DP World Group subsidiary P&O Marinas has signed an agreement with Monaco’s state-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 in the presence of Rado Antolovic, CEO & MD 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 manages the calm seaside “Mina Rashid Marina” project in Dubai. There are 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 sq km, featuring a number of facilities, including an integrated entertainment city.

Mohammed Al Mannaei, CEO - P&O Marinas & executive director - Mina Rashid 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.”

Al Mannaei pointed out the close cooperation with other authorities in the luxury yachts segment helps boost tourism and foreign investment in the emirate.

Keusseoglou said: “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,” he added. – TradeArabia News Service