Mohamed Alabar has expressed no plans to invest 35 billion in the Velika Plaza project, contrary to claims made by Montenegrin Prime Minister Milojko Spajić.

“The amount you mentioned does not align with the investment we are contemplating,” Alabar stated. He remarked to the Center for Investigative Journalism of Montenegro (CIN-CG) that while such a significant investment in Ulcinj seems unlikely, it’s conceivable that the sum reflects the overall economic impact of the project.

He gained entry into Montenegro through a tender for beach leases, after which he was suddenly portrayed as an investor who, according to Spajić, would invest between 20 and 30 billion in the southern region of the country—eventually inflating that figure to an astounding 35 billion.

Spajić’s basis for these calculations remains unclear, as no visible project details have been disclosed beyond vague electronic animations.

The potential exaggeration is further supported by the fact that total foreign direct investment in the country, from independence in 2006 through to the end of 2024, amounts to only 14 billion euros. Conversely, total investments in notable projects such as “Luštica Bay,” “Porto Montenegro,” and “Portonovi” have yet to reach two billion.

The Prime Minister’s Office has not responded to multiple inquiries from CIN-CG regarding the concerns surrounding this project.

“I first became interested in Montenegro as a tourist due to its stunning coastline, rich culture, and remarkable architecture. I see extraordinary potential here, and any projects should primarily benefit the community—created for the people, by the people. We are eager to receive direction from local authorities, the community, and the government to understand their desires and how we can provide meaningful contributions,” Alabar stated to CIN-CG.

Spajić plans to transfer valuable state land for construction to Alabar at no cost, without a public tender or debate, bypassing current spatial plans and ecological preservation principles for this largely untouched area.

The ruling majority—and possibly some opposition factions—aim to facilitate this with the Law on Ratification of the Agreement between the Government of Montenegro and the Government of the United Arab Emirates concerning cooperation in tourism and real estate development. This legislation would supersede local laws and Montenegro’s obligations under the Stabilization and Association Agreement with the European Union. Reactions have already come from the opposition, segments of the government, local authorities in Ulcinj, and parts of civil society, though the Competition Protection Agency has indicated it will investigate potential rule violations.

In recent days, the Prime Minister has also hinted at offering UAE investors additional prime locations, including Buljarica, Jaz, and parts of Luštica near Herceg Novi, alongside the 20 million square meters of Velika Plaza.

Suspicions of fraud in India and ongoing legal proceedings

What types of projects is businessman Mohamed Alabar from the United Arab Emirates involved in?

Indeed, Mohamed Alabar, an investor from the UAE, is the founding figure behind “Emaar Properties,” the company responsible for constructing the world’s tallest building, the Burj Khalifa, and the largest shopping mall, the Dubai Mall. He boasts an estimated wealth of 2.3 billion, placing him 20th on Forbes’ list of the richest Arabs.

Among the major shareholders of “Emaar Properties” are the ruler of Dubai, Sheikh Mohammed Al Maktoum, and the country’s investment fund, the Investment Corporation of “Dubai.” Alabar also owns “Eagle Hills.” According to his official website and during a public appearance in Tivat on April 10, “Eagle Hills” operates across 18 countries in Asia, Africa, and Eastern Europe.

For a long period, Alabar served as Al Maktoum’s economic advisor, highlighting his close ties to Dubai’s royal family.

While officials tout Alabar as a reputable investor likely to enhance Montenegro’s development, inquiry into his global business practices raises red flags. Projects such as Belgrade Waterfront, developments in Durrës, and several initiatives across Asia have reportedly been marred by numerous issues, controversies, and allegations of corruption alongside ongoing legal battles.

According to several media outlets in India, including “The New Indian Express,” “Economic Times,” and “The Hindu,” a legal commission was formed in February 2025 in the Indian state of Telangana to handle numerous disputes arising from “Emaar’s” two-decade operations there.

