Abraaj Capital attracts new investment in ART Marine from Dubai International Capital

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ART Marine is a portfolio company of Abraaj Capital, the largest private equity firm in the Middle East.

Abraaj Capital acquired 58% of ART Marine for $10 million when the company was established in February 2005. Dubai International Capital is an existing partner of Abraaj Capital, having also invested in Abraaj's $500 million Buyout Fund 2.

'We are delighted to welcome Dubai International Capital as a major investor and, along with our founding investor Abraaj Capital, are excited by the growing interest in boat and marine activities throughout the region,' said Captain Alessio Tumbiolo, Chief Executive of ART Marine.

'ART Marine is focused on providing its customers a complete range of marine leisure services, from boat sales, charter and timeshare to full marina management options.'

Arif Naqvi, CEO & Executive Vice Chairman, Abraaj Capital said, 'It is heartening to see more strategic investors moving into Abraaj Capital's pioneering investments. It is a vindication of our investment philosophy, and augurs well for the overall development of ART Marine. It is a welcome move.'

Established in February 2005 to address the luxury boat, marine services and marina development potential in the Middle East, Art Marine is the exclusive agent for a number of leading luxury boat and yacht brands, including Azimut-Benetti, Atlantis, Monte Carlo Marine, Grand Soliel and Stompcraft and has concluded sales in excess of US$ 30 million.

With the ongoing growth in the number of marinas and seafront developments and the continued expansion of tourism into the region, ART Marine intends to further capitalise on the potential of this market through a significant expansion and the establishment of additional complementary business lines.

ART Marine will continue to expand and improve its boat sales and servicing offering and is also launching luxury boat charter and timeshare operations. In the near future, ART Marine also expects to conclude agreements to provide marina management and development services.