Royal Group gives up investment in Queen’s Beach

Queen's beach-montenegro


Embassy of the United Arab Emirates informed the Government of Montenegro that renowned company in this country, Royal Group,gives up construction of exclusive tourist complex at King’s Beach. It was confirmed to Montenegro television.


The reason for withdrawal is, in their opinion, months-long campaign of some politicians and the media who have tried to discredit the Royal group, the royal family and Emirate.In the Montenegrin Ministry of Tourism and Sustainable Development said that, in diplomatic communication, familiar with the intention to abandon the construction of a tourist complex.


From the Montenegrin ministry of Tourism and Sustainable Development stated that the damage to the state, the municipality of Budva and Bar and the overall tourist economy will be great. “The agreement with Royal Group was that by July 1st. 2015, propose conditions for closure in relation to this contract, and if there is a termination of the contract, if Royal Group withdraw from this work, the Municipality of Budva and Bar will have the financial losses related to the purchase price of € 20 million. In addition we will have consequences in the form of missed receive state or unrealized investment which is circa 180 million euros.


Also we will miss and 280 jobs, people who would work in this tourist complex. What I can say is that, after reviewing the overall situation and everything that has to do with it, shall be determined after obtaining formal letter from the Royal Group and of course respond to the reasons for their withdrawal said Canovic for TVCG.



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