Qatari Diar give up on its investment in Montenegro

By Adnan Prekic – Podgorica

State investment fund of Qatar “Qatari Diar” has decided to halt construction of the hotel complex “Beyond the Horizon”, due to problems with land ownership. After more than three years of negotiations and preparatory work, the project of building an exclusive tourist resort is being discontinued. State investment fund “Qatari Diar” announced that it would suspend business operations in Montenegro. Montenegrin government has stated that they have not received an official explanation for the cancellation of “Qatari Diar” for the cancellation of the construction of the hotel complex.

After three years of preparatory work, the project of construction of exclusive hotel complex, worth 350 million euros has been suspended. One of the project managers said to the daily newspaper “Vijesti” that Qatari Diar give up the construction of a high-class rank of five plus star and exclusive villa in a beautiful cove with a sandy beach in Krtole near Tivat. From the state investment fund of Qatar it was announced that the problems in acquiring land ownership made ​​this project unsustainable.

The attractive location of 300 thousand square meters in the cove of Pržna was bought by “Qatari Diar” for almost 25 million euros four years ago from Tivat HTE “Primorje”. Katarci have also established a specific company to carry out the project called “Qatari Diar Hotel & Property Investment Montenegro”. The original schedule said the complex was originally supposed to be opened in September of this year. The official reason for the abandonment of the investment is that the fund from Qatar after three years from the beginning of the project, failed to round the entire property complex in the cove of Pržna.

The Government of Montenegro says that they are surprised by the decision of Qatari Diara and that they still have not received any official notification. The ministry of Tourism has stated that they are surprised by such a decision. The Government recalled that the Municipality of Tivat in late July adopted a revised detailed urban plan, which is fully in line with the developmental potential that the investor planned, thus creating conditions for the development of the planning documents and obtaining building permits.

Source: Independent Balkan News Agency (Montenegro)