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Swiss Orascom Development to build Montenegro resort

Published date: 03.11.2009 11:30 | Author: Kliping inostranih medija

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CAIRO, Oct 24 (Reuters) - Swiss-based developer Orascom Development ORDH.CA(ODHN.S: Quote, Profile, Research) will develop a resort town on the Adriatic coast in Montenegro that will include hotels and an 18-hole golf course, the company said in a statement.

Orascom said the project would also include a marina, a town centre, commercial facilities and 2,350 residential units built over 6.8 million square metres on the Lustica peninsula in the town of Tivat. It did not say how much it would cost.

The first phase would comprise building the main mooring area, hotel and town centre, and would be operational within five years. The town will be Orascom's third integrated development project in Europe, the company said.

Orascom said this month it was finishing a deal to build a coastal tourist village in Europe, and that it would be similar to the company's flagship development El Gouna, a high-end resort on Egypt's Red Sea coast. But it did not say where that project would be built.

Orascom said it will hold a 90 percent stake in the Lustica project, while the government of Montenegro will hold the rest.

Orascom Development's main presence is in Egypt but it has projects in Jordan, the United Arab Emirates, Oman, Switzerland and Morocco. It recently announced plans for new projects in the UK and Turkey.

The company reported a net profit of roughly $42 million in the first half of 2009, up from $39 million in the same period a year earlier. (Writing by Cynthia Johnston; Editing by Sugita Katyal)