According to expectations of the Montenegrin government, negotiations with Egyptian company Orascom, the only bidder at the tender for a 90% stake in the Montenegrin company Lustica Development, could be completed in two months.

Lustica Development controls over 6.8 million square meters of land on Lustica peninsula near the coastal town of Tivat. Orascom announced that they would invest some EUR 1.1 billion in exclusive hotels and other tourist facilities in the next few years and employ some 9,000 workers. It has not been revealed how much Orascom offered for the shares.

The aim of the Lustica project is the development of an integrated holiday resort which will make an elite tourist destination throughout the year.