The Investment Corporation of Dubai, main investment arm of the Government of Dubai, has announced it will purchase Porto Montenegro Marina and Resort, located in the bay of Kotor from Montport Capital.


A former historic naval base, the site has been transformed into a marina by Peter Munk, founder of Barrick Gold, together with pool of investors which included Lord Jacob Rothschild and LVMH founder, Bernard Arnault. Focused on the luxury yacht segment of the market, the site also includes a village and hotel.
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. 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.
His Excellency Mohammed Al Shaibani, Executive Director of ICD
450 berths were built as part of the project and are presently all occupied. In addition to those, authorization has already been obtained from the government for an additional 400 berths and a land development with a built-up area of 280,000 square meters.
ICD is also currently developing a set of hotel rooms facing the Atlantis hotel on the Palm in Dubai. In 2015, it acquired stakes in New York's Mandarin Oriental, Washington D.C.'s W Hotel and Cape Town's One&Only.