Megayacht Yard in Montenegro Adriatic42 is Now Officially Operational

Adriatic42, a joint venture company between PM Holdings LLC, an Investment Corporation of Dubai (ICD) company, and Drydocks World Dubai, a DP World company, was officially launched today, 2^nd November 2022.

The announcement marks the beginning of significantly enhanced operations at the facility in Bijela, Herceg Novi, Montenegro. The world's largest sailing yacht, Black Pearl, became the first boat to dock in Adriatic42's superyacht yard earlier this month for its ongoing refit.

The Government of Montenegro granted a 30-year concession for the former Bijela shipyard and under Adriatic42, it is undergoing a comprehensive redesign, transforming it into a premium superyacht refit and maintenance facility. The launch was attended by the President of Montenegro, Milo Dukanović, His Excellency Mohammed Al Shaibani, Managing Director of ICD, His Excellency Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, Captain Rado Antolović, CEO of Drydocks World and Chairman of Adriatic42, David Margason, Managing Director of Adriatic Marinas – Porto Montenegro, Stevan Katić, Mayor of Herceg Novi Municipality, Željko Komnenović, Mayor of Tivat Municipality, and numerous other dignitaries.

Adriatic42 already employs approximately 100 staff, who bring a long tradition of maritime expertise to the yard. The former Bijela shipyard, nearly 100 years old, was the largest ship repair yard in the Southern Adriatic. The new joint venture will extend this maritime heritage. Its location in one of the most sought-after seas in the world, makes it a haven for the global luxury yachting community.

President of Montenegro, Milo Dukanović, said: “Starting from today, with the service provided by Adriatic42, Montenegro presents itself to the world as a well-rounded facility for nautical tourism that, in addition to moorings, offers to yacht owners and their crews quality repairs, relieving them of the need to temporarily move from Montenegrin marinas every year. We are proud, that this is the first marine facility of its type and scale in Montenegro. And that contributes to the perception of Montenegro as a new tourist destination in the Mediterranean and in Europe.

“The development of the project will create hundreds of jobs. In addition to those in the shipyard itself, opportunities will be created for numerous small companies that provide special services, which represents a great opportunity not only for the present, but also for future generations.”

Managing Director of ICD, His Excellency Mohammed Al Shaibani added: “The Investment Corporation of Dubai is delighted that the joint venture between its operating business in Montenegro, PM Holdings LLC, and our expert marine engineering partner, Drydocks World Dubai, is being realized through the opening of Adriatic42’s specialist superyacht shipyard. Together we’ve shared a long-held ambition to re-activate Montenegro’s former Bijela shipyard in Kotor Bay, and Adriatic42’s new refit and repair facility, with the extraordinary superyacht marina village of Porto Montenegro as its backdrop, will create a unique and unrivalled year-round yachting hub in the Mediterranean. This is just the beginning for Adriatic42’s superyacht services, and we look forward to the employment opportunities and prosperity which they will bring to Montenegro."

Chairman of Adriatic42, Captain Rado Antolović, said: “The opening of this unique facility for the refit and maintenance of mega yachts, marks the beginning of a new era of sustainable and modern shipbuilding globally. It is also a great boon for the maritime and yachting sectors in Montenegro, with more than €40 million invested in the project to date, including for the acquisition of the state-of-the-art infrastructure and investments in sustainable technologies.”

Captain Antolovic also outlined the importance of environmental protection. Preserving the natural environment is a key priority for the new facility which is located in the unique Boka Kotorska. Adriatic42's sustainable approach, which includes the highest environmental and safety standards to prevent environmental pollution, is supported by new and modern equipment that allows the facility to maintain an energy-efficient way of doing business and the intelligent use of alternative energy sources.