UAE to Develop Two Tourism Projects in Montenegro
The Government of Montenegro has established an intergovernmental agreement with the UAE that will enable the development of two major tourism projects – one in the south, one in the north of the country, Montenegro Prime Minister Milojko Spajić said.
In a post on X, the Prime Minister said: “The specific locations for the projects are still open for consideration and let the best win.”
The Government announced that the executive branch established the proposal for the basis for negotiations and the conclusion of an agreement on cooperation and this document will establish a framework in the field of tourism and real estate development between Montenegro and the UAE.
The document said that the agreement defines the development of the project in the south of Montenegro and the ski resort in the north of the country, as an integrated development of tourism and mixed-use real estate.
“Based on jointly identified projects of strategic importance and public interest for the economic development of both countries, the UAE guarantees that investors based in the Emirates and private sector entities cooperate with Montenegro Government, with the aim of full feasibility and implementation of the projects,” the document said.
The agreement also provides for the establishment of a Joint Commission whose task will be to monitor the implementation of projects.
“The document is concluded for a period of five years and will be automatically renewed for successive periods of five years, until one of the parties decides to terminate it,” the Prime Minister’s Office added.
The Prime Minster also held meetings with the presidents of southern and northern municipalities, and the Montenegro’s municipal leaders have been invited to submit proposals for potential ideas and development projects, which could be presented to the UAE authorities during the Prime Minister’s upcoming visit to the country in the next few days, the government said.
During the meeting, the Prime Minister informed the leaders about his plans aimed at promoting Montenegro’s investment potential. He emphasised the growing interest from investors but also pointed out a lack of initiative and efficiency from local governments.
This document will serve as a framework for future cooperation not only in tourism but other sectors including infrastructure, energy, agriculture, and finance.
Spajić also highlighted the positive impact of new investments on local businesses, as they create opportunities for growth and expansion.
Southern Project for Eagle Hills?
The UAE-based Eagle Hills owned by reputed developer Mohamed Alabbar is said to be in talks with the local authorities to develop the southern tourism project. The company has submitted the highest bids for four-year leases on 20 beaches in Ulcinj’s Velika Plaza.
The proposed project, which is expected to generate revenue of about $537 million per annum includes the Adriatic’s largest marina, an airport and hospital, restoration of Ulcinj’s Old Town, and contribute to the Adriatic-Ionian highway project.
