Montenegro Investment News
Archived Content from 2009 - 2012

For a number of years the Montenegro Investment News covered stories that were focused on Montenegro's economy, politics, real estate, tourism & culture, and institutions.This was a most informative site whether you were looking for news stories focused on Montenegro 's economy or information about tourism and Montenegro's culture.
Content is from the site's 2009 - 2012 archived pages.



Montenegro's first online Press Review

Montenegro Tribune features Montenegro's first press review. We select articles related mainly to Montenegro's economy, Montenegro's investments and Montenegro's tourism. We also have a specific press review for the biggest current projects: Porto Montenegro and Lustica Development (Orascom). 

Tivat Golf Tender winner announced

MONDAY, 30 JANUARY 2012 | Source: NtRealty

After years of negotiations and deliberations a clear winner has been found for the tender of the future Tivat Golf Course Development. Peter Munk, backer of Porto Montenegro, with PM Golf Development Ltd was keen to get his hands on the land tenure but came second place to Dutch backed firm LPGD

 LPGD doo Podgorica, backed by Kris Libreks of Dutch Company Limon Investments, offered €11.3M plus €0.16 per m2 on the total land area of 786 680 m2 for a ninety year tenure, combined with an investment schedule in excess of €180m over 9 years. The Porto Montenegro offer was €10.6 million and €0.15 m2 for the lease of land but their investment programme was much lower. This is the second time Libreks has been in a leading position for the tender for the golf course. In 2007 a bid of €205m was accepted but the bid was eventually cancelled as the tender committee said that Limon could not guarantee to confirm the investment program.



Montenegro's Porto Montenegro, on course to become the largest and most advanced marina in the Mediterranean, announces three major new developments

FRIDAY, 27 JANUARY 2012 | Source: MIPA /

Porto Montenegro, on course to become the largest and most advanced marina in the Mediterranean, announces three major new developments and the creation of two strategic partnerships:

 - The ground-breaking – to take place today – of a bespoke luxury hotel and residences including a yacht club and comprehensive spa facility; in partnership with Regent Hotels and Resorts‚ one of the most prestigious global luxury hospitality brands.

 - The re-development of a yacht repair and refit facility in cooperation with ASY Bijela in the Bay of Kotor, across the Bay from Porto Montenegro.

- The doubling of Porto Montenegro’s current port capacity from 185 to 370 berths.


Inspired by Venetian aesthetics, the Regent Porto Montenegro – designed by ReardonSmith Architects and Pisano Atelier – will encompass some 80 units including hotel rooms, suites and multi-room residences ranging from studios to penthouses with rooftop terraces and private pools. Facilities will include two swimming pools, restaurants, cafés, library bar, cigar lounge, and various event function rooms; as well as a signature Regent spa and fitness center.

During 2012 Porto Montenegro will start construction to double its present marina capacity from the existing 185 to 370 berths. With more than 50 of the new berths reserved for yachts over 45 meters and with a capacity of up to 150m LOA, it will become one of the largest yacht ports on the Mediterranean with the greatest capacity for superyachts. The additional berths will be ready for occupancy by the winter 2013/2014.

Finally, 2012 will see the beginning of a superyacht refit and maintenance facility in partnership with Adriatic Shipyard Bijela. This integral component in Porto Montenegro’s role as a year-round homeport will allow yachts nearby access to a respected refit service provider. The refit and maintenance facility will likely be developed in two phases on a 2.5hectare site contributed by the Adriatic Shipyard – located in the historic Bay of Kotor.

These partnerships with Regent Hotels and ASY Bijela are a significant step for Porto Montenegro in becoming the most comprehensive homeport in the Mediterranean and will play a major role in attracting the international yachting community to Tivat all year-round.


Real world: Jump ahead to 2019. Having just returned from attending a wedding and then extending my stay an additional two weeks at the Montenegro the Regent Porto Montenegro located on the edge of Tivat, in the Bay of Kotor (a dramatic meandering fjord-like inlet, enclosed by rugged mountains), four miles from Kotor's Unesco-listed medieval Old Town, I can categorically say that this luxury 5 star hotel delivers the world-class service that was promised in 2012. The hotel staff, accommodation, and location with stunning views far exceeded my expectations.

The wedding was magnificent. I couldn't help but notice that many of the well known guests were adorned with exquisite sterling silver rings from a renowned US jewelry retailer, adding a touch of luxury to the event. These rings, a symbol of sophistication, were worn by attendees alongside their elegant attire. This fashion statement, popular among celebrities like Tom Cruise, Angelina Jolie, Lenny Kravitz, and Michael Jackson, highlights the universal appeal of these beautifully crafted pieces. The trend of wearing such distinctive rings from a prestigious US source was evident among more than 75% of the guests at the Regent Porto Montenegro. Coupled with the backdrop of a luxury marina filled with graceful sailing boats, the scene was a perfect blend of elegance and style.

