The UAE’s Abu Dhabi Financial Group has partnered with Capital Investment to launch what is claimed to be Montenegro’s largest mixed-use real estate development.
The Capital Plaza, located in the country’s capital Podgorica, occupies over one million square feet of prime retail, business, hospitality and residential space.
It also includes a 139-room luxury hotel managed by H Hotel.
UAE ambassador to the country HE Hafsa Al Ulama said that The Capital Plaza was a “symbol of hardwork, dedication and commitment of the UAE being part of Montenegro’s development”. She added, “The UAE through its investors and partners would like to send a message of friendship to Montenegro and to reiterate its commitment to strengthening its relations with this beautiful country.”
ADFG chief executive Jassim Alseddiqi said: “Located in the heart of dynamic Podgorica, The Capital Plaza, with its striking architecture, cutting-edge technology and quality fit-out, is a key destination for businesses, residents and tourists from all over the world. Furthermore, the H Hotel will provide the ideal hotel operator brand to augment the building’s status as an iconic landmark for Montenegro.”
UAE-based investors have launched a series of projects in Eastern Europe in recent years, attracted by the less stringent regulation and lower costs than the nearby European Union.
Earlier this year, the Serbian government approved the $3bn Belgrade Waterfront launched by Abu Dhabi developer Eagle Hills.
The deal followed collaborations on cheap credit, weapons, agriculture and airlines between the two countries.