Dubai-based conglomerate Meraas, in partnership with global investment company Dubai Holding, signed an agreement with D-Marin, operator of the largest chain of marinas in the Eastern Mediterranean, to establish Dubai as a global capital for luxury yacht marinas, Invest-Gate reports.

Under the deal, the joint venture will manage and operate existing and future marinas developed by Meraas and Dubai Holding including Port de la Mer and Jumeirah Beach Hotel, Meraas said in a statement on November 13.

The agreement is an attempt to make Dubai a regional center with global standards for renovation, service, and maintenance of luxury yachts and boats in the emirate, similar to D-Marin backed MB92, which operates in Spain and France, Meraas added in a statement.

“The partnership aims to provide world-class services to boat and yacht owners and users around the world and to create a calendar of marine activities, boat races, and other marine events, contributing to strengthening Dubai’s position as a global hub for this sector,” according to the statement.

It also includes long-term provisions for the development of marina lifestyle destinations through various investments into other sectors in the Middle East and the Far East.

“With the completion of Dubai Harbour, Meraas will own and operate the largest marina in the Middle East and North Africa with 1,100 berths, doubling the berths available in the UAE,” the statement highlighted.

Speaking on the initiative, Chairman of Meraas and Group Chairman of Dubai Holding Abdulla Al Habbai said, “The success of the two companies in attracting a global operator such as D-Marin to invest in the luxury marinas sector is aligned to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, to promote Dubai as a leading international tourist destination and position the UAE at the forefront of world’s most business-friendly countries.”

“This agreement will contribute to attracting new foreign investment to Dubai, which has high rates of direct investment growth in high-value sectors,” the chairman added.

D-Marin’s role in the project includes advising on the technical and design aspects of the marina projects to improve cost efficiencies.