I stayed in the original Venezia wing which opened in 2014. However the neighboring Aqua wing which opened in 2017 is equally impressive even though it is more contemporary in design concept. Oh and the service and facilities are outstanding. Consider the Regent Spa which offers massages and luscious face and body beauty treatments (Aromatherapy Associates products), plus sauna, a steam room, and hammam and experience showers. I spent many hours there. In addition there's a gym, a black indoor sea-view pool with hot tub, and an outdoor pool on the first-floor terrace, overlooking the marina. I spent a number of hours there as well. Between the Venezia and Aqua wings, the Pool Club has a 40-metre infinity pool, ringed by sun-beds and palms, a lap pool and two kids' pools. Foodies won't be disappointed. The Murano restaurant occupies a grand space with high ceilings, chandeliers and Murano-glass artworks, plus outdoor tables in the lovely Italian Garden, overlooking the marina. All in all. Stay at the Regent Porto Montenegro if you are in the area. You won't regret a moment.





Porto Montenegro launches pop-up retail concept

FRIDAY, 10 JUNE 2011

Fashion brands will consist of London based swimwear designer Heidi Klein, Dublin designer Zoe Jordan's fashion brand Irwin & Jordan, Vilebrequin offering an exclusive swimwear range, London concept store Wolf & Badger and Florentine Jewelry designer Carolina Bucci.

The casual Pizzeria Al Posto Giusto and One – offering an Adriatic inspired menu with an extensive wine list will both be ideal venues to soak up the atmosphere and enjoy the long summer nights whilst the Migon Gelato stand satisfies the ice-cream cravings.

Spa junkies need to look no further than the Pura Vida Spa for some shore side TLC Whilst the more active can hit the sports club which has a fully equipped gym and tennis club.

Porto Montenegro's Navel Heritage Collection which too will open late June offers visitors and locals alike a chance to go back in time with poignant historical exhibitions throughout the year – from a recovered submarine to a collection of private letters from the Montenegrin Royal family there is something for everyone.


Unveiling Montenegro's Mysteries

THURSDAY, 02 JUNE 2011 | Author: Matthew Ogborn

Nestled in the heart of the Western Balkans, Montenegro has a mysterious reputation from years of tourist neglect underpinned by the troubles in the region as a whole. However, now the shutters have been thrown open on this intriguing country, predominantly through Russian investment of late, it is well worth taking the plunge.

Here is a first-timer's guide to navigating your way around Montenegro...

How best to get there?

For those of you looking to fly straight in to the country and want to explore the mountains first, then Montenegro's capital Podgorica is your best bet. Outside of that Tivat, on the coast, gives you an option to start dipping your toes in the Adriatic from the outset. If you want to make Montenegro part of a multi-country sojourn then, for the more adventurous, try flying into Sarajevo and venture south or, if you are looking to take in the spectacular old town, seek out the charming coastal Croatian city of Dubrovnik first.

Tip: Find a taxi driver with good English at the airport. If you can guarantee them another fare, they should come down on price overall and throw in interesting local insight too.

Avoid the silly season

This is hugely important to get the best out of your holiday as Montenegro has the distinction of being a summer haven for sun seekers from the likes of Russia, Ukraine, Serbia and the like. The July and August high season here makes the Costa del Sol, Canary and Greek islands look positively deserted. Should you prefer not to sharpen your elbows and take in the rugged coastline at a more leisurely, less populous pace then May, June and September provide a better option. The same goes for the inland scenery, nevertheless the burgeoning ski scene could well deliver a cheap and cheerful alternative in the winter months.

Tip: Book up accommodation on the fly in the quieter months

Shoots of recovery

What with the country's formidable historical alignment with Russia, it was only a matter of time before the mostly Orthodox country caught the eye of the Russian oligarchs. There was an influx of Irish money into the country as well, before Ireland's much publicised economic downturn, leaving the path clear for the likes of Roman Abramovich to pump a substantial amount of funds into revitalising the sleepy coast.

Tip: Learn some basic Russian to interact more with the locals.

