Mohamed Alabbar, the owner of Eagle Hills, has decided to withdraw from a potential investment project in Ulcinj, Montenegro, following strong opposition from the local community.
In an exclusive interview with Newsmax Balkans, Alabbar admitted that applying for the public tender to lease beaches in the area was a mistake. His initial goal was to lease a section of Velika Plaža (Long Beach) to show how the area could be improved and developed. However, after receiving sharp criticism, he returned all the beach areas awarded to him in March.
“After everything that happened, I don’t want to invest in the south—specifically in Ulcinj—at all. Why would you want to invest in Dubai if we don’t want you? You shouldn’t. I respect the community’s decision,” Alabbar said.
He added that he held positive discussions with officials from other coastal and northern municipalities in Montenegro and is still considering investments in those regions. For instance, he mentioned a hypothetical project in Budva—building 20 apartments and two hotels—as an example of something he would evaluate by conducting thorough financial analysis.
Alabbar revealed that his investments across various countries range from €1 billion to €15 billion and explained that such investments typically generate an economic impact up to three times the original value.
He also expressed interest in one central coastal location and two potential sites in the north of Montenegro. He emphasized that mountainous areas are appealing to Arab investors due to their cool air and contrast with the hot climate of their home countries.
Alabbar did not name the specific locations he is considering, noting that these are still only early ideas.
