The project will be located in the coastal town of Sibenik, adjacent to NCP’s existing Mandalina Marina. The site is located near the Kornati Islands National Park, Krka National Park, two UNESCO World Heritage Sites and Split International Airport.

Under the agreement, IGY will manage both the new megayacht facility and Mandalina Marina, through a newly-established company created via the partnership. IGY will also acquire an equity interest in the existing Mandalina Marina Additionally, IGY is negotiating the option to purchase an equity stake in the upland area adjacent to the new marina to compromise world-class shopping, food and beverage outlets and a hotel. Upon approval, this equity stake will be granted to IGY under a development agreement.

“This is clearly an important step for IGY and we are delighted to be working with NCP as we enter the flourishing Eastern Mediterranean market,” said Andrew Farkas, founder and chairman of Island Global Yachting. “Today’s announcement now adds the Mediterranean region to our growing worldwide presence, which spans from the Americas through the Caribbean and into the Middle East. Croatia’s international status as a world-class tourism destination is definitely on the rise and the yachting industry is central to that. This partnership will link both NCP and Croatia into IGY’s network of marinas which include some of the world’s finest facilities.”

“We are equally excited about this partnership and the economic benefits that it will bring to our community,” said Ivana Prgin, president of marketing for NCP. “The waters around Sibenik are acclaimed as one of the world’s greatest cruising areas and this new marina will enhance the experience even further. The megayacht market represents the world’s top demographic and IGY is at the forefront in serving these consumers.”

IGY marinas including locations such as: St. Maarten, St. Lucia, the British Virgin Islands, and St. Thomas, as well as properties in the Americas. In addition, IGY is at the forefront of the emerging marina market in the Middle East. The company is currently contracted to design, develop and manage up to 40,000 berths for Nakheel & Istithmar Leisure in Dubai, UAE. The first project, Anchor Marina will be completed in early 2008 on the much-publicized Palm Jumeirah. IGY’s Mediterranean network is being founded with this Sibenik facility and will quickly grow with projects under negotiations in other countries in the region. All of IGY’s destinations are known for the highest levels of facilities and service.

NCP was founded in 1995 as the first yacht charter in Croatia. It has expanded through the years and currently operates Mandalina Marina, Mandalina Shipyard (which provides repairs and refits for yachts up to 250 feet), a yacht charter company, and a sailing school division.