One of the largest global investors, Sheikh Mohamed Alabar, during his recent visit to Montenegro, discussed with top Montenegrin officials about investments that could reach hundreds of millions of euros, and possibly even billions. According to the BiznisCG portal, Montenegro hasn’t had such a significant investor since the time of Peter Mank, when Porto Montenegro entered history as an example of successful foreign capital and state partnership investment.
Mohamed Alabar is a name that resonates in the world of real estate and investment. The Emirati businessman became famous as the founder of Emaar Properties – the company behind the iconic Burj Khalifa skyscraper in Dubai and many other mega-projects.
Today, Alabar leads Eagle Hills, a private investment and development firm based in Abu Dhabi, specializing in the creation of modern city centers and luxury destinations worldwide.
His projects have become synonymous with quality and prestige, many of which stimulate local economies, create new jobs and attract additional foreign investments. Over the past three decades, Alabar has completed development projects in over 16 countries, each of them carefully planned as modern urban complexes with apartments, hotels, shopping malls, and other infrastructure.
As a global investor, Alabar is active both in the Far East and Europe. His name is especially known in the Balkans, where Eagle Hills has realized or announced several major projects. This regional focus has brought him to Montenegro, which he sees as the next destination for his investment endeavor. Thanks to his reputation as the man who “built a significant part of modern Dubai,” Alabar’s arrival in Montenegro is attracting great attention and generating optimism that the country could be the next success story in his portfolio.
A historic investment opportunity for Montenegro
Alabar’s visit to Montenegro is being compared to the time when Canadian billionaire Peter Mank launched the Porto Montenegro project in Tivat about fifteen years ago. Mank’s investment transformed the abandoned Tivat military port into a world-renowned marina and luxury resort, bringing hundreds of millions of euros in investments and giving the country a completely new tourism profile. A similar investment momentum is now expected from Alabar, whose recent visit has been marked as the most important investment visit to Montenegro in the past decade. He was warmly welcomed in Podgorica and Ulcinj – much like in Serbia and Albania, where local leaders gave him a similarly cordial reception.
During his visit, Alabar discussed investments with Montenegrin officials that could reach hundreds of millions of euros, if not billions. Montenegro has not had such a significant investor since Mank’s time when Porto Montenegro became a historic example of successful foreign capital-state partnerships. The Prime Minister and ministers called Alabar a “friend of Montenegro,” and in return, he highlighted the great potential of the Montenegrin coast and natural beauty. This enthusiasm reminds many of the early 2000s, when Montenegro attracted visionaries ready to invest in its transformation.
Focus on Ulcinj: The Airport in Štoj, luxury resorts and a new hospital
One of Alabar’s key interests is Ulcinj, Montenegro’s southernmost municipality known for the beautiful Velika Plaža beach and the untouched Ada Bojana, but also for being less developed compared to the northern part of the coast. Alabar sees Ulcinj as a major opportunity for the development of a new luxury tourist center on the Balkans. According to discussions during his meetings, several interconnected projects are planned that would completely change the face of the Ulcinj Riviera in the coming years.
The most ambitious of these projects is the construction of an airport in Štoj, located inland from Velika Plaža. The idea of an Ulcinj airport has been around for decades, but it has never had such concrete support from investors. The new airport would allow tourists from Europe and the world to fly directly into Ulcinj, significantly extending the tourist season and making it easier for high-spending guests to visit. Technical studies already exist – the planning documents of the municipality of Ulcinj have outlined the possibility of building an airport in this area, noting that its location near the Albanian border would be more of an advantage than a disadvantage. Alabar is ready, with the support of the state, to finance this crucial infrastructure, making Ulcinj the third Montenegrin city to have an international airport.
