Mourjan Marinas IGY Signs Deals in Bahrain and Dubai

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(DUBAI, UAE) -- Taking its success in Dubai and elsewhere to Bahrain, Mourjan Marinas IGY signed a Memorandum of Understanding with Global Real Estate Development Co. (GREDCO) to develop two marinas in the Kingdom of Bahrain. The marinas are part of the Marsa Al Seef project outside the capital Manama.

GREDCO is a subsidiary of Global Banking Corporation (GBCORP), the developers and financial advisors of the Marsa Al Seef project. Mourjan Marinas IGY has signed a Memorandum of Understanding (MoU) with GREDCO for the development and operation of two marinas within the luxury Marsa Al Seef project.

The 26 million square foot waterfront project will include hotels, restaurants, and retail space to establish Marsa Al Seef as one of the region's premier marina lifestyle destinations. It will be a convenient drive for guests from Saudi Arabia and other Arab Gulf countries.

Michael Horrigan, CEO of Mourjan Marinas IGY, said, "This new venture enhances our dedication to the successful development of maritime lifestyles in the region and allows us to begin the new decade by contributing to the planning and design of this exciting new project for Bahrain.''

Maher Al Shaer, CEO of GREDCO, agreed. "We greatly value our partnership with Mourjan Marinas IGY and we look forward to consolidating this relationship by leveraging on Mourjan Marinas IGY's in-depth experience and strong development skills," he said.

Some of that experience comes from managing Festival Marina in Dubai Festival City. Mourjan recently renewed its contract with Festival City to use its design, engineering, management and marketing expertise to benefit one of Dubai's best known waterfronts. Mourjan Marinas IGY was founded late last year as a strategic partnership between Island Global Yachting (IGY) and the Malta based corporation G-Marin.

Established in 2005, IGY focuses on acquiring, controlling and/or servicing luxury-yacht marinas and the surrounding upland real estate properties. With headquarters in Fort Lauderdale, Florida, IGY also has offices in New York, St. Thomas, USVI, Barcelona, and Dubai.

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