Canadian Tycoon Sells Montenegrin Superyacht Marina

The management of Porto Montenegro and the Investment Corporation of Dubai, ICD, which is controlled by the Emirati government, are expected to officially announce the unexpected sale of the superyacht marina on Friday.

Adriatic Marines, which manages the marina, would not comment on the sale, which has been widely rumoured over the past two days in the Montenegrin media. 

But according to Canadian newspaper The Globe and Mail, the price is thought to be 200 million euro, although the seller and buyer are not expected to disclose the amount.

The Arsenal shipyard, a former Yugoslav Army military base in the town of Tivat, was turned into a luxury marina in 2009.

Peter Munk, the founder and recently-retired chairman of Barrick Gold, the world's largest gold producer, was the chief investor in the 300-million-euros project.

"At this moment we cannot give any official confirmation,for the simple reason that no document has been officially signed by either side," the marina's spokesperson Danilo Kalezic told local station TV Vijesti.

The ICD is Dubai's sovereign wealth fund, whose holdings include Emirates NBD, the largest bank in the United Arab Emirates, the Burj Khalifa in Dubai, the world's tallest skyscraper, the Emirates airline and the Emirates national oil company.

It is under the direct control of the government of the United Arab Emirates and its chairman of the fund is Sheik Mohammed bin Rashid Al Maktoum, the Emirati prime minister and emir of Dubai.

Munk owns 52 per cent of Porto Montenegro's holding company. His co-investors include some of the world's wealthiest businessmen - among them Russian oligarch Oleg Deripaska, Lord Jacob Rothschild, the fourth baron of the Rothschild banking...