Project of Luštica Bay luxury resort goes according to plan

Podgorica, Montenegro (13 October 2014) –Project of the Luštica Bay sustainable luxury resort in the Bay of Kotor, Montenegro, is being implemented according to plan, Chief Executive Officer of Luštica Development Darren Gibson noted at today's meeting with Montenegro’s Finance Minister Radoje Žugić. He added that the construction of apartment buildings is nearing its completion and that considerable progress has been seen in the marina construction.

Furthermore, negotiations with world-renowned operators are underway and are aimed at ensuring that the construction of the luxury hotel complex begins in the second half of 2015, Mr Gibson said.

Minister Žugić praised the established partnership relation with the renowned investor, emhasising the Montenegro government will, through offering incentives, form the basis for creating a predictable and stable business environment.

"I expect these measures to attract new investors to make investments not only in high-end tourism, but in other sectors of Montenegro's economy rich in resources," he pointed out.

Minister Žugić and Chief Executive Officer Gibson agreed on regular reporting on the construction of the luxury resort, as well as on boosting cooperation in all fields which can accelerate the successful implementation of the project.
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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 is a joint initiative between Orascom Development Holding (90%) and the Government of Montenegro (10%).