly attracts some of the biggest ships in the Mediterranean and has more room available than the marinas of France and Spain.
Mohammed Al Shaibani, executive director and CEO of ICD, said the deal presents an opportunity for ICD to access "a successful business with significant potential for development expansion, both in the marina and land side...It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors while providing exposure to a new geography."