Abu Dhabi’s Royal Group is set to sign a deal to develop a €180m (US$242m) tourism resort in Montenegro, it was reported.
The Emirati firm is the only bidder for a 423,700 sqm plot situated between the Montenegrin coastal cities of Budva and Bar, Dragan Simovic from Montenegro’s Privatisation Council, told Bloomberg.
The report said the piece of land is expected to be sold for €21.2m and the project is forecast to take eight years to complete.
The deal is likely to be completed in May this year.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.