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news 14 Feb 13

Emirates Offer to Build Resort in Montenegro

Montenegro is mulling an offer from Abu Dhabi’s Royal Group to develop a 180 million-euro resort on the Adriatic coast.

Podgorica

Dragan Simovic, head of sales in Montenegro’s Privatization Council, said that the Abu Dhabi Royal Group was the only bidder for the 423,700-square-metre site between the coastal towns of Budva and Bar.

According to Simovic, the company is offering 21.2 million euro for the land and plans to complete the project in eight years.

A binding contract with Royal Group may be signed in May, pending the Council’s approval, Simovic said.

On February 5, the Deputy Prime Minister of Abu Dhabi, Hazza bin Zayed Al Nahyan, met the Montenegrin Prime Minister, Milo Djukanovic.

Montenegro and the United Arab Emirates have established warm relations as a basis for boosting cooperation in all areas of mutual interests, the two officials agreed.

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