The founder and owner of Emaar and Eagle Hills, billionaire Mohamed Alabar from the United Arab Emirates (UAE), today presented the activities and achievements of these companies, which operate in 18 countries around the world, in Tivat, and expressed hope that he will soon be in a position to operate in Montenegro.
He did not, however, say anything specific about his plans and intentions regarding the projects that his companies want to implement in our country, but he emphasized that his core business, which he has been engaged in for 29 years, is the construction of apartments for sale on the market, or the development of entire new luxury real estate and tourist complexes with all the necessary amenities.
"I build apartments where people provide a home for their families, and that's why I'm very serious and dedicated to enabling people to achieve something that is of great importance and value to them and their lives. I bring people happiness," said Alabar, showing a video of fireworks at the tallest building in the world - the Burj Khalifa and the motifs of the impressive Dubai Fountain that he built, and the smiles of people watching it on site.
"Look at these beaming and smiling faces. I'm actually in that business, not in construction - I'm in the business of creating good things for all people, regardless of skin color, religion or nationality. The world is a beautiful place and I'm in the business of beautifying and making life more enjoyable. I bring happiness and I truly believe in that," said Alabar, who held the presentation as part of the "ESG Adria Summit 2025", which the organizers announce as "the most significant international business gathering in Southeast Europe dedicated to sustainable development, green transition and the ESG agenda, including standards related to trade and EU accession".
The three-day summit, which is taking place at the luxury resort of Porto Montenegro in Tivat, is organized by Sustineri Partners and Porto Montenegro, in partnership with the Government of Montenegro and under the patronage of the President of Montenegro, Jakov Milatović.
Montenegrin Prime Minister Milojko Spjaić recently signed an Agreement on Economic Cooperation with the UAE, and an Agreement on Cooperation with that country in the field of tourism and real estate development, which many see as Alabar's ticket to the development of real estate projects in our country. Alabar's focus of interest, as previously presented by Spajić, is on the megaproject of an entire new city on about 20 million square meters of land in the immediate hinterland of the entire length of Velika Plaza in Ulicija. The Prime Minister first said that the companies Emaar and Eagle Hills were ready to invest 20 billion euros in the project, and later raised that figure to 35 billion. After numerous negative or at least reserved public reactions to the idea of building a Montenegrin replica of Dubai on Velika Plaza, Spajić said that other locations such as Buljarica, Jaz, the Herceg Novi part of Luštica and, allegedly, a project in the north of the country are also being considered for cooperation with an investor from the UAE.
Alabar was not at all specific at the presentation of his two companies in Tivat today and did not mention Ulcinj or Velika Plaža in a single word, but he expressed hope that he would soon be in a position to operate in Montenegro. He is already developing several similar real estate and tourism ventures in neighboring countries - in Croatia, Albania and Serbia, where his company is behind the "Belgrade on the Water" project.
Alabar said that "when you do things from the heart, you earn more and shareholders are happy because the rules in the world are very simple."
"It's something we're taught from a young age. My mother always said - do things right, be responsible, if you make a mistake, apologize. And I really try to do that in life and business," emphasized the billionaire from Dubai, who, during his hour-long presentation, repeatedly mentioned the importance of family, especially apostrophizing his mother and his 12 grandchildren.
He pointed out that this is precisely what motivates him to develop real estate projects in 18 countries around the world, to influence the improvement of the lives of local communities, through allocations for science, education, philanthropy and the construction of so-called social apartments at a rate of one social apartment to three commercial apartments for sale that he builds in those locations, as well as to support local entrepreneurs to whom he provides a number of benefits for paying off business premises in the complexes he builds, or to provide them with direct financial support for the implementation of their business plans.
"Economic development and economic progress in a city and country, when we do projects properly and in accordance with local guidelines and local desires, definitely brings an economic boom. Everything I have done in the world in these 29 years, I have done by respecting the rules. I told the representatives of your Ministry of Spatial Planning and Urbanism this morning that if we may have skipped some of your rules by presenting the preliminary design (for the project on Velika Plaza - ed.), I apologize and we will respect your rules. If we do not respect your rules, then do not allow us to work," said Alabar, wondering "why we should not do things properly, why we should not listen to people, listen to communities and their needs."
The 69-year-old businessman said that he “doesn’t need to work at my age anymore,” but that he wants to “work responsibly.” He stressed that he does all the projects he implements around the world in a way that reflects local heritage, culture, tradition, and identity, and that he personally “prefers small, classic buildings up to three floors, rather than skyscrapers, even though some governments insist on such modern, tall buildings.”
"I want to learn from local people. Communities should tell you what they want, what concerns them, what we should do or maybe not do. Wherever I go, I am a guest in someone's country, and my mother always told me that a guest must be polite and only do what the local population, the local community and the state allow him to do," he pointed out.
The Municipality of Ulcinj and all political parties in that city unanimously rejected the idea of building a real estate and tourism megaproject on Velika Plaza, which, according to Prime Minister Spajić, Alabar wants to implement, and the conceptual solution with artificial sea lagoons in a protected area, marinas and a large number of other commercial facilities along the stretch from the Old Town of Ulcinj to Ada Bojana was met with hostility by numerous representatives of the NGO sector in Montenegro, some economic analysts, environmental activists, as well as some political parties at the state level.
Prime Minister Spajić said that Montenegro must not miss the opportunity to attract a huge investment from a construction tycoon from Dubai and announced that the two agreements he signed with the UAE Government will soon be before the Parliament of Montenegro, which needs to ratify them.
President Jakov Milatović, who is the patron of the ESG Summit in Tivat, however, the day before Alabaro's presentation assessed that the Agreement with the UAE relating to tourism and construction represents a violation of our current laws, as well as the Agreement of Montenegro with the EU on Association. He said that the question of criminal liability of all those in the state administration who approved this Agreement should be raised. "As such, this agreement implies the repeal of some important Montenegrin laws and is fundamentally contrary to the Constitution of Montenegro... It is also problematic in the context of compliance with the Stabilization and Association Agreement with the EU," said Milatović.
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