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Wed 16 Nov 2011 06:43 PM

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Qatari Diar to invest $339m in Montenegro resort

Qatar company signs deal to redevelop 24 hectare site into luxury Adriatic resort

Qatari Diar to invest $339m in Montenegro resort
Qatari Diar is the real estate arm of the wealthy Gulf state

Qatari Diar Real Estate Investment Company is to invest 250m euros ($339m) in a new luxury resort in Montenegro.

Following the takeover of an existing hotel in a bay near the city of Tivat, the company will redevelop the 24 hectare site over the next two to two-and-a-half years, Serbian media reported on Wednesday.

The Adriatic resort will include a luxury hotel, villas and apartments, sports facilities and shopping malls.

The complex will have about 100 hotel rooms, as well as residential villas and apartments.

Officials said the luxury resort would "significantly enrich" the tourism offering of Montenegro.

It is the fourth project that Qatari Diar is building in Europe and during the first phase, Qatari Diar will invest 42m euros, officials added.

Although the tourism industry in Montenegro is seasonal, Qatari Diar said it expects the resort to be open all year round.

Last month, Qatari Diar Real Estate Investment Company said it had signed a contract worth more than $543.8m for projects in Egypt.

The contract with with Consolidated Contractors Company allots $464.3m to the company's Nile Corniche project in Cairo and $79.5m to its coastal resort project in Sharm El Sheikh.

Qatari Diar Egypt also announced a tripartite agreement between Qatari Diar, Consolidated Contractors Company and Silatech to provide employment opportunities to Egyptian workers and graduates.

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