Podgorica, (MINA-BUSINESS) – Owner of Eagle Hills Mohamed Alabbar said that the potential is incredible in a country like Montenegro, adding that he would like to do something grand that really suits its beauty.

 

“When we invest, we look at the potential. Does the place have potential or not? Because, at the end of the day, your dollar has to have a return. So the potential is incredible in a country like Montenegro if you look at the beauty of the place, its coastline, mountains, people, or the industries that we speak about,” Alabbar said in an interview with Mina-business agency.  

 

Speaking about the key reasons for considering Montenegro as an investment destination, Alabbar said he sees potential on all levels.

 

Well, I think if you look at the region as a whole, I mean, you know, I invest in the region as a whole. The region as a whole is a very interesting part of the world. Economic progress is quite positive. I think most industries are sectors where the economy is growing. I think security, when you talk about security, all the levels of security are quite good in this region and in Montenegro. 

 

“And for a person like me, I can compare easily, because I operate in so many countries. I look at Montenegro, and I say, really, Montenegro is undervalued,” said Alabbar.

He said that he invested in the region as a whole, adding that it’s a very interesting part of the world. 

 

“Economic progress is quite positive. I think most economic sectors are growing. When you talk about security, all levels of security are quite good in this region and in Montenegro. Of course, I cannot say that security is good in some of the Western European countries, but NATO security is different,” said Alabbar.

 

When asked which sectors in Montenegro hold the greatest potential for development and to attract foreign investments, he said that these are his fields: hospitality and real estate.

“Hospitality has huge potential. When you look at tourism in such a beautiful country with 2.2 to 2.5 million visitors, there should be at least five million tourists. We don’t want to overcrowd the country, but it should be at least five million,” Alabbar said.

 

According to him, there is great investment potential in the field of infrastructure, which will create great jobs, boost activity in the country, as well as the GDP.

 

“The same goes for the real estate. Real estate and hospitality work together. When it comes to, for example, agriculture, the amount of water in this country, the soil, and mountains hold a great potential for us,” he said adding that even the technology, most probably for something like e –commerce, offers a great investment opportunity. 

He said that he is looking at certain opportunities in Montenegro and hopes he can do something major in the coming one year. 

 

“We want to do something grand that really suits the beauty of this country; that should be a pride of the country. Because of the potential that I see, I think it’s important that we do something really magnificent. And I know there's a lot of great work that has been done in Montenegro,” Alabbar said, adding that it is necessary to go bigger, more professional, and do something truly landmark-style.

 

 

 

When asked about the main obstacles to investment in Montenegro, he said that it is local politics. 

 

“I think it's just a small country and with complex politics. To navigate that, it is important what the media are doing, what NGOs are doing, what the government is doing. It's probably one of the most complex places I do business in, but I'm not a person who can give up easily,” said Alabbar. 

 

Commenting on the contract for the Lake Shas project in Ulcinj, he said that he expected the construction to start in 12 months. 

 

“Construction period is around 30 months or so, provided that we obtain all approvals. But we want to create a little heaven. While we develop the hotel and the residences, wellness will be the key, because the spot is very, very special,” said Alabbar.

 

He added that his company can create one of the most incredible unique wellness resorts in Montenegro in that area.

 

“I'm moving forward to look at all the other opportunities seriously. But whatever we're going to do, it's going to be big, and it will be world-class,” said Alabbar. 

 

Regarding investments in the north, he said that is where his heart is.

 

“We are looking at a few places. There is one more city that I haven't been to yet. Winter is coming. I like to look at them in autumn or in spring. So maybe by spring we should really decide, because we have a lot of opportunities,” Alabbar said, adding that Middle Eastern holidaymakers love mountain resorts during the summer. 

 

Asked to single out just one area where Montenegro could achieve international recognition the fastest in the next two decades, he said that it is definitely tourism.  

 

“I think it would be incredible if we could achieve another €2 billion in revenues for the economy, or €3 billion for tourism, because it’s a growing industry,” said Alabbar. 

 

According to him, tourism has all the elements of the Mediterranean, including landscape, food, people, beaches, and the infrastructure. 

 

“What comes with it is shopping, retail, real estate development, cruise terminals, which is plenty for an economy with 500,000 or 550,000 people,” said Alabbar.