Suites construction starts in Lustice - Complex to host first guests in January 2015

The Executive Manager of the Egyptian-Swiss consortium Orascom Development, Gerhard Niesslein, the Minister of Sustainable Development and Tourism of Montenegro Branimir Gvozdenovic, the Mayor of Tivat Dragan Kankaras and CEO of the Belgian construction company Besix, Lukas Konings, passed on Saturday, May 18, 2013, the cornerstone for the first ten buildings of the new tourist resort Lustica Bay built on Tivat part of Lustica Peninsula.

It is a total of 72 luxury suites with total area of ​​8000 square meters, in an attractive location near future marina complex Lustica Bay, east of the bay Oblatna. Construction works of EUR 25 mil will be carried out by the Belgian construction corporation with which Orascom has already worked on the construction of the prestigious Andermatt Swiss Alps in Switzerland.

- Our annual turnover is EUR 2.5 billion and we have 20,000 employees. We are soon setting up our subsidiary in Tivat, where we will run operations, and hire local workers and contractors – Konings stressed out.

The first man of Orascom, Gerhard Niesslein, apologized to the Montenegrin public for "waiting for this moment” reminding that in 2009 the company entered into an agreement with the Government of Montenegro on long-term lease of approximately 7 million square meters of land on Lustica and building an entire new tourist city, a project worth more than EUR 1 billion.

- It took us more time than expected to get here, because since 2009 till today a lot has changed in the world, especially in terms of the financial crisis. Support we are getting in Montenegro excellent and it is not something that we experience in other locations where we invest - said Niesslein particularly praising local Orascom team - the company Lustica Development and its director Samuel Meyer.

The first facility Lustica Bay will be in operation in January 2015, and Niesslein announced the start of the first real tourist season in this complex for the summer. He pointed out that the sales department of Lustica Development last year already sold 55 suites, "although at that moment we did not have any brochures," and this year 12 more has been sold.