Visit-Montenegro.com : Jaz, Lucice and Valdanos Picked from a Plane

Budva – Executive team of world-famous investment corporation “Beny Steinmetz group” (BSG) from Israel and its’ partner company “Dubai World”, which is owned by the government of Dubai, presented ambitious plans of their investment to Montenegro. The event took place at hotel “Splendid” yesterday.

While emphasizing that several locations “caught their eye” while they flew above Montenegrin coastline in a plane, owner of BSG, Beny Steinmetz and Chairman of the Board of Directors of “Dubai World”, Sultan Ahmed bin Sulai, have informed their conversation partners from Montenegro – Deputy president of Democratic Party of Socialists, Svetozar Marovic, Budva’s Mayor, Rajko Kuljaca and town’s manager, Aleksandar Ticic - that the sphere of their interest in Montenegro includes “building of high class hotels and real-estate.”

Earlier, Steinmetz addressed Marovic in a letter, in which he emphasized how thrilled he was about Montenegro and announced his readiness to invest with his partner.

Marovic offered all necessary assistance, in order to facilitate that these investors, who are among the most serious companies to show interest in Montenegro so far, would invest their capital not only in Budva, but also in the other parts along the coastline which they found might be the most attractive for the development of the hotel business.

As “Vijesti” have learned from their sources, investors have expressed their particular interest to invest in bays of Lucice, Jaz and Valdanos. Budva’s delegation presented Buljarica, as the “investment jewel” on the Adriatic coast.

Although this arrival is the first visit by the representatives of this international investment group, their plan is to, as they announced, build a six-star-hotel and introduce world-tourist-brands to Montenegro.

In his letter to Marovic, Steinmetz also mentioned his interest for Velika plaza beach, which would be another potential location for investment.

Steinmetz introduced his company, explaining that it had significant investment in North America, Europe, Africa and former Soviet Union.

Projects of BSH are focused to real-estate, via companies “Scorpio Real Estate” and “Five Months Properties”, natural resources through companies “BSG Resources” and diamonds, through “BSG Diamond Groups” company.

Total annual turnover of BSG exceeds US$ 3,5 Billion. Company employs over 10,000 people. Active projects it runs in the region of former Yugoslavia include two companies – “Feni” in Kavadarci, Macedonia and “Feronikl” in Kosovo.

Partner company, “Dubai World” is 100 percent owned by the government of Dubai, which runs and controls a wide specter of portfolio projects in tourism, real-estate sector, transportation, logistics and financial services.

Total property of “Dubai World” comes up to US$ 100 Billion. Company employs hundreds of thousands of people across the globe. Total Annual Revenue in 2007 had been US$ 10,6 Billion.

“Dubai World” is a powerful economic developer in the region and the entire world, through a series of its’ successful companies. Sultan Ahmed bin Sulaem is a leading businessman in Dubai, whose vision and deals assisted the development of this world-leading tourist destination.

He also runs the company “Nakhell”, which is in charge of sector of tourist development and real-estate, as a part of “Dubai World” Group. This company had also built “The Palm TM”- three largest human-built-islands islands in the world.

To Build in Buljarica Would Require Half a Billion

Among other issues, investors have also expressed interest to obtain the information about the ownership structure in Buljarice.

Bearing in mind that 150 Hectares – out of 1,100 Hectares at Buljarice field - is in private hands, investors have been informed that it would be necessary to pay around half a million Euros in order to buy out this private land. This would be the best solution for the investment.

From its’ side, through the company “Budva Holding”, Municipality would be prepared to undertake a joint venture with the future investor and offer some 700 Hectares of land at Buljarice Field. The investors’ part would be the building of the hotel and other infrastructure.

According to the spatial plan of Budva, Buljarice is marked as a brand new tourist town for exclusive clientele.

(30 July 2008)

By: V.LAJOVIĆ