Member Article

One of the biggest news reports in the region last week was the acquisition ofPorto Montenegro, the luxury yacht marina located in Tivat, by theInvestment Corporation of Dubai(ICD). The marina was handed over to the new owners during a press conference at the Regent Hotel, where the accompanying protocol was signed by ICD's Executive Director, Sheikh Mohammed Al Shaibani, and the CEO of the marina's previous owner – Adriatic Marinas, Oliver Corlette. The conference was also attended by the Montenegrin Prime Minister, Milo Đukanović, and the Minister of Sustainable Development and Tourism, Branimir Gvozdenović.

Al Shaibani – as the representative of the strategic investor whose high profile portfolio includes the likes ofEmiratesandFly Dubaiairlines – emphasised the strict criteria that were employed in recognising Porto Montenegro as a valid partner, pointing out the effort of conducting a detailed analysis of the company and the market, which preceded ICD's acquisition bid. He also took the time to compliment the way in which the government of Montenegro and the previous investors cooperated in launching and developing the entire Porto Montenegro project. ICD representatives have further been reported to have stressed the way in which they had always taken great care of their employees and realised the potential of their investments as a premier aspect of their business operations, adding that the Porto Montenegro project is expected to be no different, as a result.

All of the officials at the conference were united in proclaiming the deal to be of great importance for the country's economic development in general, especially considering the fact that a venue has now been opened for future cooperation with ICD. More specifically, certain projects that have already been reported as potential targets for the Dubai investors include theAdriatic Shipyard BijelaandMontenegro Airlines– the country's national carrier.