Egypt's Orascom starts construction of 1.1 billion EUR Montenegro development

,,Lustica development’’ has started a preparatory work for the construction of tourist complex on the semi-island Lustica. Lustica Development AD was founded in 2008. The company is a joint venture between Orascom Development Ltd. (90%) and the government of Montenegro (10%). The plan is to create and operate the holiday resort that offers a wide range of amenities including 8 hotels, 1,600 apartments, 750 villas, a downtown area with all the necessary facilities offering shops, schools, medical services; 2 marinas, water sports opportunities, a conference centre, a Thalasso centre and an 18-hole golf course.

It is scheduled that the first stage of the project at the end of 2013. The whole project is worth of 1,1 billion of Euros. The prime minister of Montenegro Milo Djukanovic emphasized an importance of the project: ,,The Lustica project is an integral step forward the tourist development of Montenegro. I’m convinced that Orascom Development and Luštica Development will establish a sustainable and high quality resort.”

To develop the master plan, Luštica Development has contracted an experienced team of international experts under the guidance of EDSA, Fort Lauderdale, USA, with the support of Montecep, Kotor, as local partner.

News source: Balkans.com link: article