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Mourjan Marinas IGY establishes a strategic presence in the Black Sea

Sochi Grand Marina
Dubai, 10 June 2010: MOURJAN MARINAS IGY, the luxury developer and manager of marinas and yachting lifestyle destinations, announced that it has signed a binding agreement with Russian company Sochi Grand Marina, part of leading Russian shipping company, Sovcomflot.


The agreement will see MOURJAN MARINAS IGY undertaking one of the most prestigious marina development contracts in this highly lucrative market with the transformation of the port of Sochi. A new mixed use development at Sochi, including an over 300 yacht marina, will help this strategically placed Black Sea port prepare for its role as host city of the 2014 Winter Olympics.

Sochi Grand Marina has commissioned Mourjan Marinas IGY to develop both the new marina and land-based components at the Sochi development. This announcement follows a 12 month period of intense design, technical and business planning. The new vibrant city centre destination at Sochi seaport will also incorporate a long-distance passenger cruise terminal as well as high quality retail, residential and hotel accommodation, catering to the large influx of Olympic related tourism to this historic seafront recreational destination.

The revitalised seaport will be an impressive and welcoming point of arrival for visitors to the city for the 2014 Winter Olympics. It will provide the best international-standard tourist facilities whilst its carefully balanced mix of functions will become a year-round destination for city residents.

Michael Horrigan, CEO of MOURJAN MARINAS IGY, said:

"When we formed MOURJAN MARINAS IGY we said we were focused on a growth strategy and this agreement is a really exciting development for us. The Russian market has great potential for marine development and we are pleased to be working with Sochi Grand Marina on what will be a dramatic transformation of the port of Sochi as it prepares for the 2014 Winter Olympics and its long-term future. This development will set benchmarks in the region and we are proud to be part of it."

Konstantin Sakharov, CEO of Sochi Grand Marina, said:

"The reconstruction of the Sochi seaport is a truly unique project for the Russian Federation territory and the revival of the seaport and coastline will be a great accomplishment for the region. The project includes the waterworks construction, a new passenger terminal building, reconstruction of the original Marine Station building as well as the build and further exploitation of the infrastructure of the coastal port."

"We are providing the Sochi port with a beautiful first-class yacht marina which will be the first professional yacht marina unique for the Black Sea coast. Mourjan Marinas IGY is our chosen partner for this project as their extensive experience in marina development in the Middle East and Europe serves us well for this complex project.''

Sochi Seaport is a major strategic milestone in MOURJAN MARINAS IGY commitment to the Russian marina market and specifically the Black Sea coastline around Sochi. Adjacent to the major cruise terminal as well as the commercial centre of Sochi, the project will feature luxury hotels, a retail complex and a marina clubhouse representing a prestigious development that well represents the high quality market niche that MOURJAN MARINAS IGY projects target. The partnership with Sochi Grand Marina aligns MOURJAN MARINAS IGY with a Russian company that is equally focused on facilities that represent the best in international standards for design, safety and service.


Ghanim bin Saad Al Saad & Sons Holding