DP World Group subsidiary, P&O Marinas, has announced an agreement with the Monaco government-owned Société Monegasque International Portuaire (SMIP) to work on selected marina projects in the Mediterranean and other locations around the world.
A memorandum of understanding (MoU) has been signed in Monaco to invest, develop and manage yachting destinations dedicated to superyachts.
The agreement was signed by Mohammed Al Mannaei, CEO of P&O Marinas and Aleco Keusseoglou, chairman of SMIP.
P&O Marinas manages the Mina Rashid Marina project in Dubai which is being developed in three phases - the first, which was launched last November, features 500 quays, and the other two, once finished, will be able to harbour 20,000 yachts.
The new marina, which is called Marina Cube, is expected to be a new tourist maritime and entertainment attraction, stretching over 13 square kilometres, featuring a number of facilities, including an integrated entertainment city.
Al Mannaei said: “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.”
Keusseoglou added: “We are delighted to collaborate with P&O Marinas on the development of joint projects in the superyacht sector. 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.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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