Leading property developer Azmont Investments and consultant Henry Wiltshire International showcased a ultra-premium residential community project, Portonovi, coming up at Boka Bay in Montenegro, before UAE investors at a private event held in Abu Dhabi yesterday (December 17).

The 26-hectare development is ideally located between the mountains and sea with marvellous views of the pristine Adriatic coastline in Montenegro, said the developers.

Located south of Croatia with a mild Mediterranean climate, Montenegro is a land of the wild and precious beauty, characterized by an immense natural diversity and historic grandeur. It boasts two Unesco World Heritage Sites, including the walled town of Kotor.

The Portonovi Project of Montenegro has a total investment of $3 billion in construction with many hospitality branches such as Aman, Regent, Iberostar, Best Western, Ramada, Hilton and One & Only, said The Montenegro Ambassador to the UAE, Darko Uskokovic while unveiling the project at St. Regis Hotel in Abu Dhabi Corniche.

“These are just some of the brands whose presence is an indication that we are a serious player in the tourism market. Today, in Montenegro we have investors from 107 countries around the world, special values of those results are given by the fact that they have been achieved in years of devastating economic and financial crisis in the world, which logically limited the Montenegrin economy as well,” remarked Uskokovic.

The project is expected to flourish as Montenegro is one of the fastest growing travel and tourism economy in the world according to the World Travel & Tourism Council.

"Since independence, all economic indicators of Montenegro are positive with an average growth of 3.2 per cent GDP, as well as salaries doubling. The expected growth of investments in tourism in Montenegro is over seven per cent annually over the next 10 year," he stated.

In tourism and real estate, UAE has a presence in Montenegro with investments in the Capital Plaza in Podgorica which has become a landmark of the city with the new Belleville hotel and Hark Rock Café.

A new hotel resort is coming up on the coast by ADFG in Montenegro. In addition, earlier in May, ICD from Dubai acquired Porto Montenegro with hotel Regent and biggest marina for mega yachts in Adriatic.

Montenegro is dubbed as the future Switzerland of the Mediterranean, separated from Italy by the Adriatic Sea, Montenegro is full of strong contrasts. Its breath-taking scenery inspired artists, royal and celebrities for over many centuries.-TradeArabia News Service