Alabar: Montenegro has incredible potential

A country like Montenegro has incredible potential, especially in the hospitality industry and real estate, said the owner of Eagle Hills, Mohamed Alabar, adding that he wants to do something grandiose that matches the beauty of this country.

"When we invest, we look at the potential. Does the place have potential or not? Because at the end of the day, every dollar invested has to pay off. So, the potential is incredible in a country like Montenegro. If you look at the beauty of the place, its coast, mountains, people and industry," Alabar said in an interview with the Mina-business agency.

Speaking about the key motives for considering Montenegro as an investment destination, he said that the potential is visible at all levels.

"I can easily compare, because I do business in so many countries. I look at Montenegro and say, it's really underrated. That's why it's interesting to me," said Alabar.

He stated that he is investing in the region as a whole, which, as he assessed, is a very interesting part of the world.

"Economic progress is quite positive. I think most sectors of the economy are growing. All levels of security are quite good in this region and in Montenegro. Of course, I can't say that security in some Western European countries is good, but NATO security is different," Alabar said.

He announced that Montenegro is not starting a war with anyone and that everyday security is quite good.

When asked which sectors in Montenegro have the greatest potential for development and attracting foreign investment, Alabar replied that his areas of activity are hospitality and real estate.

"The hospitality industry has great potential. When you look at tourism in such a beautiful country with 2,2 or 2,5 million visitors, there should be at least five million tourists. We don't want to overcrowd the country, but there should be at least five million," Alabar said.

According to him, there is great potential in investing in infrastructure, which will create great jobs, increase activity in the country and gross domestic product (GDP).

"It's the same thing with real estate. Real estate and hospitality work together. When it comes to, for example, agriculture, the amount of water in this country, the soil, the mountains, it's a big potential for us. Even when it comes to technology, most likely for something like e-commerce," Alabar believes.

He said that, when it comes to projects, he is considering certain opportunities in Montenegro and hopes to be able to do something big next year.

"We want to do something grandiose that truly matches the beauty of this country, something that should be the pride of the country. I think it's important that, because of the potential that I see, we do something that is truly magnificent. I know that many great projects have been done in Montenegro, no matter how big or small they are. But this time, we have to go higher, with more pride, more professionally and really make a milestone," Alabar said.

When asked what the main obstacles he sees for investments in Montenegro, Alabbar replied that it is local politics.

"I think this is a small country with complex politics. To navigate business, it's important what the media is doing, what NGOs are doing, and what the government is doing. It's probably one of the most complex places I've done business in, but I'm not someone who gives up easily," Alabar said.

Speaking about the recent signing of a contract for a project in Ulcinj on Lake Šas, he said he hopes construction will begin in 12 months.

"The construction period is about 30 months, provided we get all the permits. But we want to create a little paradise. While we are working on the hotel and residences, everything is being built around the wellness area, which will be key because the location is very special, not far from Ulcinj," Alabar said.

He stated that one of the most incredible and unique wellness resorts in Montenegro could be created in this area.

"I am considering all opportunities seriously. Whatever we do, it will be big and on a global scale," Alabar added.

Speaking about investments in the north, he said that his heart is there.

"We are considering a few cities. There is another city I haven't been to yet. Winter is coming, and I like to see them in the fall or spring. Maybe we should really decide by spring because we have a lot of opportunities," Alabar said, adding that the population from the Middle East likes mountain resorts in the summer.

When asked to single out just one area in which Montenegro could achieve international recognition the fastest in the next two decades, Alabar replied that it was definitely tourism.

"I think it would be incredible if we could generate another two billion in revenue for the economy or three billion for tourism, because it is a developing industry," said Alabar.

He stated that there are elements of the Mediterranean in tourism, the landscape, food, people, beaches, as well as infrastructure.

"With that comes shopping, retail, real estate development and cruise ship terminals. There's so much coming in, it's enough for an economy of 500 or 550 people," Alabar concluded.