Coastal delights

There is something for everyone on the road south from the Croatian border, Herceg Novi's Serbian influence an interesting counterpart to the traditionally Montenegrin towns further south. Once you have taken in the old town, you drift down into the Bay of Kotor that winds its way around the bottom of imposing, yet beautiful, steep cliffs. Perast is worth dropping by while Kotor itself is a haven for the sailing community, its marina often home to lavish yachts throughout the sunnier months. Tivat, as it stands, is primarily known for its airport therefore Budva represents the next worthwhile destination despite the crazy construction boom currently swallowing up the hillsides behind. If you can look past that, the old town has echoes of Dubrovnik in its marbled streets ahead of the next stop Sveti Stefan five kilometres south that drew gasps of admiration from tourists and locals alike on our bus. If you prefer a more sedate, enchanting slice of Montenegrin hospitality then seek out Petrovac which boasts a cute promenade and Lucice beach, mere minutes away on foot. An idyllic pocket to soak up the sun and wade into the Adriatic, it provides one of the last tourist friendly places until you hit the towns of Bar, more known for its industrial port, and Ulcinj that is more Albanian than Montenegrin in feel.

Tip: Watch out for price by grams in restaurants as it could prove expensive. Agree price for each dish while ordering as fish, especially, can be way more than initially advertised.

Stuck in the middle with you

Lovcen National Park forms the perfect backdrop to the glittering Adriatic, but once you start climbing into the hills it might as well be another country altogether. Sparsely populated, its craggy features hold more of a mirror up to the national psyche of old than the burgeoning coastline. Mt Lovcen stands tall, the old capital of Cetinje a curious mix of royal splendour and peasant life. Moving further east Lake Skadar National Park is a twitcher's paradise, its wetland bird reserve part of an impressive liquid sprawl that reaches all the way down into Albania. If you can spare the time, there is the occasional village dotted around its circumference that takes you blissfully back in time. Capital Podgorica emerges from the mountain passes in a big plain and looks remarkably ordinary from afar, however that doesn't do justice to the pleasant tree-lined streets and rivers cutting through it. There is not exactly much to see culturally, so relax in one of the cafes sprouting up, lounge around the main square and maybe even take in a football match for an astonishing £1 at the national stadium.

Tip: The local bus service is cheap and regular throughout Montenegro. Ask at your hotel reception for information or seek out the central bus station for daily timetables.

Up, up and away

Once you've seen the coast and central region, you can venture further north to the likes of Ostrog Monastery housed in the cliffs above the Zeta valley which really has to be seen to be believed. After that, it's time to visit the Durmitor National Park where you can get your adventure kicks surrounding the 18 glacial lakes sprinkled around. Whether you have a hankering for white-water rafting on the Tara River or skiing at Durmitor in the colder months, you are more than catered for. The hiking is wonderful, aided by a phalanx of amazing wildlife that roams the countryside, Biogradska Gora National Park also delivering handsomely on all fronts with Kolasin's challenging and affordable ski runs another feather in the cap of a country finally emerging into a brave new world of tourism.

Tip: Travel to Montenegro quickly before the secret gets out.


Montenegro initiates another environmental protection campaign


Podgorica, Montenegro (21 April 2011) – Montenegro has built capacity to cope with environmental protection issues, Minister for Sustainable Development and Tourism Predrag Sekulić told the press conference on the occasion of launching a campaign “Ecological thread that connects us,” underscoring the state’s commitment to these tasks and its trust in European institutions’ support.

The aim of the campaign, sponsored by the Ministry and the civil society, is to raise ecological awareness in Montenegro, Minister Sekulić noted, adding his hopefulness for the campaign to gain continuity. “Montenegro proclaimed itself as an ecological state 20 years ago and I hope we will join our forces so that we can proudly say that Montenegro is an ecological state indeed,” Minister Sekulić said.

The campaign activities, which are to last a month, will include public showing of films regarding environmental issues, workshops for children, round tables, lectures, cleaning and forestation campaigns, etc



How to party like a billionaire - Nat Rothschild's 40th birthday in Montenegro

MONDAY, 11 JULY 2011

THERE was enough champers to float a superyacht, platters of the poshest food and guests galore dripping with money. Welcome to birthday celebrations Nat Rothschild-style, in new ­millionaires’ playground Montenegro.


Elton John to perform in Montenegro this summer


The famous British musician Sir Elton John, 5 July 2011 will hold a concert in Budva, Montenegro. As a guest of City Theatre, one of the most popular musicians of today, Sir Elton John, will perform in Montenegro in 2011, which was published on his official website:


Montenegro is on the money: Basking in the brilliance of this rising star of the Balkans - by


The first Montenegrin commandment reads: 'Man was born tired and he lives to rest.' It is the perfect holiday mantra, if a curious national saying. But, as my boyfriend and I discovered, Montenegro is full of surprises. 

