Emirati businessman Mohamed Alabbar

Albania Offers Greater Opportunities; Alabbar

Deputy Prime Minister Belinda Balluku, at the same time Minister of Infrastructure and Energy, has posted a video message from the investor in the Port of Durrës, Mohamed Alabbar.

She points out that the developer behind the iconic destinations is coming to Durrës.

In a video message, the businessman and global entrepreneur, Mohamed Alabbar, known as the founder of "Emaar Properties" and the developer of Burj Khalifa, Dubai Marina and Dubai Mall, said that in Durrës they will do the best of the best.

He emphasizes that “Albania reminds me of where I come from, where development, progress and growth are there.”

“We are passionate about creating human experiences and we love creating beautiful lives. This was the real impetus for my real estate business to grow over the last 30 years and thank God we have a good reputation, and with good people. I truly believe that we are very lucky to do what we do in our lives. And to be able to dream, we build. It seems to me that Albania reminds me of where I come from, where development, progress and growth are there,” he said.

“I guess that in Durres it is going to be absolutely the best of the best. So we can really start at that incredible level to create an incredible life," Alabbar said.

In an exclusive interview for Euronews Albania, Alabbar underlined that he could not make his investment in countries such as France, Germany or England, as according to him, these countries have low opportunities in business.

He stated that Albania is a developing country in terms of economy and tourism.

"To be honest, I looked at the economic parameters. I will not develop such a project in France, Germany or England. I think these economies are bloated, business opportunities are small, there is a long bureaucracy.”

Meanwhile, the Parliament approved the project on Thursday, after a 14-hour debate. The project aims to bring major renovation of the harbor of Durres with the aim of turning it into one of Europe's largest tourist seaports in the Mediterranean. The forecasted investment of Euro 2.1 billion, will be guaranteed by the UAE businessman, Mohamed Alabbar, who also built Burj Khalifa, Dubai's landmark skyscraper. The government will partner for 33%.

The project will cover a surface of over 800 thousand square meters. Slightly over half of this surface will be dedicated to parks and service infrastructure.

The first phase, in the next seven years, will include the construction of two residential areas and a luxury five star hotel, with a casino, in an area outside the port to be reclaimed. The second phase will start when the port services will be transferred to what will be Durres' new commercial harbor in Porto Romano, which should cost - according to a design realized by a Dutch firm - around Euro 390 million.

The center-right opposition had contested the agreement with real estate entrepreneur Alabbar, which took place "without an open tender", stating that it represents "the largest corruption case" and the "biggest theft with the government's signature" and announced it will file an appeal with the Albanian Constitutional court.

For PM Rama, instead, the project's impact on the country's economy should equal 1.2-1.8% of the GDP.