Milojko Spajic (BETAPHOTO/Parliament of Montenegro)
Members of the Montenegrin Parliament ratified two agreements between Montenegro and the United Arab Emirates (UAE) in the night between April 22 and 23 – the Agreement on Economic Cooperation and the Agreement on Cooperation in Tourism and Real Estate Development.
The agreements pave the way for a major controversial project of investing in the hinterlands of the Great Beach in Ulcinj, by Arab investor Mohamed Alabbar, which has caused fierce public criticism.
The agreements were ratified after a day-long debate, which began a day before the Easter recess and only 40 days after the public was first informed about the possibility of the investment in Ulcinj and about the Eagle Hills company of Arab investor Mohammed Alabar who, according to the media, is the builder of Burj Khalifa, Dubai Mall, Belgrade Waterfront and an exclusive complex in Albania’s Durres.
The Eagle Hills company and Mohamed Alabbar’s worth has been estimated at EUR2.3 billion. Montenegrin Prime Minister Milojko Spajic has presented Alabar as a credible investor, who would invest EUR35 billion. Still, as the investor himself explained in numerous media appearances in the previous days, this sum reflected “the broader economic effect of the project.”
The Ulcinj municipality is decisively against the agreement, with several protest rallies having been held in the town, with the message that the Great Beach was not for sale and that it was not a desert to build a new Dubai in.
To get full access to all content of interest see our
Subscription offer
Or
Register for free
And read up to 5 articles each month.
Already have an account? Please Log in.