So, about that 35 billion investment in Velika plaža – turns out, not so much.
Mohamed Alabar, the billionaire from the UAE (you know, the guy behind Burj Khalifa and Dubai Mall), says he`s not planning to throw €35 billion into a project in Ulcinj despite what Montenegrin PM Milojko Spajić claimed. Basically, Alabar told investigative journalists from CIN-CG, “That number’s way off. Maybe you’re mixing it up with the overall economic impact, but it’s definitely not our investment amount.”
And honestly, that makes sense. Total foreign investments in Montenegro since independence in 2006 haven’t even reached €15 billion. So yeah 35 billion for one beach? Bit of a stretch. Alabar entered the scene quietly, through a beach rental tender. Then suddenly, boom he’s announced as the guy bringing in tens of billions. No one’s seen an actual project plan, unless you count one vague digital animation. When journalists asked the PM’s office about it, silence.
Alabar says he fell in love with Montenegro as a tourist. He’s waiting on input from local and national authorities before moving forward sounds nice, right?
Meanwhile, Spajić is talking about handing over valuable state land to him, without public tenders, debate, or following existing plans. Just like that. And not just Velika plaža now we’re talking about Jaz, Buljarica, parts of Luštic – all possibly up for grabs.
But here’s where things get murky. Alabar’s past projects in places like India, Pakistan, and even Serbia (hello, Beograd na vodi) haven’t exactly been smooth sailing. There have been lawsuits, delays, and accusations of shady practices including selling properties on land they didn’t even own. Yikes.
In India, there were court cases and investigations going back years. In some projects, buyers never even got to move in. And in Pakistan, hundreds of investors sued over failed luxury developments. Alabar says they’ve resolved most of the issues or at least tried to.
Now, the company he’s using in Montenegro “Eagle Hills Montenegro” was literally created in March 2025. It has no previous business here, and like in other countries, it’s a shell company owned by another company in the UAE. These setups usually raise funds locally not from Dubai using incentives like free land or big promises.
A local investment expert (who stayed anonymous, smart move) told CIN-CG that if you give away 20 million square meters of beachfront for 90 years, the investor can use it to get loans from banks so basically, they build the project with other people’s money, not their own. Cool deal for them, not so much for us.
His words? “This kind of business model is legit, but honestly, only a fool would allow it.” And just to drive it home: the land itself is worth billions. Giving it away without a clear plan or public tender is, well… let’s just say, a very expensive gift.
So yeah, Velika plaža might be big, but this whole story? Even bigger.
Written by our correspondent A.A.
