CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Croatia To Have Dedicated Megayacht Marina

Croatia To Have Dedicated Megayacht Marina

by Carla Johnson, InvestorsOffshore.com, London

03 December 2007


Island Global Yachting, a Florida-based developer of luxury marinas and yachting lifestyle destinations, and Nautical Center Prgin, a Croatian marine industry company, have announced a joint venture to develop Croatia’s first dedicated megayacht marina.

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.

TAGS: Curaçao

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »