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. In only ten years, Porto Montenegro 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.
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 10 years.
In addition to 450 berths already built and fully occupied, and with the necessary approvals in hand to build another 400 berths plus develop land with a BUA of 280,000 square meters, the resort has the potential to double in size and become the leading luxury yacht port on the Mediterranean.
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 D.C., the Mandarin Oriental in New York, and the One & Only in Cape Town, South Africa. It also owns significant equity interest in Kerzner International Holdings Limited (KIHL), the international operator of the One & Only, Atlantis and Mazagan brands.
ICD was established in May 2006 by decree – 11 of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD, as the principal investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai’s most recognized companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include financial services, transportation, energy and industries, real estate and leisure, retail and other holdings. For more information about ICD please visit