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|Qatari Diar to invest €250m in Montenegro resort|
|Thursday, 17 November 2011 00:00|
Qatari Diar Real Estate Investment, part of the emirate’s sovereign wealth fund, plans to invest €250m in a new luxury resort near the city of Tivat, Montenegro. It will be the fourth such resort being built in the region at the mouth of the Bay of Kotor.
Qatari Diar’s local unit said it will redevelop a 24 ha site with a luxury hotel, villas and apartments, sports facilities, shopping malls and restaurants. The project follows the purchase of an existing hotel near Tivat and will be among the largest direct foreign investments in tourism in Montenegro and contribute to positioning the country as a high-end tourism destination, says project’s director Anthony Skols. Preparation will take about 2-1/2 years. Although the tourism industry in Montenegro is seasonal, Qatari Diar expects the resort to be open year-round. The region already hosts Porto Montenegro, a luxury marina resort developed by a consortium around Canadian business Peter Monk, and two further projects on nearby islands by Swiss-based Orascom Development and Russia’s Metropol group. A further luxury resort project in the pipeline further south on the Montenegren coast is a joint venture between the municipality of Budva and Adriatic Properties 2 controlled by Greek businessman Petros Statis. This envisages 20 luxury villas on 27,387 sq.m. of land between Milocer Park and the small island of Sveti Stefan, now converted into a luxury hotel complex.Tweet