Further legal complications surround “Emaar” in other Indian locations, including cases related to financial irregularities filed by the Central Bureau of Investigation that date back to 2011, linked to activities in Andhra Pradesh, allegedly involving corrupt dealings with state officials.

In Delhi, media reports, including “Times of India” and “Business Standard India,” revealed that in 2023, Alabar was questioned regarding accusations that his company “Emaar India” defrauded buyers in the “Palm Garden” project. According to reports, complaints were filed by several buyers, alleging that the project was initiated in 2010 with a promised completion by 2015, which never materialized, leading to significant losses for the buyers.

The Hungarian website 444.hu, which has investigated Alabbar’s international business dealings, recently noted that the company “Emaar” was involved in a controversial deal over a decade ago in Mohali, Punjab, involving a project for building 1,670 villas. Allegedly, “Emaar” sold land it did not own for investment funding. Reports have revealed that over 560 villa buyers could not occupy their homes due to ownership disputes over the land, with information published by “Daily Post India” in 2011.

Alabar attests to CIN-CG that “while some disputes in India occurred, most have since been resolved.”

“In India, we were part of a partnership that did not meet the caliber we believe our customers deserve. Thus, we decided to terminate the partnership to ensure oversight of the project’s development. This choice caused delays but was necessary to maintain the high standards expected by our customers,” Alabar elaborated to CIN-CG.

In Pakistan, according to 444.hu, Alabar’s company was also tasked with constructing luxury villas and apartments by 2013, a project plagued by problems, leading to 300 local investors suing for refunds. “We are unaware of any similar situations in Pakistan,” Alabar responded.

Luxury complex in Durrës

Following extensive negotiations, early in 2023, the Albanian government inked a contract with Alabar’s company, Eagle Hills Real Estate Development, for a luxurious complex, Durres Yachts & Marina, at a strategically significant port location. Not only did Alabar secure one of the country’s priciest locations for free, but the Albanian government also pledged to finance the port’s relocation and the establishment of a new one, as reported by various local media, including BIRN, “Voxnews Albania“, and “Tirana Times“.

Estimates indicate that relocating the port will cost Albania over a billion euros and could span multiple years before becoming fully operational, potentially inflicting additional economic repercussions on the nation.

The contentious decision to relocate the state-owned port of Durrës, among the largest and most essential on the Adriatic Sea, has drawn ire from EU representatives, which invested millions through aid and loan mechanisms for this vital transport hub significant to both Albania and Europe as a whole.

In exchange, Alabar has pledged to attract 2.5 billion in investments and develop a luxurious tourist center featuring a yacht marina, hotels, apartments, and service sectors.

Historically, when entering a territory, Alabar frequently collaborates directly with senior officials, and thus the Edi Rama administration not only assigned a major contract to “Eagle Hills” but also received personal promotion of the project from the Prime Minister. Rama’s open advocacy for the initiative faced backlash from the opposition, which criticized him for persuading wealthy individuals to invest and effectively extend credit to Alabar, who is suspected to have hidden backers. Local media report that the Albanian state holds about 33 percent ownership in the project.

Similar to potential developments in Montenegro, Alabar entered Albania following an established template—without a tender, dictated by an international agreement between Albania and the UAE.

Opposition representatives in Albania have filed appeals in the Constitutional Court multiple times, seeking annulment of the contract permit for the project. However, the Court rejected these appeals in 2023 and again in February 2025, citing insufficient grounds for annulment.

“The Durres marina project, a joint endeavor with the Albanian government, is proceeding well. Key infrastructure development and beach enhancements are at advanced stages, with others actively under construction,” Alabar stated to CIN-CG, countering claims from local media regarding contract violations and misleading buyers. “All allegations of deception or contract breaches are entirely unfounded,” the investor reaffirmed.

This project in Albania operates under a model that minimizes investor risk and capital input while the state assumes additional costs, essentially a strategic handover of valuable assets backed by taxpayer money.

