Montenegro the new Dubai?

February 14, 2008   | Turizmi / Turizam

Is Montenegro the new Dubai? It would seem it’s headed that way, with one of Britain’s richest men going up against Emirati investors to develop one of the country’s most beautiful stretch of beach. Roman Abramovich, a Russian billionaire that owns a string of mansions, a fleet of super-yachts, and his own football club, is preparing to bid for the eight-mile long Velika Plaža—or grand beach—near Ulcinj, where he plans to build a massive luxury tourist resort and turn the country into “the new Dubai”.

Heralded for its light, fine sand, the Velika Plaža is currently owned by the government. It is set to be privatised by public tender, however, in a sale that will be announced next month.Abramovich, an investment company owned by the rulers of the United Arab Emirates, and a Hungarian development company—that offered upwards of 2 billion £ to investment in the beach—are all expected to bid.Represenatives of Abramovich have been quietly buying private property along the Velika shore and near Ulcinj, however, ahead of the sale.

“I can unfortunately not reveal the details about my clients’ affairs, except that they are currently involved in acquiring property on the Velika Plaža and around it,” Dragan Prelevi?, the managing partner of the law firm Prelevi?, which represents Abramovich, told the British-based Sunday Telegraph newspaper.

© The Montenegro Times.