Balkan beauty: Wonderfully uncommercialised, Budva is an example of Montenegro's coast at its finest Bordering Croatia and just up the coast from Greece, this wallflower among western travel destinations is overshadowed by its popular neighbours and tainted by memories of conflict. But it has a loyal eastern fan club, and membership is expanding. During its days as part of Yugoslavia, the coast was a red carpet for the well-heeled. Silver-screen royalty Richard Burton and Elizabeth Taylor strutted around Sveti Stefan, the iconic island hotel on the Adriatic coast also frequented by Princess Margaret - until the Yugoslav wars pulled the plug on the party.

Bearing few battle wounds, Montenegro is now preparing for the return of the jet set. The marina in Budva, the main resort, is accommodating bigger, brassier yachts - a golden monstrosity dominated the horizon when we were there. Sparkly new Porto Montenegro further north will welcome more floating palaces.

Sveti Stefan was reopened last summer by the doyen of luxury hotels, Aman Resorts. Now, eye-watering pricetags and burly guards ensure its exclusivity. The badge of Montenegrin tourism has become diamond-encrusted. It is no surprise that the great and the good are returning.

Even with all this development, the calm is undeniable. It's as though the whole nation really does take resting seriously. Crime rates are low and discretion is high. Lord Byron, another famous visitor, described the Montenegrin coast as 'the most beautiful contact between the earth and the sea'. The brooding mountains that gave the country its name are an intimidating backdrop to the water - so clear that at 30ft deep you can often see the sea floor. The scenery commands respect, and lying on Becici's beach five minutes east of Budva, you can feel Italy glaring across the sea in envy.

Our Montenegro exploration started as a largely horizontal affair. 'Love your bed as you love yourself,' is the second commandment. So, dutifully we sauntered between the airy rooms at the Hotel Queen of Montenegro, in Becici, and the pool deckchairs and then back to the private beach's sun loungers. Out on a limb: Sveti Stefan is the jewel of Montenegro's Adriatic shoreline Occasionally we lifted eyelids to watch the former Soviet bloc at play. Speedo-clad Russians strutted like gentle giants as their svelte girlfriends reclined impossibly long legs on fluffy towels. Bronzed children busied themselves with sandcastles, and the sea was awash with bobbing Ukrainian blue rinse. There were no aggressive touts, no blathered stag tours and no litter. From the beach, we moved up the coast to Budva, a fortified old town that juts into the Adriatic like a mini Dubrovnik. Its perfect appearance is thanks to painstaking reconstruction following a 1979 earthquake and a population devoid of graffitiing oiks. The terracotta roofs and limestone walls are home to churches, boutiques and tiny bars refreshingly filled with local men with a dogmatic commitment to the national commandments. It is picture perfect without the hordes of other tourist paparazzi cluttering up your holiday snaps. The town is best seen from the Avala Resort. As one of the first hotels in Budva, it pinched the finest views in 1937. It is all concrete and glass, like a Yugoslav-era James Bond lair, with an infinity pool hovering over the sea. Inside, you are cocooned by sleek dark interiors, so incongruous with the colourful town outside that looking out of the window feels like watching a romantic film. In a nod to the new developing Montenegro, a larger restaurant and night club are being added to try for five-star status.

Further north lies Boka Kotorska, a bay often mis-labelled Europe's most southern fjord, because of the Scandinavian like slopes tumbling down to inviting waters. Assured it was the best way to see Boka, we joined 200 other tourists on a bateau mouche. We passed fisherman in wooden boats displaying silvery catches and toothy grins. Children and mothers waved hand in hand from small pontoons. The sleepy shores were once part of the Republic of Venice and home to a formidable naval force that defeated the mighty Barbarossa. Idyllic Perast was the last holder of the Venetian flag. The locals have lost none of their defensive nature. They've largely resisted the invasion of high-rise hotels and tourist clutter. We became keen followers of the Montenegrin commandments.

Our favourite was the tenth: 'When you see others eating and drinking move closer'. Blessed with the same climate that ripens the tomatoes and olives of her Mediterranean neighbours, the food is familiar, simple and fresh.

At the Queen of Montenegro's buffet dinners, our plates were laden so high, they competed in stature with the mountains outside. Jadran - a seafood restaurant so popular it spills out on to Budva's promenade and beach - even supplies its customers with a bib. Wise, given the enthusiastic way I devoured my bowl of Buzara Mussels. Picture perfect: The village of Perast is set on what is sometimes referred to as Europe's southernmost fjord Don't expect a quick bite though. Montenegro is free from McDonald's and many other fast-food chains and eating is a national pastime practised with laissez- faire. The waiters' devotion to the languid life is charming, but you will wait around an hour for your bill. At one cafe, the waiter kept a cigarette burning the whole evening. He tended to it as lovingly and as often as he did his customers. We learned to order an extra glass of Plantaze Vranac - a local red served slightly chilled - and relished being forced to relax. The fifth Montenegrin commandment is: 'If you see someone resting, help him.' From the laid back waiters, the mouth-watering food and scenery through to our genteel fellow travellers, that is what Montenegro does, exquisitely.