“The new port will burden Albanians with at least 1.5 billion euros in costs, and these funds will not originate from Alabar’s profits but from the state budget. Rama’s approach is both economically and socially irresponsible: the current Durrës port, a prime national asset, has been handed to his associate, while the state builds a new port using public funds. Alabar will further enrich himself from the property essentially gifted to him by Edi Rama, while Rama stands to gain his share… The average Albanian will only be able to enjoy ice cream and gaze into expensive shop displays,” remarked Eno Bozdo, a member of the opposition Democratic Party presidency, in July 2024, following the announcement of the state-owned port construction tender.

Elaborate scheme

Corporate registration information from various nations reveals that the Dubai-based “Eagle Hills” utilizes its name across other countries, forming distinct companies under similar titles that work independently. These entities do not leverage capital from Dubai, instead raising funds based on offerings in the countries where they operate—secured land, favorable loan terms, and upfront payments from buyers often encouraged by local potentates. Essentially, they function as “shell companies,” securing project financing with the help of local authorities.

“Eagle Hills Montenegro,” too, lacks a substantial business history. Established in the Central Register of Business Entities of Montenegro (CRPS) on March 6, 2025, the company immediately engaged in a tender with the Coastal State Administration for beach leases with an astonishing proposal. Per CRPS records, the company is owned by “Jaona Investments” from the UAE, which is also the proprietor of “Eagle Hills” in Croatia, managing hotels across that territory.

According to CRPS, Hisham Mohamed Ibrahim Soliman is the founder of “Eagle Hills Montenegro,” who also directs “Eagle Hills Properties” in Serbia, known for the controversial Belgrade Waterfront project. Furthermore, Soliman manages “Eagle Hills Real Estate Development SH.PK” in Albania, which is developing the “Durres Yacht & Marina.”

Opposition figure Agron Shehaj in Albania raised alarms, asserting that the “Eagle Hills” entity registered in Albania is not affiliated with the Dubai counterpart, lacking capital or information about its ultimate owner. He posits it represents a potential vehicle for money laundering and corruption, amid suspicions of local elites holding clandestine stakes in these endeavors.

A Montenegrin investment expert, wishing to remain anonymous, conveyed to CIN-CG that the land, surrendered for 90 years, could be leveraged as collateral by the investor for financing. “I suspect banks in Montenegro would readily consider financing such a project from large existing deposits. The project demands minimal capital from the investor, benefiting both banks and the investor, though not the state,” the source explained.

This expert contends that a model entirely reliant on third-party financing remains legitimate and favorable for the investor. “The fool is the one who allows it,” he expresses. He asserts the land itself, amounting to approximately 20 million square meters of Velika Plaza, is worth billions. To relinquish such assets without a clear strategy or tender represents a significant loss for the state.

The expert advised CIN-CG that Spajić’s claims regarding retention of state land and his assertion of its ownership appear disingenuous. “This is classic manipulation. Once a structure is established, what authority does the state have over the land beneath, and who does it officially belong to?”

Projects cancelled in Hungary and Croatia

Alabar sought to acquire prime locations in certain EU countries without compensation. His projects garnered backing from Hungarian President Viktor Orban and the late Mayor of Zagreb, Milan Bandić. However, both the Budapest and Zagreb initiatives faced severe public opposition, leading to their eventual suspension due to the non-transparent manner in which valuable locations were appropriated without a tender.

The ambitious 85-hectare redevelopment project around the railway in Budapest was grandiosely titled “Grand Budapest.” President Orban named it “Maxi Dubai,” boasting plans to erect the tallest structure in Budapest. Displaced residents from the affected areas reported no assistance regarding relocation, as noted by “Balkan Insight.”

Ultimately, the initiative was suspended in early 2025, prompted by considerable public resistance and the opposition-led Budapest City Council. Alabar withdrew from the undertaking.

