Swiss-based Orascom invests EUR 3mn in tourism project in Montenegro in 2010.

By bne IntelliNews April 19, 2011
Real estate developer Lustica Development, a joint venture between Orascom Development Ltd. (90%) and the government of Montenegro (10%) has already invested some EUR 3mn in preparatory works for the construction works under a EUR 1.1bn project on the Lustica Peninsula, company's CEO Samuel Meyer announced for Mina news agency. The project, which will be launched this spring, envisages the construction of several hotels, a port, a golf course, restaurants and a hospital, among others. The project is to create employment for approximately 10,000 people, the bulk of whom (about 9,000) would be working at the hotel complex. The whole project is scheduled to be completed in 15-20 years. We remind that Swiss-based Orascom obtained a 90% stake in tourism company Lustica Development in October 2009, while two months later the parliament approved a 90-year concession contract for about 7mn sqm of land on the Lustica Peninsula. Orascom Development works mainly in Egypt, but has also projects in Jordan, Morocco, Oman, Switzerland and the United Arab Emirates.

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