The new owner of the luxurious nautical-tourist complex and mega-yacht marina Porto Montenegro in Tivat is Investment Corporation of Dubai (ICD).
Peter Munk has sold his last significant investment – Porto Montenegro, the luxury superyacht marina and resort that he built as a Mediterranean rival to Monte Carlo and Cannes, to Investment Corp. of Dubai for an undisclosed amount.
Mr. Munk owns 52% of Porto Montenegro, and his co-investors include some of the world’s famous businessmen – from Russian oligarch Oleg Deripaska, Lord Jacob Rothschild, the fourth baron of the Rothschild banking dynasty, and Bernard Arnault, chairman and CEO of LVMH, to the French luxury group.
Porto Montenegro is the biggest private-sector investment in Montenegro. The development, next to the port town of Tivat, can handle superyachts as long as 250 metres – more than 100 metres longer than a Canadian navy frigate – in its 450 berths. A section of one of the piers has been leased to the Saudi “golden fleet” – the 100-metre-plus megayachts owned by members of the Saudi royal family. Two years ago, luxury Regent Porto Montenegro five-star hotel was added to the property portfolio.
The investment fund Dubai is under the direct control of the Government of the United Arab Emirates. President of the Fund is Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of UAE and Emir of Dubai.
This is certainly great news, because Montenegro gets very significant partner, and Porto Montenegro remains in good hands. It is certain that they will continue investing. As we know, ICD also plans a lot of new investments in Montenegro.