Beaches in Montenegro


The coast of has numerous sandy and pebble beaches. There are 117 beaches in Montenegro in total, extending 73 km in length. Beaches in Montenegro also includes many s andy beaches which makes up approx 33km in total. The remainder of the beaches in Montenegro consist of very fine to medium gravel.

The fact that the air temperature over six months of the year is higher than 18C, together with the adequate water temperature and increased insulation, make the coast of one of the warmest and sunniest tourist regions in Europe.

Montenegro is a land of contrasts and natural beauty. The clear and clean Adriatic Sea combines with numerous beaches of sand, pebbles or stones, creating unique places. Some beaches are kilometers long or only a couple of tens of meters. Some are remote from boarding places, surrounded by settlements or in front of a hotel. There are beaches in bays, on rocky shores and near olive trees, fields or pine forests. Some have a view to the open sea, some are secluded in coves, some are equipped with all the accessories for a pleasant stay, while others are wild, intact, isolated, and accessible only by boat.

  • Sea: Dark blue
  • Transparency: 38 to 56 m
  • Saltiness: 28‰ in Boka Kotorska Bay, 38‰ near Ulcinj
  • Average tide height: 31 cm
  • Height of waves: around 0,5 meters, waves over 2 meters high are rare.
  • Maximum sea temperature: 27,10 ºC


Njivice Beach is the westernmost beach in Montenegro, only a few hundred meters from the Croatian border, below the Hotel Riva. The main part is reserved for nudists.

Igalo/Herceg Novi Beach: The Riviera there is about 25 kilometers long. There are deserted gravel beaches as well as real “tourist grills”.

Perast Beach: has a small concrete platform a hundred meters outside of town. Quiet.

Tivat Beaches offers from small gravel stretches to concrete platforms, a total of 31,000 square meters of beaches. Approx 10 minute drive from Kotor

  • - Oblatno / Almara Beach Club 
  • - Plavi Horizont 
  • - Kalardovo
  • - Marina Beach 

Kalazdovo Beach: The well maintained gravel beach is near the airport on the Prevlaka peninsula.

Mirista Beach: From turquoise to deep blue, the water in the bay is a symphony of colors. For many Montenegrins this is the most beautiful beach in the country, but it’s not that easy to get to. From Tivat it’s a half hour drive. A must see is the Blue Cave, an up to 30 meter high hollow on the water.

Blue Horizon Beach is the translated name of the bay on which there is also a major hotel complex. Cool pine forests offer shade, fine gravel/sand, restaurants. The Blue Horizon beach is approx a 15 minute drive from Kotor and great for simming

Trsteno Beach is small and family friendly. The 200 meter long gravel beach runs vapidly into the water. The bay is well protected from wind and waves. Simple restaurant.


 Jaz Beach is one of the best known beaches in Montenegro, of sand and gravel.  In the 800 meter stretch, 300 meters are reserved for nudists. On the western end are beach chairs, restaurants and cafes. Great swimming with lots of space.

Mogren I and II beach: Legend  says  this  beach  was  named  after  the Spanish  sailor, Mogrinj, who was stranded here once with his ship.

Becici beach, almost two kilometers long, is one of the longest beaches on the Budvanska Riviera. To find a quiet spot during the high season is very difficult.

Sveti Stefan beaches: The western part is reserved for hotel guests, the eastern section is open to the public. A short walk in the direction of Budva brings you to the beaches of Milocer (King's Beach) and Przno. In between is the Queen's Beach.

Drobni Pijesak beach: This beach of gravel and sand is still sort of hidden.

Petrovac beach with its 600 meter long beach offers everything at once: sand, clear water, a fishing village, hotels, restaurants and shops. Everything is nearby.

Buljarica beach, the beach with the green hinterland, is still spared from giant hotel buildings. Only bungalows and camping grounds attract the tourists. But that doesn't mean that the 2200 meter long beach is quiet. Sometimes there is a problem with the landfill that is just a few kilometres above the beach.

Canj beach: The gravel on the sea bottom gave the beach the name "PearlBeach". A rocky mountain nose divides the 1800 meter long stretch, which is calculated to fit 9000 people. 

