New superyacht marina and residences near Sibenik planned

(MENAFN Press) Island Global Yachting (IGY), one of the world's premier owners, developers and managers of luxury marinas and yachting lifestyle destinations and Nautical Center Prgin (NCP), one of Croatia's leading marine industry companies, announced today a joint venture to develop Croatia's first dedicated megayacht marina. The IGY-branded project will be located in the coastal town of Sibenik, adjacent to NCP's existing Mandalina Marina. The site is conveniently 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."Frank Garrison, CEO of IGY added, "As we join forces with NCP, we look forward to joining the entire Croatian community, and working together with the people and the businesses of this great country to deliver one of the premier marinas in the Mediterranean, if not the world.""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 developments are not only enhancing and revitalizing their local areas, but the network of properties is setting new standards for service and quality in nautical tourism. 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 has made great strides in the Middle East marina industry in a short space of time. I'd like to congratulate the whole IGY team on the creation of this partnership and I am extremely pleased with the input of the Middle East team in securing the deal. This is a clear demonstration of our global ambition and we now have the opportunity to take the IGY marina experience beyond the GCC and into Europe," explained IGY's Middle East & Asia CEO, Ralf Heron. 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.