Simultaneously, investments in tourist complexes would stretch along the coast. According to sources close to the negotiations, Alabar’s Eagle Hills has already shown interest in the most attractive parts of Ulcinj – from Velika Plaža to the Mavrijan Peninsula. The plans include the construction of elite resorts with five-star hotels, villa complexes, a yacht marina, and accompanying amenities such as restaurants, spas, and shopping areas. One of the projects being mentioned is the “Green Gate” mixed-use complex, which would bring a modern urban center to Ulcinj, similar to those found in larger Montenegrin cities. The transformation also includes the revitalization of Ada Bojana, where luxury eco-lodge villas and recreational sports facilities would be built while carefully preserving the natural surroundings. All these investments aim to utilize the vast, untouched land of Ulcinj – the municipality has over 20 kilometers of unspoiled coastline – and turn it into an elite tourism destination that can compete with well-known Mediterranean resorts.
An important part of Alabar’s plan for Ulcinj also includes investments in social infrastructure, particularly in healthcare. During his visit, Alabar offered a donation to the local authorities for the construction of a new hospital in Ulcinj, demonstrating his intention to directly improve the quality of life for the residents. Currently, Ulcinj does not have a modern general hospital, and for more serious medical services, residents must go to nearby cities like Bar or even Podgorica. Alabar’s donation would enable the construction of a modern medical center in Ulcinj, benefiting the entire region. Such a gesture by an investor would not only improve healthcare services but also strengthen the local community’s trust that the project’s goal is long-term sustainable development, not just profit. Local officials praised this initiative, noting that it is rare for an investor to offer such significant support to the community alongside commercial ventures.
Economic benefits for the country: Lessons from Porto Montenegro and other projects
Such a large-scale investment would undoubtedly bring significant economic benefits, not only to Ulcinj but also to the whole of Montenegro. Experiences from previous foreign investments show the multiplier effect that a large project can have. The example of Porto Montenegro in Tivat is illustrative: since the launch of this marina-resort, Tivat has experienced an economic boom – it has become the municipality with the highest average salaries in Montenegro (the average net salary in Tivat reached 1,243 euros in November 2024, nearly 25% above the national average), and the local budget has increased several times over. The budget of the municipality of Tivat has steadily grown from 19.5 million euros in 2020 to a planned 32 million euros in 2025, largely thanks to the revenues from Porto Montenegro through real estate taxes, utility fees, and growing luxury tourism. This project has created hundreds of new jobs for the local population – from marina workers, hotel and restaurant staff, to marina and luxury hotel managers – transforming Tivat from a small base into a prosperous city. Similarly, it is expected that Alabar’s investment will stimulate job growth in Ulcinj, increase salaries in tourism and construction sectors, and boost state revenues through taxes and contributions.
Eagle Hills has proven to be a driver of local economies in other areas as well. The company emphasizes that through large development projects, it diversifies local economies, creates new jobs, attracts domestic and foreign investments, and promotes the development of business and tourism. In cities like Abu Dhabi, Amman, Cairo, and others where Eagle Hills is present, local communities have seen improvements in their standard of living and infrastructure.
Critics of such an approach sometimes question the terms and transparency of these agreements, but it’s essential to look at the bigger picture: why do regional leaders trust Alabar? The answer lies in his track record – few have the credibility to implement mega-projects from scratch like the man who built the Burj Khalifa and much of modern Dubai. This is why many governments eagerly embrace opportunities to work with him, aware that he brings what they lack – vision and capital for mega-projects that can define an entire era of development. In the region, it is noted that politicians appreciate measurable results (such as the square meters of constructed buildings, kilometers of roads, etc.), and Alabar offers them the opportunity to showcase such results to their voters.
For Montenegro, the good news is that both the state leadership and the investor quickly found common ground. The government has already announced its readiness to ease procedures for strategic investors and potentially offer special incentives, which is standard practice in other countries where Eagle Hills operates. With the friendly relations Alabar has built, it is expected that any potential obstacles – administrative or political – will be easier to overcome. The local community in Ulcinj, including representatives from various political parties, largely welcomes this investment.
