Adriatic42, a joint venture company between PM Holdings LLC, an Investment Corporation of Dubai (ICD) company, and Drydocks World Dubai, a DP World company, has recently been officially established.
The announcement marks the start of significantly improved operations at the facility in Bijela, Herceg Novi, Montenegro. The world’s largest sailing yacht, Black Pearl, earlier this month became the first boat to dock at Adriatic42’s superyacht shipyard for ongoing overhaul.
The Government of Montenegro granted a 30-year concession to the former Bijela Shipyard, located in one of the safest natural harbors in the world. Under Adriatic42, the shipyard will undergo a major redesign and be transformed into a premium superyacht refit and maintenance facility.
The opening was attended by His Excellency President of Montenegro Milo Đukanović, His Excellency Mohammed Al Shaibani, Managing Director of ICD, 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 around 100 people who bring a long tradition of maritime know-how to the shipyard. The former Bijela Shipyard, almost 100 years old, was the largest ship repair yard on the southern Adriatic. The new joint venture will expand this maritime legacy. Its location in one of the most desirable seas in the world makes it a haven for the global luxury yachting community.
His Excellency President of Montenegro Milo Đukanovićsaid: “From this day, the launch of Adriatic42 Montenegro puts it in the center of the world nautical tourism industry. Adriatic42’s comprehensive range of facilities and services from quality repairs and fabrications to berthing will allow yacht owners to enjoy Montenegro’s world-class marinas all year round.
“We now have an international standard marina and refurbishment facility in the country, further positioning our nation as a premier tourism destination in Europe and the Mediterranean to the shipyard, as well as a channel for specialized small and medium-sized businesses that can support the yachting industry.
“Adriatic42 represents a tremendous opportunity for our country, now and in the future.”
Executive Director of the ICD, His Excellency Mohammed Al Shaibanisaid: “The Investment Corporation of Dubai is delighted that the joint venture between its operations in Montenegro, PM Holdings LLC, and our marine engineering expert, Drydocks World Dubai, is being realized with the opening of Adriatic42’s specialist superyacht shipyard. Together We share the long-cherished ambition to reactivate Montenegro’s former Bijela shipyard in the Bay of Kotor and Adriatic42’s new conversion and repair facility, with the extraordinary superyacht marina village of Porto Montenegro as the backdrop, will create a unique and unrivaled year. round yacht center in the Mediterranean. This is just the beginning for Adriatic42’s superyacht services and we look forward to the job opportunities and prosperity they will bring to Montenegro.”
Adriatic42 Chairman, Captain Rado Antolovićsaid: “The opening of this unique facility for the overhaul and maintenance of megayachts marks the beginning of a new era of sustainable and modern shipbuilding worldwide. It is also a great boon for the shipping and yachting industry in Montenegro and more than EUR 40 million has been invested in the project to date, including the acquisition of the state-of-the-art infrastructure and investments in sustainable technologies.”
Captain Antolovic also emphasized the importance of environmental protection. Preserving the natural environment is one of the main priorities for the new facility, located in the unique Boka Kotorska. Adriatic42’s sustainable approach, which includes the highest environmental and safety standards to avoid 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.