Montenegro Travel

Orascom Development enters into an agreement with the Government of Montenegro to acquire 90% stake in Lustica Development AD Podgorica, to develop a total area of 6.8 million square meters in Tivat, Montenegro, marking its third integrated development project in Europe and its first project on the Adriatic Sea.

The company announces its plans to develop an integrated destination covering a total area of 6.8 million square meters in Lustica, in the municipality of Tivat on the Mediterranean’s Traste Bay. The company will retain a majority stake of 90% in Lustica Development AD Podgorica while the Government of Montenegro will hold the balance.

The project is planned to offer 2,350 residential units, several hotels, a town centre, a marina on the Adriatic Sea, an 18 hole golf course, commercial facilities as well as basic infrastructure requirements. The first phase of the project includes a hotel, town centre, golf course, and the main mooring area. The first phase is expected to be operational within five years.