Royal Group Offers to Build $242 Million Resort in Montenegro

Montenegro may accept this week an offer from Abu Dhabi’s Royal Group to develop a 180 million-euro ($242 million) resort on its Adriatic coast, the government said.

The group is the only bidder for the 423,700-square meter (105-acre) site between the cities of Budva and Bar, Dragan Simovic, in charge of the sale at Montenegro’s Privatization Council, said in a phone interview. The company is offering 21.2 million euros for the land and plans to complete the project in eight years, he said.

A binding contract with the Royal Group may be signed in May, pending the council’s approval, Simovic said.