923.4 million euros were invested in the construction of the Porto Montenegro tourist complex until the beginning of this year, which is twice as much as the contracted 450 million euros, according to the information on the status of priority tourist projects in the second half of last year, which was considered by the Government last week.
The complex has been owned by an investment fund from Dubai since May 2016, the contract for the development of that destination was signed in August 2008 with Adriatic Marinas and P. M. Securities INC.
In the construction of the Portonovi complex in Kumbor, the Azerbaijani investor and owner Azmont Investment has invested 835 million euros since February 2013. And they have many times exceeded the contracted investment of 258 million euros for the first eight years of the lease.
447 million euros have been invested in the Luštica Bay tourist resort in Tivat since 2009, when 90 percent of the ownership was acquired by the Swiss-Egyptian Orascom Development Ltd. They invested 36.6 million euros in the reconstruction of the Mamula fortress on the island of Lastavica.
The investor Adriatic Properties has invested 11.7 million euros in the construction of the Kraljičina plaža hotel in the Sveti Stefan neighborhood in Budva until 2022. That year, work on the construction of that hotel was stopped, and the hotels Miločer and Sveti Stefan were closed, because the tenant Adriatic Properties could not agree with the Government on the protection of the complex, since the residents of Sveti Stefan demanded that all beaches be accessible to them and their guests. Since then, the dispute has been in the arbitration court in London.
The Qatari investment fund Qatari Diar, which took over the complex in 2010, invested 1.7 million euros in the Blue Horizons tourist complex last year for the maintenance of the location, the functioning of the company and interest on loans.
By the way, the construction of the building has not even started. In 2015, the government gave consent for the execution of preparatory works, and in 2018, five building permits for the construction of auxiliary buildings, a hotel, an underground garage, infrastructure and residential villas, which expired after two years. In December 2019, the chief state architect approved the conceptual design for the beach bar and the residential villa, which has also expired, the government states, adding that the beach is currently being prepared for the season.
As of September 2017, the Karisma Hotels Adriatic Montenegro consortium has invested 26 million euros, out of a total of 31.8 million contracted, in the valorization of the former Belvi and Olimpik hotels. More precisely, the Bellevue hotel with its outbuildings was reconstructed to the level of the four-star category.
The implementation of the contract for the lease of the military-tourist complex "Mediterranean" Žabljak from 2018 with the consortium of companies CG SKI and Baltic International Trading from Estonia for 30 years was suspended in 2020 due to the negative opinion of the World Heritage Center. The investor sued the state in June 2021 and the dispute is ongoing.
The consortium Kolašin 1600 and the Albanian company Gener 2 have invested 20 million euros in the Kolašin 1600 mountain center since 2019, when the protocol on the entry into force of the land lease agreement was signed.