In the case of the “Zagreb City” project, Alabar’s company was to receive 110 hectares from the Zagreb Fairgrounds, the Hippodrome, and “Lokomotiva” Football Club’s field. It was anticipated that the city of Zagreb would retain a minority stake in the enterprise associated with “Eagle Hills” in Croatia.

Despite significant public dissent, the project was ultimately abandoned following Bandić’s death in 2021.

Nevertheless, last year, Alabar achieved 100 percent ownership of the Croatian entity “Sunce Hotels,” possessing 13 popular hotels under the “Bluesun Hotels & Resorts” brand and half ownership of Brač Airport.

In 2021, while Alabar initiated the purchase of this company, findings by “Nacional” indicated that Croatian banks began investigating the source of funds due to suspicions of irregular transactions possibly involving funds linked to the Belgrade Waterfront initiatives, sparking concerns that Alabar served as a façade for opaque Serbian capital being laundered in Croatia. However, CIN-CG could not independently confirm these claims within the Croatian context.

Alabar maintains that his company operates fully within the legal framework across all territories of operation. “Eagle Hills strictly adheres to all financial, legal, and regulatory norms in every country it operates within, with this commitment non-negotiable. The aforementioned allegations do not reflect our practices or values,” he assured.

Belgrade on the Water – State Assets Released at a Bargain

“For the construction of Belgrade on the Water, the government gifted 177 hectares of the finest building land available in the Balkans, valued between 5.3 billion and 8.8 billion in 2014, yet it has, to date, generated less than 10 million euros in dividends for the state as a minority stakeholder,” stated Milan Ćulibrk, editor of “Radar” magazine, during a recent appearance on the Načisto show on Television Vijesti.

Ćulibrk further elaborated on the limited benefits brought to Serbia from “Vučić’s project of the century.” In 2023, a single apartment in Belgrade on the Water fetched 2.6 million euros. “In total, the state accumulated less than the value of four apartments; that is emblematic of the national benefit—each Serbian citizen profited merely one and a half euros,” he highlighted.

He also indicated that a further damaging decision by Aleksandar Vučić is being executed in Serbia, involving the cession of an additional 320 hectares designated for the second phase of Belgrade on the Water, worth 20 billion, which, according to Ćulibrk, stands to be Vučić’s gift to Alabar’s enterprise.

The questionable nature of contracts established with UAE firms is exemplified by the scenario surrounding Belgrade on the Water, where the land beneath the construction neither belongs to the state nor the residents but to the Belgrade on the Water company, which the Arab-backed entity holds approximately 68 percent stake, with the Serbian Government possessing 32 percent.

Serbia faces hefty costs, including expenses incurred from relocating railway and bus stations, razing buildings in Savamala, and the loss of the “Bristol” hotel, among other planned relocations—all to actualize a private project benefiting only a select few.

Alabar has most recently secured contracts for significant developments in Riga, Latvia, and construction projects in two sites within Georgia. In Riga, he is to receive waterfront rights for the “Riga Waterfront” project, while in the Georgian port of Batumi, he will acquire land for a luxury marina and 200 square meters of green space in Tbilisi.

Alabar was notably featured at a rally in Tivat on April 10, where he claimed he would prioritize the local community’s wishes should he undertake developments in Montenegro. He even promised social housing, akin to that in Egypt. “Why don’t we institute proper practices, why don’t we listen to the citizens and communities and their needs?” he inquired.

Conversely, in Belgrade, he ignored public sentiment. In April 2016, a group of masked individuals violently demolished structures in Savamala and assaulted residents opposing the development, all while police remained inactive. Alabar persisted with construction efforts.

The project touted by the incumbent Montenegrin Prime Minister appears to bear the hallmark of Milo Đukanović. The honorary president of the Democratic Party of Socialists promptly commended collaborations with the UAE, underscoring his closeness to the royal family. It remains to be seen how much influence his party will hold in distancing itself from the Velika Plaža initiative in parliamentary discussions.

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