Did the Arab investor give up on construction in Ulcinj?

The owner of the companies "Emaar Properties" and "Eagle Hills", investor Mohamed Alabar, has stated that he was wrong when he submitted the tender for the beaches in Ulcinj, that there is currently no project in Montenegro, and that, if any possible construction occurs, everything will be done only in accordance with the wishes of the local community.

Speaking at the RE:D real estate development conference in Podgorica, Alabar stressed that investments are difficult and risky, just like opening a cafe, but that he is open to dialogue and advice at every step of the process, reports Telegrafi.

He stressed that he has made mistakes before – both in Serbia and in Albania, where, according to him, he built too quickly. As for Ulcinj, he said that he should not have participated in the tender for renting out the beaches at all, calling it a “stupid idea.”

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He explained that he had wanted to realize a project of a beautiful beach bar, but that the financial assessment was wrong, and as a result he had unexpectedly won the concession for nine beaches. After that, he decided to return them to the local community because, as he said, he does not want to deal with that kind of business, reports "News".

"I have no intention of investing in Montenegro, everyone can be calm. I have no projects here and I want everyone to be calm. I currently work in 18 countries and manage projects with a total value of 55 billion dollars," Alabar said. He added that globally he owns 90 hotels and that about 200 thousand people work for his companies.

However, he said that all ideas regarding Montenegro are still in the initial stage and that he is ready to listen to useful proposals, but not meaningless criticism. He presented the vision for the development of Montenegro, which also includes the idea of ​​​​a youth entrepreneurship fund, as well as employment opportunities in his company "Noon".

If concrete projects are implemented, Alabar believes that parks, playgrounds for children and a technological university should be built. He also added that a conference center could extend the tourist season from four to eight months, which would allow for continuity in the functioning of the local economy.

Local businesses and public beaches

He stressed that he wants to include local businesses in every project, noting that there are over 600 of them within the framework of the "Belgrade on Water" project. He added that he is also ready to build beach clubs, restaurants, social housing facilities, an international marina and an airport, if these match the needs of the local population.

"Beaches should remain public and belong to citizens. If an investor sees an opportunity, he should take a small part of the beach, in accordance with the urban planning documentation, and see if the community benefits from it. If not – he should give up immediately," Alabar stressed.

He explained that funds for the projects would come from reliable banks, without speculation with the purchase and sale of land. Contracts should clearly stipulate that if construction is not completed, the land returns to the owner.

Read too Ulcinj's Grand Beach will not be given to the Arab businessman, Milatović reverses the law

“Everything has to go through parliament. If we work with local partners, we can decide together what they want and what they don’t want. Local laws determine the height of buildings and urban parameters,” Alabar said, adding that in some places half of the area must be set aside for gardens – and that he always respects these requirements.

In Egypt, he says, he built a project on an area of ​​4 million square meters worth 400 million dollars, and the value of houses quadrupled. In Marasi, he claims to have invested 50 million to build a children's playground, employed a total of 130 thousand workers, paid 600 million dollars in taxes, and customer consumption increased 11 times.

In Serbia, he claims that the value of real estate around the “Belgrade on the Water” project has increased by 80 percent since 2015, and currently employs 10500 people. “We pay the state 200 euros every day. Estimates that we pay only six million a year are ridiculous,” he added.

"I like Montenegro, but..."

Alabar said that he has been to Montenegro twice and that citizens recognize him and greet him on the street.

A passerby, he said, told him not to give up, something he considered a beautiful message. He described Podgorica as a beautiful city with hills around it.

Finally, he emphasized that he will not make investments unless there is a quality offer, recalling that international contracts with EU countries are subject to the procedures of the Vienna Convention.

In the event of investment, he proposed the creation of joint companies with local investors and a fully transparent oversight of tenders and all procedures through the Steering Councils.

Alabar spoke on a panel dedicated to megaprojects and their impact on the local economy. /Telegraph/