DUBAI, 2nd November, 2022 (WAM) — 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 recently officially launched.

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 which is located in the one of the safest natural harbours in the world, under Adriatic42, the shipyard is undergoing a comprehensive redesign, transforming it into a premium superyacht refit and maintenance facility.

The launch was attended by President of Montenegro, Milo Đukanović; 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 approximately 100 staff, who bring a long tradition of maritime expertise to the yard. The former…