Drydocks World Expands Into Med Joining Dubai Consortium to Create Maritime Hub in Montenegro

Drydocks World, a DP World company, joins Consortium to transform the Bijela Shipyard into a world-class superyacht service, maintenance, repair and refit facility.

DUBAI, UNITED ARAB EMIRATES, November 13, 2020: The consortium of superyacht marina development and operating Group Adriatic Marinas (“ADM” - fully owned by the Investment Corporation of Dubai (ICD)) and Damen, the Dutch shipbuilding Group, have agreed that Damen’s role in the redevelopment of the former Bijela Shipyard, Boka Bay, Montenegro should now be taken up by a new consortium member, Drydocks World - Dubai, a leading provider of yacht service, maintenance, repair and refit as well as marine and offshore services to the shipping, oil, gas and energy sectors.

Drydocks World – Dubai’s (a DP World company), involvement in the Bijela Shipyard project brings considerable experience, capabilities and resource to the consortium, and will be key to ensuring that in addition to creating a world-class super yachting hub in Boka Bay, the project will achieve its ambitions of driving major development for Montenegro.

Adriatic Marinas Chairman His Excellency Mohammed I. Al Shaibani said: “This exciting project will not only regenerate the shipyard at Bijela but the whole marine engineering industry, and bring back to life the long and proud maritime history of Montenegro. We are delighted that our colleagues and partners at Drydocks World will bring their substantial resources and expertise to the project. Together we will reposition Bijela to become one of the Mediterranean’s leading superyacht repair and refit facilities.” He added, “Importantly, I would like to thank our colleagues at Damen for their substantial efforts in helping bring the project to this point of acceleration”

Following completion of the Government remediation works, the transformation of the yard by the Consortium will be completed over a 36-month period and will see it evolve into a superyacht repair and refit facility with plans to start some service work during this re-development period.

Bijela, Herceg Novi, is the historic homeland of marine engineering in Montenegro and with this Yard redevelopment, the region will once again bring the country’s renowned sector skills to the Mediterranean marine market.

In addition to the yacht service centre, the Consortium plans to establish a skills academy at Bijela to develop future generations of Montenegrin marine engineers. The skills academy will partner with the already established Superyacht Operations Training Academy at Porto Montenegro, which has been created in partnership with world leader in maritime training, Warsash Maritime Academy from the UK.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World said: “Drydocks World has played a key role in Dubai’s growth story, becoming a hub for the maritime industry in the Middle East. By forging a consortium of this nature between Adriatic Marinas and Drydocks World, we are bringing together the considerable combined resources and expertise to develop a world-class facility in Montenegro which will support the economy of the country.

This partnership will ensure the Bijela Shipyard can be rapidly regenerated. I am proud that Drydocks World, which has continuously and consistently delivered prestigious global projects, will be front and centre in this strategic development for Montenegro”

For Adriatic Marinas & Porto Montenegro media enquiries, please contact: Danilo Kalezic Senior PR & Marketing Manager Adriatic Marinas d.o.o. Porto Montenegro Tel: +382 32 661 037 dkalezic@portomontenegro.com

For Drydocks World media enquiries, please contact: Sumaya Tahlak Assistant Manager Corporate Communications Drydocks World Tel: +971 50 474 1222 Sumaya.tahlak@drydocks.gov.ae For DP World media enquiries, please contact: Roland Buerk, Head of Media Relations DP World Tel: +971 50 628 7856 roland.buerk@dpworld.com Hakam Kherallah, Int’l Media Relations Manager DP World Tel: +971 50 552 2610 hakam.kherallah@dpworld.com

About Investment Corporation of Dubai: ICD was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate. ICD, as the principal investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai’s most recognized companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include financial services, transportation, energy and industries, real estate and leisure, retail and other holdings. For more information about ICD please visit www.icd.gov.ae.

About DP World: We are the leading provider of smart logistics solutions, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions. We deliver these services through an interconnected global network of 123 business units in 54 countries across seven continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work. Our dedicated, diverse and professional team of more than 56,500 employees from 134 countries are committed to delivering unrivaled value to our customers and partners. We do this by focusing on mutually beneficial relationships – with governments, shippers, traders, and other stakeholders along the global supply chain – relationships built on a foundation of mutual trust and enduring partnership. We think ahead, anticipate change and deploy industry-leading technology to create the smartest, most efficient and innovative trade solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.

About Adriatic Marinas & Porto Montenegro: Adriatic Marinas is a wholly owned subsidiary of the Investment Corporation Of Dubai and is a specialist developer and operator of waterfront and specialist yachting destinations. Porto Montenegro is the Mediterranean’s leading luxury yacht homeport and marina village. The state-of-the-art facility has been designed to cater to the advanced needs of all yachts, their owners, guests and crew with specific infrastructure for the largest yachts afloat. The marina currently has 450 berths, more than 320 sold-out luxury apartments, as well as 70 units of ground floor retail made up of restaurants, bars, cafes, shops and amenities and a five star Regent Hotel with over 120 luxury suites and apartments.

About Drydocks World: Drydocks World - Dubai, a DP World company with industry experience of over 36 years has been a leading provider to yacht, marine and offshore services to the shipping, oil, gas and energy sectors. Conceived as an ambitious project under the guidance of H.H. Sheikh Rashid Bin Saeed Al Maktoum the late Ruler of Dubai, the yard is strategically located in a rapidly developing region of the world. Drydocks World completes over 300 projects a year on average, with a record of handling 42 refurbishment projects simultaneously. The yard is spread over 200 hectares, 4 dry docks with the capability of docking the world’s largest ship and over 3,700m of berth space. Drydocks World has always been an industry pioneer, undertaking innovative projects and breaking records with some of the largest offshore fabrication projects. The yard has received numerous awards and accolades including the British Safety Council’s prestigious “5 Star” rating for 14 years and the “Sword of Honor” for 11 years. Drydocks World aims to consistently deliver excellence and to achieve further success by positioning Drydocks World as an international Service Provider of choice.