Lustica Development builds EUR 1.1 billion worth of elite tourist complex in Radovici near Tivat

(Lustica)

Preparation works for the construction of an elite tourist complex in the location of former military barracks on the Lustica peninsula, near Tivat, commenced yesterday in Radovici.

The investor is Lustica Development, founded by Egyptian Orascom, 10% of which are in the possession of Montenegrin Government.

Prime Minister Milo Djukanovic said at the ceremony occasioned by the commencement of works that Orascom would invest 1.1 billion euros in the project on Lustica, while the job should be done in three phases - over the next 12 years.

Djukanovic said that the tourist complex on Lustica would bring Montenegro closer to the vision of "highly developed tourist destination".

- This is the beginning of a new investment phase in Montenegro - said Djukanovic, reminding that Montenegro did not stop investing even in the years of the crisis.

According to his words, the proofs of that are the completion of the three-year reconstruction of Sveti Stefan city-hotel, recent putting of the regional water supply system for Montenegrin seaside in operation, the completion of the first phase of Porto Montenegro project in Tivat, and the soon end of the construction of new Risan-Zabljak road.

The tourist complex on Lustica, as it was announced today, will be an "integrated settlement" that will, in addition to hotels and tourist facilities, also comprise modern villas for permanent residence, retail facilities, schools, sports and recreational contents.

As it has recently been announced in Cairo, during Djukanovic's visit to Egypt, Orascom, which won the job on Lustica on an earlier tender, should also attract other investors to Montenegro.