- “Today is a great beginning. We assure you that we will create something unique and special,” said Mohamed Alabbar, Chairman of Eagle Hills.
Eagle Hills Montenegro, a subsidiary of Eagle Hills, today announced the signing of a significant Joint Venture Agreement with Cungu & Co d.o.o. Ulcinj, Mr. Nazif Cungu, and Bond d.o.o. Podgorica, establishing Eagle Hills Ecovillage Shas d.o.o. Podgorica – a new company that will develop a world-renowned ecotourism destination in Ulcinj, Montenegro.
The agreement represents an important step in realizing the vision of EcoVillage Shas, a sustainable tourism complex designed to integrate hospitality, nature, and cultural heritage. The project will feature eco-friendly accommodation, wellness and hospitality concepts, as well as recreational facilities, offering an authentic Montenegrin experience while preserving the unique natural environment of the Shas area in Ulcinj.
On the occasion of the signing, Mohamed Alabbar, Chairman of Eagle Hills, stated:
“Today is a great beginning. We assure you that we will create something unique and special. Usually, when starting from scratch, you need 12 months to align everything with architects, designers… Construction would then take 24 to 30 months. But what we are going to create will be something truly special, a place that, once you come to Montenegro, you must visit – and when you visit, you won’t want to leave.”
Beyond its tourism potential, EcoVillage Shas will serve as a model for environmentally sensitive development in the region. By protecting the biodiversity of Lake Shas and preserving the cultural heritage known as the “Balkan Atlantis,” the project aims to enhance Montenegro’s global reputation as a destination where nature and history are safeguarded.
Speaking on behalf of Cungu & Co d.o.o., Nazif Cungu said they had long awaited a strategic partner and believes that with this project, Ulcinj will gain an investment worthy of admiration.
“From today’s signing, I believe everyone will hear about Shas and everyone will come – and I hope we will be good hosts, as we always have been. This is very beneficial for our entrepreneurs, and we will strive to engage them as much as possible.”
Nikola Kostić, representing Bond d.o.o., a partner in the project, believes this is a strong investment step for all of Montenegro.
“We are happy to see such an investment realized in Montenegro, and we believe this is only the beginning of many others that will happen in cooperation with Mr. Alabbar. Regarding this project, we are confident that it is an incredible diamond in Montenegro. We are glad we recognized it, and that soon the Balkans, Europe, and the entire world will hear about it.”
At the same time, EcoVillage Shas will stimulate the local economy through the creation of new jobs, cooperation with local businesses, and generating new opportunities for the people of Ulcinj.
- This transaction was coordinated by the Colliers Montenegro office.
About Eagle Hills
Eagle Hills is a private investment and real estate development company based in Abu Dhabi, specializing in creating new city centers and sustainable destinations in high-growth markets. Through partnerships with governments and local communities, Eagle Hills drives economic development, job creation, and long-term value through the implementation of large-scale, multifunctional projects.
