27 February 2019 - The Luštica Bay project was named the Best European Property Development at the grand ceremony of the Luxury Network International Awards in Dubai.

On Saturday, February 23rd, Caesars Palace on Bluewaters Island, Dubai, opened its doors to over 400 guests of the 2019 Luxury Network International Awards Gala. As reported by the USA News 24/7,  on a red carpet flanked by three pristine Rolls Royce vehicles, attendees were greeted by H.E. Mr. Fares Ghattas, Global Ceo of The Luxury Network, and Mrs. Amal Shouman Solaiman, president of Cael. The occasion brought together over 50 luxury brands from over 15 countries representing Europe, CIS, Middle East, Africa, Asia, and the United States, and the Gala was attended by representatives from luxury brands, humanitarian organizations, diplomatic missions, and international branches of The Luxury Network.

Luxury Network, the world’s leading luxury affinity marketing group with 12 years of experience in the international market, presented to innovators in several categories of the luxury sector, as well as humanitarian personalities and successful business leaders. On this occasion, the “Best European Property Development” award was granted to the Luštica Bay project.

Marketing manager of Luštica Development, Slavica Milić, said that this award is extremely important for the whole Luštica Development team, as it honours the company as one of the most respected businesses worldwide.  "The prestigious award was granted to us at the moment when we participate in a joint presentation of the project with the company Investor Media in Dubai and the famous nautical fair, the Dubai Boat Show, which is held until March 2. This is a very significant recognition for us at the moment when interest in Luštica Bay, as an open year-round destination, is experiencing an expansion," Milić explained in a recent statement.

"The Luštica Development Company is developing the Luštica Bay project as a residential tourist destination with two marinas, seven hotels, a variety of real estate offerings, a professional golf course, a town centre and other amenities essential to the life of the city, at about seven million square meters in Tivat area of Luštica peninsula," Milić added.

In 2018, Luštica Development opened a marina with 176 berths, the first luxurious hotel - Chedi, and a marina settlement with about 220 residences.

For a full list of all the winners at the prestigious awards, here is a report by the Arabian Gazette.

February 27, 2019 - The delegation of the German shipping company Al Group, made up of executive director Ulrich Paulsdorf, seamanship manager Rita Vella-Menzel, fleet manager Tonći Zdunjić and operator of seafarer hiring Kolja Funk, is staying in a two-day working visit to Montenegro. 

February 25, 2019 - The Public Company Sea Property has announced a public call for the lease of 25 public beaches in Jaz, Mogren, Brijeg Od Budve and on the islands of Sveti Nikola. The starting price of the beach, without VAT, ranges from around 1,700 Euros to 27,000 euros.

22 February 2019 - Montenegro has created an investment environment, and an increasing inflow of foreign direct investments and enlarged Capital budget make it a good environment for bank operations, said Prime Minister Duško Marković at a meeting with the delegation of NLB Bank, headed by Chairman of the NLB Board of Directors Archibald Kremser.

Prime Minister Marković underscored the excellent economic policy results in the past two years, reflecting in economic growth of about 4.5%, reducing the budget deficit, stabilising public finance, creating jobs and reducing unemployment by more than 5%.

"In the time to come, we will work on strong investment activity in tourism, agriculture, energy, and especially in the field of infrastructure development. I believe that the banks will also see their chance of development in this," PM Marković noted.

Both sides agreed that it is important for investors to have a good and predictable business environment, as well as a reliable legal system.

Mr Kremser stressed that his bank operated successfully last year and presented further development plans of the NLB Group for Montenegro.

The meeting was an opportunity to discuss outstanding issues.

During mid-December 2018, the Board of Directors of the Association of Montenegrin Banks, which consists of the directors of all banks in Montenegro, discussed the situation in the banking system in Montenegro during an official session.

The conclusion of the session of the Board of Directors was that the introduction of interim management in Atlas Bank and Invest Bank Montenegro (IBM) did not have a negative effect on the stability of the banking system, as no significant withdrawal of deposits was made.

