Montenegrin Prime Minister Milojko Spajić announced that the government has approved a framework economic cooperation agreement with the United Arab Emirates (UAE), paving the way for significant investments and development projects. He emphasized Montenegro’s growing attractiveness to global investors, particularly from France, UAE and Qatar, with a major project in Ulcinj being a key focus.
Investment prospects and key projects
Spajić highlighted ongoing discussions with French business representatives (MEDEF) for a bilateral economic agreement. He also mentioned a significant investment opportunity involving UAE-based Eagle Hills and its chairman Mohamed Alabbar, exploring the development of a major tourism complex in Montenegro.
- Ulcinj project: The government is considering a large-scale tourism development, including a marina, an airport, a hospital, and restoration of the Old Town. Spajić reiterated that there would be no sale of land, only long-term leasing.
- Infrastructure development: The investor is interested in building local infrastructure in Ulcinj and contributing to the Adriatic-Ionian highway project.
- Northern Montenegro investment: A separate tourism project focused on winter tourism is being considered, with estimated annual investments of €2-3 billion and state revenues of €500 million.
Concerns and opposition
The Ulcinj municipal assembly opposed the project on Velika Plaža, stating that decisions on major investments should not be made without local government and community involvement. Environmentalists and local politicians raised concerns about the ecological impact and potential changes to the region’s urban landscape.
Airport tender update
The tender for Montenegro’s airports has been extended, with the final bid submission deadline moved to May 7, following requests from three shortlisted companies.
Spajić urged political actors to avoid populist rhetoric, emphasizing Montenegro’s need to embrace large-scale strategic investments for long-term economic stability.
