Europe > Southern Europe > Montenegro > Arab Company Set To Redevelop Montenegro Beach

Montenegro: Arab Company Set To Redevelop Montenegro Beach

2013/09/04

The Abu Dhabi-based Royal Group conglomerate is in the final stages of negotiations to acknowledge a transaction to buy what is popularly known as the Queen's Beach (Kraljicina plaza), which stretches between the towns of Budva and Bar, local media reported on Monday.

The Royal Group is said to have been the only company to respond to the 2012 call for bids to purchase one of the country's most beautiful tourist sites.

The Emirates company offered 21 million euro for the beach and promised 180 million euro of investments, and since February this year, it has been holding negotiations with the municipalities of Budva and Bar.

The government said before this year that the conditions laid down in the tender bid outline “could be part the majority challenging so far”, therefore ensuring that the chosen investor was of the highest quality.

If a transaction is inked any minute at this time, the envisaged construction of a tourist complex at the beach could start by the end of the year.

The initial phase is set to include building of a five-star ‘boutique’ hotel, a spa centre, a health club and a marine.

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