Montenegro and the countries of the region, if they want to be competitive with the rest of the world and attract tourists from many countries, must have a common offer and promotion in these markets, said the Minister of Sustainable Development and Tourism Pavle Radulovic.

He presented opportunities for investment in Montenegro at the International Adria Hotel Forum, held in Belgrade, at one of the most important events for the promotion of investment potentials and tourist offer, and expressed readiness for regional cooperation in the field of tourism. "The point is that distant emitting markets, that is, much-populated countries, such as Asia, China, Canada, and America, hardly recognize the borders of small countries. For the Chinese, everything that is from the Urals to the Alps – is the Balkans. They travel nomadically for a few days and visit many countries. If we want to be competitive to the rest of the world, we have to work together," Radulovic said.

The Ministry of Sustainable Development and Tourism announced that Radulovic placed a special emphasis on the results achieved through the stimulating measures for the development of tourism in the last two years.

He reminded that the projects, whose total value is estimated at close to 150 million euros, include Mamula, Kolasin 1600, Mediterranean Zabljak and Ulcinj Riviera complex.

The Ministry said that Montenegro was also presented as a destination where projects are currently being realized, the value of which is worth three billion euros.

Radulovic, as an important instrument for stimulating investments in the field of tourism, listed the project of economic citizenship and announced an upcoming public tender for companies that meet the requirements to be included in the list of development projects.

"Montenegro is a country that has good airline links with emitting markets, and of special importance for the development of not only tourism but also the entire economy, is certainly the existence of a highway," said Radulovic.

Radulovic held bilateral meetings with colleagues from Bulgaria, Serbia and Croatia, while he said he expects cooperation with Albania and Macedonia.

"Joint projects that are under preparation are roads of wine, mountain routes and a project called “From the sky to the sea”," the statement said.

According to Radulovic, more tangible steps must be taken.

"We already have several joint projects, for example, the Ski Resorts of Serbia and the Ski Resorts of Montenegro have signed the Agreement where the ski pass applies to both territories. Also, we jointly participate in events in the emission markets with Croatia, Serbia, and Macedonia," Radulovic said.

The Adria hotel forum is an event that is organized for the seventh year in a row, and for the past two years has been sponsored by the Ministry of Sustainable Development and Tourism of Montenegro.

According to Radulovic, for the promotion of Montenegro, this is one of the biggest events in the Mediterranean, because it is an opportunity for Montenegro to present itself to investors, financiers and operators.

Text by MINA Business, on February 21st, 2019, read more at Vijesti

21 February 2019 - State balance of payments at the end of 2018 was 793 million EUR in deficit. The key item that had an impact on such a result was the import that amounted to almost 2,49 billion EUR. On the other side, revenues generated in tourism that exceeded a billion and thus the expenditure part of the current account was alleviated.

As far as the revenues of the state are concerned, they amounted to 46,3 million EUR whereas the expenditures amounted 13,2 million EUR.

Total reserves of the Central Bank at the end of 2018 reached 203,1 million EUR. Preliminary data show that around 843,1 million EUR was brought into Montenegro thanks to foreign direct investments.

However, there has been an outflow of 515,5 million EUR.

The biggest part of foreign citizens investments was related to investments in various companies and banks. Slightly less than 300 million EUR is intercompany debt, that is, investments that do not increase the initial capital. Thanks to real estate, foreigners invested 182,6 million EUR and 23,2 million EUR in other activities.

Around 10,22 million EUR came with the reduction of capital in foreign banks and companies. Income generated from selling real estate abroad amounted to 677.775 EUR.

Italy takes the very first position on the list of states that brought most foreign direct investments (116,7 million EUR). Great Britain takes sixth place on the list (48,3 million EUR).

For the purposes of comparison, in 2017, most invested money came from the United Arab of Emirates, followed by Italy.

Thirty-nine, out of fifty-three citizens who invested in Montenegro, have invested amounts higher than one million.

Source: Cafe del Montenegro