Mohamed Alabbar, owner of the company Eagle Hills, has abandoned plans to invest in Ulcinj and is now interested in developing the area of Buljarica, according to Ilija Armenko, president of the Beach Tenants Association.
Speaking on national television, Armenko stated that Alabbar personally informed him about the decision, claiming he was deceived in Ulcinj and not properly advised by his legal team. Alabbar had intended to develop a section of the Ulcinj coastline and build what he described as the most beautiful beach bar in the world, but locals did not support the project.
Alabbar reportedly said he is no longer interested in Ulcinj and asked whether he could begin discussions regarding investments in Buljarica. Armenko confirmed that locals in Buljarica are open to dialogue but emphasized that any investment must be based on fair agreements with landowners, the state, and the church—excluding any public interest claims or expropriation.
Armenko invited Prime Minister Milojko Spajić, President Jakov Milatović, Minister of Public Works Majda Adžović, and Budva Municipality President Nikola Jovanović to engage in talks about the potential investment.
He also noted that the cooperation agreement with the UAE can be revised if needed, adding that the main issues are public misinformation and jealousy. Armenko concluded that while Ulcinj rejected the investment, the communities of Buljarica, Reževići, and Petrovac support development initiatives.