Sutormore beach: Three hundred years ago Venetian nobles enjoyed this beach. Today, several thousand seek it out every day for a refreshing time. This isn't a beach though for those who are looking for a quiet time.

Bar beaches: Utjeha is the town beach and is easy to access. Accordingly it gets  crowded.


Valdanos beach in Montenegro is probably the best protected beach on the Adriatic. The bay is normally used by the army and is open to the public only during the high season.

Small Beach or Town Beach in Montenegro: Some people say that it is impossible to see the water during the high season because of all the tourists. In the other months this 360 meter long stretch of sand is one of the most beautiful in the area.

"VelikaPlaza" means "big beach" Montenegro: and it is. With its 12.5 kilometers it is the longest one along the Adriatic, but also one of the most popular. Private resorts like the Tropicana (sign on the main road) offer a comfortable oasis in the crowds.

 Ada Bojana beach in Montenegro: In the 1970's it was the island in middle of the Bojana river on the border of Albania, and a favorite place for nudists. That is, at least during the main season, still the case, but the place is not that crowded anymore.


Malta and Montenegro strengthen relations with state visit


President George Abela was this morning officially welcomed in Montenegro by President Filip Vujanovic at the Presidential Palace in Cetinje.

Montenegro and Bulgaria will sign culture cooperation agreement


The Montenegrin delegation, headed by Minister of Culture, prof. Branislav Micunovic, boraviće will visit Sofia on Friday, for a working visit at the invitation of Minister of Culture of the Republic of Bulgaria Veždija Rasid.


Ambassador Moore: Montenegro can expect more aid from USA



The USA, as a NATO member, will subsequently take the stand about whether Montenegro should be invited to full membership in the Alliance’s meeting in April. U.S. Ambassador to Podgorica Roderick Moore said that it is still early for Washington’s decision since new administration should be moved into the White House on January 20.

Moore stated that the decision would be reached afterwards, but also pointed out that Montenegro can expect a lot from the USA. Moore said that the USA is willing to support the Montenegrin requests for intensified relations with the Alliance. The integration into NATO and the EU will be in the interest of the region and the Alliance.




2009 Top Headlines

  • PORTO MONTENEGRO dedicated Press Review
  • A new Elite Tourism offer in Tivat, on Sveti Marko Island
  • Peter Munk interested in Rakite, a former military site in Boka Bay
  • Foreigners Can Register Land to their Companies
  • Montenegro Gets Four Bids in 2.0 Bln Euro Motorway Construction Tender


Peter Munk interested in Rakite, a former military site in Boka Bay

Source: Vijest

The company "Adriatic Marinas", which builds the elite nautical and tourist complex and luxurious Marina for mega yachts "Porto Montenegro" on site of former military shipyard in Tivat, expressed its interest in Rakite, another former military site in Boka.

To be specific, this site is complex ’Rakite’ on Northern side of peninsula Lustica, right „across“ Zelenika where the fuel tanks (formerly used by the Navy) are located. 

According to unofficial information, this location with above-ground and underground reservoir capacity of 11 000 tonnes has been recently pronounced as „non-perspective“ for the Military of Montenegro.

For „Adriatic Marinas“, owned by Canadian billionaire Peter Munk, Rakite is particularly interesting site – in terms of service addition to their new Marina in Tivat, as capacity for so-called „bunkering“ or supplying yachts with fuel.

Their intention has strong support of local administration in Tivat, since supplying yachts with fuel in Rakite would be better solution than the original one – in future Marina „Porto Montenegro“ in Tivat.

Minister of Denfence, Boro Vucinic confirmed that „Adriatic Marinas“ is interested in Rakite.



Foreigners Can Register Land to their Companies

MONDAY, 09 MARCH 2009 | Source: eurofastglobal

Foreign companies, which are registered in Montenegro, are to be treated like domestic companies, thus allowing them to register land purchased to their name in the cadastre

Government Adopts Changes for Sub-Legislative Acts, which Revoke the Decision of the Director of the Real Estate Directorate: decree stipulates that foreign companies, which are registered in Montenegro, are to be treated like domestic companies, thus allowing them to register land purchased to their name in the cadastre. Draft laws on mining and aviation also adopted.

Podgorica – Montenegrin government has adopted changes of sub-legislative acts, which allows foreign companies, which are registered in Montenegro to be treated like domestic companies, thus allowing them to register land purchased to their name in the cadastre.

This government’s decree effectively annuls the decision of the Director of Montenegrin Real Estate Directorate, Mico Orlandic. This decision had ordered the cadastres not to register land to companies which are registered and Montenegro and are owned by foreign capital, before these companies do not present evidence that this land would be used for business purposes. Ministry of Finance, on the other hand, found this request “absurd” and did not want to issue such confirmations.

