Qatari Diar will not give up on building the luxury tourist resorts

By Adnan Prekic – Podgorica

Representatives of Qatar national investment fund “Qatari Diar” bought at the auction five parcels at the bay Przno. The company from Qatar bought this land from the municipality of Tivat, thus eliminating all obstacles for the realization of 350 million valuable projects, for construction of a luxury tourist resorts. Two months ago, due to unresolved property issues, Qatar company announced that they could pull out of the project. The government of Montenegro had effectively reacted and adopted a decision for the expropriation of nearly 9,000 square meters of land in Przno, thereby removing the last obstacle for the completion of the project.

The government of Montenegro managed to keep the reputable partner from withdrawing from the project and continue planning luxury tourist resorts in the bay Przno on the Montenegrin coast. The investment worth 350 million euros has not been realized due to unresolved property issues. The company from Qatar did not want to start a serious investment before it became the sole owner of the land on which it plans to build the tourist complex. Several private owners of the property did not want to sell their property, thus they blocking the whole project, forcing the Montenegrin government to intervene in order to reach a solution.

In August of this year, after more than three years of negotiations and preparatory work, the project of building an exclusive tourist resort had discontinued. State investment fund “Qatari Diar” announced that it would suspend business operations in Montenegro. The attractive location of 300 thousand square meters in the cove of Przno was bought by “Qatari Diar” for almost 25 million euros four years ago from Tivat HTE “Primorje”.

State investment fund “Qatari Diar” have also established a specific company to carry out the project called “Qatari Diar Hotel & Property Investment Montenegro”. In the original schedule it is stated that 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, had failed to round the entire property complex in the cove of Przno.

Source: Independent Balkan News Agency (Montenegro)