Qatari Diar to build $339mn resort in Montenegro

Qatari Diar Real Estate Investment Co., part of the emirate’s sovereign-wealth fund, plans to invest 250 million euros ($339 million) in building a five-star Adriatic resort in Montenegro.

Following the takeover of an existing hotel in a bay near the city of Tivat, the company owned by the Qatar Investment Authority will redevelop the 24-hectare (60-acre) site over the next two to two-and-a-half years to include a luxury hotel, villas and apartments, sports facilities and shopping malls, Qatari Diar’s locally registered unit said in an e-mailed statement.