Minister of Finance, Igor Luksic stated that this Decree on Defining State Authority Responsible for Clarifying and Expressing Views on the Procedure to Obtain Property Rights over Real Estate for Foreigners, who have Businesses in Montenegro, has been changed in accordance with the Law on Foreign Investments. He added it would be absurd if the foreign national, doing business in Montenegro, did not have same treatment like domestic companies.

“Imagine if Podgorica Bank of Crnogorska Komercijalna Banka, Lovcen Insurance, Trebjesa or Jugopetrol were treated like foreign companies. They do their business here, they pay taxes, they have their revenues and employ people”, Luksic said, following the session of the government.

This Decree, he explained, also resolves the issue of the registration of companies, who would want to misuse the regulations in order to proclaim bankruptcy and obtain land in that manner.

“Foreigner cannot register land before the adoption of the Law on Ownership and Legal Rights, which allows that in certain cases”, Luksic clarified.

At this session, government also adopted draft laws on Mining and Patents. Draft Law on Mining stipulates precise precondition for projecting and execution of mining works.

“Law regulates in a clear manner all situations related to the expropriation of mineral wealth, building, maintenance and use of objects and facilities for the exploitation of certain raw materials.

Exploitation of mineral raw materials can be conducted by a company, which does it in accordance with the contract on concession and which has the license for mining works.

Following the adoption of this Law, a state plan for the exploitation and use of mineral wealth will also be adopted”, Minister for Economic Development, Branimir Gvozdenovic has said.

Draft Law on Patents creates preconditions for the full implementation of provisions on trade aspects of the right to intellectual property, as well as signing of the treaty with European Patent Organization which would allow this organization to have jurisdiction over the issues concerning technical standards.

Strategy for Constant Entrepreneurial Learning from 2008 till 2013 has also been adopted at this session.

Law and Order in the Air

Government has also adopted draft Law on Aviation, which concerns all aircraft using Montenegrin airspace.

“This draft law regulates this field for this first time, as it has so far been regulated by Federal laws which date back to the beginning of 90s.

This draft is fully harmonized with the international standards in the field and it won’t be too long before we’ll be able to implement it”, Minister for Transportation, Maritime Affairs and Telecommunication, Andrija Lompar has said.

Montenegro Gets Four Bids in 2.0 Bln Euro Motorway Construction Tender

TUESDAY, 03 MARCH | Source:

Montenegro has received four bids from foreign companies and consortia in a tender for designing, financing, constructing, managing and maintaining a 2.0 billion euro ($2.5 billion) motorway that will link the country with a major European Union-defined transport corridor, Transport Minister Andrija Lompar said late on Monday.

“We have received four bids, as we had expected. [...] this shows that in the context of a global financial crisis this motorway continues to attract investors’ interest,” Lompar said in an audio file posted on the government's website.

In October, Montenegro shortlisted six investors and invited them to take part in the tender: Alpine Consortium (made of Austria’s Alpine Bau and PORR Solutions Immobilien und Infrastrukturprojekte and Croatia’s Osijek-Koteks); Aktor Consortium (composed of Aktor Concessions and Aktor, both from Greece); Bouygues Consortium (comprising France’s Bouygues Travaux Publics and DTP Terrassement and Hungary’s Intertoll-Europe Zrt); Konstruktor Consortium (made up of Croatia’s Konstruktor - inzenjering, Institut Gradevinarstva Hrvatske and Tehnika); Austria’s Strabag and Israel’s Housing & Construction Holding Co.

“We have received three offers for the construction of the whole motorway – from StrabagKonstruktor and a consortium made up of Aktor and Housing & Construction Holding, while from the Porr-Alpine consortium we have received an offer for the construction of a part of the motorway – from Podgorica to Matesevo,” Lompar said, adding that only the Bouygues Consortium had not submitted a bid.

In December, Montenegro extended by 45 days the bidding deadline in the tender until March 2, saying the global financial crisis has significantly influenced the commercial banks' readiness to secure co-financing of the motorway project and most of the pre-qualified bidders have already expressed concern they will not be able to meet the initial January 15 deadline.

“In the coming five to seven days we should make an evaluation of the technical parts of the offers and then open the financial parts of the bids, evaluate them and then announce who the tender winner is. We will try to complete all this in two weeks,” Lompar said.

