TIVAT, Montenegro (AP) — Canadian billionaire Peter Munk has sold his majority stake in Porto Montenegro, one of world's largest marinas for super yachts, to Dubai's sovereign wealth fund for a reported 200 million euros ($228 million).

Mohammed Al Shaibani, the executive director and CEO of Investment Corp. of Dubai, said Friday that the purchase of the marina "presents an opportunity for ICD to access a successful business with significant potential for development expansion, both in the marina and landside."

Munk, the founder of mining company Barrick Gold, owned 52 percent of Porto Montenegro's holding company. Other shareholders include Russian oligarch Oleg Deripaska and Lord Jacob Rothschild of the banking dynasty.

The marina and a resort, which was built as a Mediterranean rival to Cannes, are located at a former Yugoslav naval base.