DP World subsidiary P&O Marinas has partnered with Monaco’s state-owned Société Monegasque International Portuaire (SMIP) to create a series of superyacht marinas at select locations in the Mediterranean and around the world.
The partnership was cemented in a Memorandum of Understanding (MoU) between the two parties to invest in, develop and manage destinations dedicated to superyachts.
“The marinas and superyachts market is a growing part of our business and we are building on Dubai’s heritage and expertise in this sector having already established it as a centre for cruise and marina development following the wise vision and directives of our leadership.
“By partnering with SMIP, we will complement each other’s experience to ensure the very best facilities feature high standards and innovative services that create long term sustainable value to clients, local communities and shareholders,” Mohammad Al Mannaei, CEO of P&O Marinas, said in a statement on Tuesday.
P&O Marinas already operates the Mina Rashid Marina in Dubai. The first phase of that project, launched in November, has 500 quays. When the second and third phases come online, they will be able to harbour 2,000 yachts.
The new marina, Marina Cube, will cover 13 square kilometres, and include and integrated an entertainment city.
Aleco Keusseoglou, Chairman of SMIP, stated: “Monaco is world famous superyacht destination and Dubai has established a global reputation for its own marina developments. We believe that by combining our forces with a global market provider we can expand our operations across the Mediterranean and further afield. Clients will benefit from the experience and combined resources that each company bestows.”
P&O Marinas has a portfolio of 78 operating marine and inland terminals in 40 countries across six continents.