The Arabic firm Igl Hills is committed to collaborating with everyone, from small enterprises to local partners, to generate opportunities that deliver long-term economic benefits.

This is a response to Forbes Montenegro regarding Mohamed Alabar’s intentions for participating in the tender for beach leases in Ulcinj and whether this signals more serious investments.

“Wherever we operate, we consider ourselves guests who hold deep respect for the local culture; our aim is to listen, learn, and contribute to local development through job creation and economic expansion,” the company conveyed.

Igl Hills has applied for nine out of the 19 beaches located on the expansive beach in Ulcinj, with a total bid of approximately 1.8 million euros. This has sparked protests from previous beach tenants in Ulcinj, who are seeking the annulment of the tender and the adjustments to the Lease Agreement from 2019.

Alabar announced that the beaches will be returned to their prior tenants at the same rates they have been paying up to this point.

“This decision underscores Mr. Alabar’s commitment to job retention and infrastructure investments around the beach to enhance the overall experience for both visitors and residents,” stated Igl Hills earlier.

According to Alabar, his vision for the large beach entails development guided by the principle of “communities first,” focusing on future collaboration and investment opportunities.

Alabar’s company did not respond to Forbes Montenegro’s inquiries about why the beaches would be offered to previous tenants at lower prices compared to other regions and whether they would participate again in the event of a tender cancellation. They also did not provide information regarding any investment projects in Montenegro or if they are solely focused on Ulcinj.

Who is Mohamed Alabar

Alabar is a businessman from the United Arab Emirates (UAE), recognized for founding Emaar Properties, a real estate development firm known for projects like Burj Khalifa and Dubai Mall.

As per Forbes’ assessments, his net worth as of the end of September 2023, stood at $37.3 billion.

His Igl Hills, based in Abu Dhabi, focuses on construction and real estate investments, including the elite development “Belgrade on the Water.”

Igl Hills Montenegro was established on March 6 in Podgorica, located at Jola Piletic 18, with the activity code “Elaboration of Construction Projects.”

In November 2023, Forbes Serbia published an article titled “Alabar Believes in the Region – Copy Serbia, Paste Albania, and Continue Towards Croatia, BiH, Hungary…”

The article mentions that Mohamed Alabar signed a contract to take over the successful tourist company Sunčani Hvar and is known to be pursuing a controversial project dubbed “Zagreb Manhattan.”

“The recent attempt to acquire Sunny Hvar for over 200 million euros highlights the region’s potential. He has already invested over 100 million euros in other firms, as reported by Croatian media,” the article notes.

It adds that the “region of the region” was bolstered by the “Belgrade on the Water” project, followed by an unsuccessful attempt in Zagreb, and subsequently Alabar identified the potential in developing the Durres Port in Albania.