Orascom Group, an Egypt-based development consortium, plans to invest approximately €1.1 billion into a new, upscale resort development on Montenegro’s Adriatic Coast.
As part of a strategic development partnership with the Montenegrin government, Orascom will acquire a 90-percent stake in the state-owned Lustica Development Co., which controls seven million square meters of land on the Lustica peninsula along the nation’s coast.
The project calls for development of a major tourist resort featuring various hotels, a golf course, three yacht ports, a school and a hospital. Various dining and retails components will also be developed. Not timetable has been set for the start of construction.
A spokesman for the Montenegro government said in a recent statement that officials expect the Lustica project to create up to 10,000 permanent jobs and produce €235 million in annual revenue.
Montenegro is quickly emerging as a leading vacation destination. According to the World Travel and Tourism Council, the country’s tourism industry project to grow at an annual rate of 8 percent over the next decade.