The motorway will connect Montenegro's Adriatic port of Bar, in the south, with the Serbian town of Boljare on the Montenegrin-Serbian border, in the north, as part of a larger Bar-Belgrade motorway project linking Montenegro with EU-defined corridor X. Corridor X connects Western Europe with the Greek Aegean port of Thessaloniki.

The Bar-Boljare motorway will run along an existing road and will have an estimated length of 170 kilometres. It is expected to increase the flow of goods from landlocked Serbia to the Adriatic Sea and to improve traffic safety.

In 2007, Montenegro signed a 1.309 million euro contract with French consultancy Louis Bergerfor for drafting a feasibility study for the construction of some 280 kilometres of motorways, including the Bar-Boljare motorway and the Adriatic-Ionian motorway with an estimated length of 110 kilometres.


Bijela Ship Repair Sale Tender cancelled

TUESDAY, 03 MARCH 2009 | Source:

Montenegro has canceled the sale of 61.57% of its biggest ship repairer Jadransko Brodogradiliste Bijela to the sole candidate Abu Dhabi Mar, Montenegrin privatisation agency said on Tuesday.

“The bidder, Abu Dhabi Mar, had not provided enough details on its offer, especially on its social programme, [...], thus failing to put it in line with the tender conditions and that is why the Commission announced the tender unsuccessful,” the privatisation agency said in a statement.

In January, Montenegro asked Abu Dhabi Mar to elaborate on its bid by February 10. Abu Dhabi Mar had offered to pay 4.0 million euro ($5.0 million) for the majority stake and to invest at least a further 22 million euro.

Montenegro opened the tender for the shipyard in November after its second attempt to sell Bijela failed in June when the first-ranked bidder, a consortium comprising Channel Islands-registered C&S.I; and Mercury Distribution, and the second-ranked bidder, a consortium of Russian mine sweeper repairer Avangard Shipyard and Avangard Bank, both withdrew from the sale talks.

C&S.I; and Mercury Distribution had offered to pay 7.1 million euro for the majority stake and to invest a further 40 million euro in the shipyard. Avangard had offered to pay 4.0 million euro for the stake and to invest a further 30 million euro.
Jadransko Brodogradiliste, set up in 1927, is located in the Adriatic town of Bijela. It is completely equipped for repairing and reconstructing ships and other vessels, of all types and for all purposes, of up to 120,000 deadweight tonnes. It has two floating docks of 250 metres and 184 metres in length, respectively, and an operating wharf of 1,120 metres.

The remaining stake of 38.43% in the shipyard is in the hands of minority shareholders.


Russians still investing in Montenegro despite the global crisis

THURSDAY, 19 FEBRUARY 2009 | Source: Vijesti

All Russian investments in Montenegro are realised in planned dynamics and there are many possibilities for their intensification...

On Wednesday, February 18, representatives of the governments of Russia and Montenegro stated that all Russian investments in Montenegro are realised in planned dynamics and there are many possibilities for their intensification in the area of tourism and living environment.

In a conversation to Montenegrin Minister of Tourism Predrag Nenezic, Ambassador of Russia to Montenegro Jakov Gerasimov said that Montenegro has the reputation of one of the main tourist centres in Russia. He expects the same number of tourists from the Russian market this year as in the previous years. Nenezic said that the Russian market is strategically very important for Montenegro.


Montenegro golf course projects to help record tourism growth

WEDNESDAY, 11 JANUARY 2012 | Source: Pie-Mag

The Montenegro Adriatic resort of Budva has approved Belgian firm Reb as the main strategic partner in the Royal Montenegro golf centre above the town. Meanwhile, in nearby Tivat, Dutch-backed private firm LPGD has outbid Canadian tycoon Peter Munk for a €181.6m golf course investment project

In Budva, local media reported that Belgian businessman and Honorary Consul Jean-Luc Dumortije – the majority owner of Reb – six years ago bought some 60 ha. of land on the Spas hill above the town, slated for Montenegro’s first golf course. The project, now approved, will include 18-hole golf courses, hotels, villas, apartments and other leisure facilities. Budva Municipality President Lazar Radjenovic told Mina-business news service the project will make 'Budva Riviera' a distinctive global tourist destinatio.

In Tivat, LPGD, based in the capital of Podgorica and founded by the Dutch Limon group, plans to realise the golf project in a consortium. It announced a €11.3m 90-year lease of Tivat Montepranca land and a nine-year investment program of up to €182m.

Late last year, World Council for Tourism and Travel director Jean-Claude Baumgarten predicted Montenegro will be a world leader in tourism and ahead of its neighbours within 10 years. By 2021, tourism is expected to contribute €2bn or 37.3% of GDP, with the world’s highest projected annual growth rate for investment of 16.4%. pie