Dubai firm plans $2.6bn Bosnian mountain resort
Buroj Property Development to revamp 1984 Winter Olympics venue with residential units, hotels and shopping malls
A Dubai-based construction company is reportedly planning to build a luxury resort worth $2.6 billion on a mountain near Sarajevo in Bosnia.
Buroj Property Development has earkmarked the ski resort where the 1984 Winter Olympics were held for the project which will include residential buildings, hotels and shopping malls.
The mayor of the municipality of Trnovo, Ibro Berilo, said he has signed a memorandum on cooperation with Ismail Ahmed, the head of the Buroj Property Development company from Dubai, Associated Press reported.
Ahmed was quoted as saying that his company would be ready to start work at the end of the year, adding that the project would be the biggest foreign investment of this type in Bosnia.
"I had the chance to sign something that will make history in this small community and I am overwhelmed with happiness," mayor Berilo told AP.
The area of the mountains of Bjelasnica and Igman, some 20 kilometres from Sarajevo, are locally famous for fresh air and stunning views.
Bosnia has not managed to attract many investors since its bloody 1992-95 war ended. The foreign ministry has lately focused on economic diplomacy and the project is a result of a campaign Bosnia's embassy in the UAE has launched, a statement from the ministry cited by AP said.