Mohamed Alabbar, the founder of the international development firm Eagle Hills, has put forth a new partnership model aimed at landowners in Ulcinj. Instead of pursuing traditional land purchases or leases for upcoming tourism and real estate projects along the coastline, Alabbar’s proposal seeks to establish a joint development company that aligns the interests of both investors and local property owners.
The proposed model involves forming a joint company where landowners contribute their properties as equity, while Eagle Hills would supply the necessary capital, expertise, and management for development projects. This structure allows local landowners to maintain ownership stakes in their properties instead of opting for outright sales or long-term leases.
Eagle Hills representatives indicated that this approach aims to foster a shared economic interest between the investor and the local community. By avoiding traditional arrangements that could lead to landowners losing their property rights, the partnership would enable them to benefit from the long-term value generated by tourism development.
This proposal emerges during ongoing discussions regarding significant tourism investments in the Velika Plaža area near Ulcinj, recognized for its extensive sandy beach and potential as a key development site in Montenegro’s tourism sector. Previous meetings between Alabbar and local stakeholders suggested that various investment structures were under consideration, including partnership models supported by financial guarantees rather than direct land acquisition.
Through this proposed structure, landowners would effectively become shareholders in the joint development company, allowing them to share in future revenues while retaining some control over their property utilization. Such collaborative models are often utilized in large tourism initiatives where land ownership is fragmented among multiple private entities, complicating direct purchases.
The Ulcinj region is regarded as one of Montenegro’s last major undeveloped coastal areas with considerable tourism potential. Discussions have frequently focused on high-end resort developments, eco-tourism projects, and integrated tourism infrastructure aimed at transforming the area into a prominent Adriatic destination.
Eagle Hills has established a reputation for executing large-scale real estate and tourism projects across various countries, including Dubai, Abu Dhabi, Serbia, and Albania. The company’s investment strategy typically emphasizes waterfront urban developments and luxury tourism complexes that combine hotels, residences, and commercial spaces.
In Montenegro, talks about potential investments in Ulcinj have sparked both enthusiasm and concern. Proponents argue that large-scale tourism projects could enhance infrastructure, create jobs, and improve international visibility for the region. Conversely, critics have raised alarms over environmental issues, land ownership complexities, and the sustainability of extensive coastal developments.
By advocating for a joint-company structure instead of direct land purchases, Eagle Hills appears to be addressing some of these apprehensions while seeking broader acceptance among local stakeholders. This partnership model could facilitate direct participation for landowners in the economic advantages stemming from tourism development while alleviating tensions linked to foreign acquisitions of coastal lands.
The ongoing discussions with landowners form part of a wider effort to outline future investment project frameworks in the Ulcinj area. While it remains uncertain whether this joint-company model will receive adequate backing from property owners, it highlights an emerging trend towards collaborative investment structures in significant tourism developments—especially in regions characterized by widely distributed local land ownership.
