Sustainable luxury resort worth EUR 1 billion to be built on Luštica Peninsula, Montenegro

Podgorica, Montenegro (15 October 2013) – Montenegro’s Prime Minister Milo Đukanović attended Monday the ceremony marking the start of construction of the first marina within the Luštica Bay, a sustainably oriented holiday resort in the municipality of Tivat, Montenegro.

“Projects such as the Luštica Bay are essentially important for us. They contribute to the improvement of our tourism facilities, while also paving the way for a new model of development of our country. Therefore, they are the best revocation of our commitment to developing principles of sustainable development, with full respect for the environment. And finally, these are God-given projects for mobilising domestic entrepreneurship, local small and medium businesses,” Prime Minister Milo Đukanović highlighted at the ceremony.

Luštica Bay, a large-scale development project at the Montenegrin coast, will be built on a 6.8 million square meter area on the Luštica Peninsula. The total value of the project, being implemented by the Montenegrin company Luštica Development AD, is estimated at EUR 1 billion. The company has already invested more than EUR 30 million in the project.

Luštica Bay envisages construction of 7 hotels, over 500 residential villas and townhouses, over 1,000 apartments, 2 marinas with mooring and docking support facilities, a Gary Player-designed signature 18-hole golf course, spas and wellness centres, conference centre and year-round amenities including shops, an international school and medical facilities.

Luštica Bay is a joint initiative between Orascom Development Holding (90%) and the Government of Montenegro (10%).

Swiss Orascom Development is a worldwide leader in the creation of sustainable luxury destinations, operating in Egypt, Jordan, United Arab Emirates, Oman, Switzerland, Morocco, Montenegro and Romania.