Dubai Ports 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 built in three phases; the first, launched last November, features 500 berths and the final two, once finished, will be able to accommodate a total of 20,000 yachts. The new marina, which is called Marina Cube, is expected to become a new tourist maritime and entertainment attraction for Dubai, stretching over 13 square kilometers, featuring a number of facilities, including an integrated entertainment city.

Mohammed Al Mannaei, CEO - P&O Marinas & Executive Director said; “The marinas and superyacht market is a growing part of our business and we are building on Dubai’s maritime heritage and considerable expertise in building and operating marinas. 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 Manaei added that; “Close cooperation with other authorities in the luxury yacht segment helps boost tourism and foreign investment in the emirate”.

Aleco Keusseoglou, chairman of SMIP, said: “We are delighted to collaborate with P&O Marinas on the development of joint projects in the superyacht sector. Monaco is a 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.”