Dubai's Buroj to build 4.8b Bosnia resort

(MENAFN- Khaleej Times)

Dubai-based developer Buroj Property Development said on Saturday it plans to invest ?4.3 billion ($4.8 bln) to build a luxury tourist resort near Sarajevo in what could be the biggest foreign investment of its kind in the Balkan country.

Bosnia has seen an influx of tourists from the Middle East in recent years and a growing number of Middle Eastern buyers of properties attracted by the country's mountain landscape. "The initial investment in the project is worth around ?920 million while the total investment will amount to ?4.3 billion" over the next eight years Ismail Ahmed the company's manager told a news conference.

The "Buroj Ozone" will stretch over an area of 1.3 million square metres and include thousands of housing units hotels and the largest shopping centre in Bosnia Ahmed said.

It will be located in the municipality of Trnovo which lies below the Bjelasnica and Igman mountains. Ahmed said construction would begin in April or May next year pending a resolution of regulatory issues and necessary permits from the Trnovo municipality which will lease the land to Buroj Property Development for 99 years.

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