Agreement includes the investment, development and management of superyacht destinations
P&O Marinas and the Monaco government-owned Societe Monegasque International Portuaire (SMIP) have agreed a deal that will see the DP World Group subsidiary help construct marina projects in the Mediterranean and other locations around the world.
According to a statement on UAE news agency WAM, 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 in the presence of Rado Antolovic, CEO of P&O Maritime, Gian Battista Borea d’Olmo, executive director of SMIP, Fabiana Maccarini, research and development officer, P&O Marinas and Daniel Realini, technical director of SMIP.
P & O Marinas operates five Dubai marinas and is building the calm seaside Mina Rashid Marina project in Dubai. There are three phases; the first Marina Cube launched last November, and features 500 quays, and the other two, once finished, will be able to harbour 20,000 yachts. Once completed. Marina Cube is expected to be a new tourist maritime and entertainment attraction, stretching over 13sqkm, and will feature a number of facilities, including an integrated entertainment city.
“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,” said Al Mannaei. “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.”
He added that close cooperation with other authorities in the luxury yachts segment helps boost tourism and foreign investment in the emirate.
“We are delighted to collaborate with P&O Marinas on the development of joint projects in the superyacht sector,” commented SMIP’s Keusseoglou. “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.”