Mohamed Alabbar, owner of Emaar Properties and Eagle Hills, stated at the RE:D real estate conference in Podgorica that he currently has no projects in Montenegro and does not intend to invest unless local communities support it. He admitted his participation in the Ulcinj beach tender was a mistake, calling it a stupid idea, and said he returned the beaches after an unfavorable financial evaluation.
Alabbar emphasized that he wanted to open a beach bar but ended up with nine beaches, which led him to withdraw entirely. He stressed that beaches should remain public and belong to the citizens. If a project is proposed in the future, he said it would only proceed with the approval and desire of the local population.
He explained that investments are always risky, comparing them to opening a coffee shop, and acknowledged that he made mistakes in Serbia and built too quickly in Albania. In Serbia, however, he pointed out that 10,500 people work on the Belgrade Waterfront project, with property values increasing by 80 percent since 2015. He also claimed his company pays 200,000 euros in taxes per day there.
Regarding Montenegro, Alabbar stated everything is currently at the level of ideas. He presented a vision that included parks, children’s playgrounds, a Technological University, social housing, beach clubs, lifestyle restaurants, and a conference center to support year-round tourism. He also mentioned a potential entrepreneurial fund for young people.
Alabbar highlighted his willingness to include local businesses in projects, referencing the 600 local companies involved in Belgrade. He said he wants partnership-based investments and that funding would come from verified banks. Contracts would be transparent, and if projects fail to materialize, land would revert to its original owners.
He underlined that any future development must go through the Montenegrin Parliament, with full compliance with local laws and urban planning requirements. Alabbar invited local investors to co-create potential ventures and said project tenders and procedures would be fully transparent.
Finally, he stated that while Porto Montenegro is more recognized internationally than the country itself, success could be replicated elsewhere if planned properly. However, no investment would happen without a proper offer and institutional support.
