Dubai-based marina operator and developer Mourjan Marinas IGY has signed a deal with Russia’s Sochi Grand Marina to develop a new marina project.

Sochi Grand Marina is part of Russian state-owned shipping company Sovcomflot.

Mourjan Marinas will now build the new marina on the coast of the Black Sea that will accommodate 300 yachts.

The firm will also develop a passenger cruise terminal, retail, residential and hotel facilities in preparation for 2014 when Sochi port is hosting the Winter Olympics.

The deal follows a year-long period of design and technical and planning.