Arab fund is a new owner of Porto Montenegro; the purchase price remains secret

As of today, the ICD fund is officially the new owner of Porto Montenegro. The protocol on the handover of Porto Montenegro has been signed by the ICD executive director, sheikh Mohammed al Shaibani, and the CEO of Adriatic Marinas, Oliver Corlette. The press conference at the Regent hotel has also been attended by Montenegrin prime minister Milo Djukanovic and the minister of sustainable development and tourism Branimir Gvozdenovic and his associates.

Speaking about the plans of one of the most renowned strategic investors, the portfolio of which contains famous airlines Emirates and Fly Dubai as well as numerous projects around the world, sheikh Al Shaibani emphasised that the company applied strict criteria when selecting partners and that they liked Porto Montenegro a lot.

He said that the owners and shareholders of Porto Montenegro with the government’s support did a lot to develop the site and that the ICD fund was committed to taking care of employees and creating value in order to ensure that Porto Montenegro fulfils its potential.

“We are guided by strict criteria in the selection of companies that we are adding to our portfolio. When we considered the Porto Montenegro’s bid, we performed a detailed analysis of the market and the company. We found that we really like it”, Shaibani said.

He pointed out that the purchase price was agreed to remain confidential.

The PM Milo Djukanovic said that it was “a great day for Porto Montenegro, Tivat and Montenegrin tourism”. He thanked the Canadian billionaire Peter Munk for his courage in the implementation of the project ten years ago.

“It was not easy to believe that Montenegro is the very destination where it is possible to implement this project”, he said calling in mind the suspicion of the public and the financial crisis in Europe.

Djukanovic pointed out that “now when Montenegro is one of the most prestigious tourist destinations, we will have in mind that one of the most important bricks in that architecture was put by Peter Munk”.

He said that the ICD would have the full government’s support and that it was the investor who was expected to upgrade good foundations of Porto Montenegro.

“Porto Montenegro does not get any investor, but a reputable corporation that enters its largest investment in Europe”, he said.

Djukanovic said that the most important partners of the government were investors who might count on its unconditional support.

Emphasising that this is “the most important day in the life” of Porto Montenegro, the executive director of the Adriatic Marinas Oliver Corlette thanked the former majority owner Peter Munk for everything he had done by “leaving an elegant monument to his integrity and opening up a range of possibilities and potentials for the development of the project and the destination”.

“The example of Porto Montenegro is a testament to what can be achieved when investors work closely with the government”, said Corlette.

Interest of the ICD for purchasing the Adriatic Shipyard Bijela and Montenegro Airlines was discussed at the conference, as well as the future owner’s attitude towards the local community and employees.

“This is your project – we are just investors”, sheikh Al Shaibani said.


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