More movement in Montenegro

On 6 March 2014, Montenegro’s Prime Minister Milo Đukanović and Azerbaijani Minister of Economy and Industry, Shahin Mustafayev, opened the construction site of the future tourist resort ‘Portonovi’ in Kumbor, situated in the bay of Kotor, Montenegro. The new facility will have a capacity for 250 berths, and will focus on superyachts.

Azmont Investments, a Montenegrin subsidiary of Azerbaijan’s State Oil Company (SOCAR), will be investing 500 million euros in the construction of the complex in Kumbor. The project will also comprise of a One & Only resort with 550 residential villas, 150 commercial outlets and spa and sports facilities.

Construction begins in Kumbor. Credit: Government of Montenegro


The project, which is scheduled to be completed in 2016, came as a result of interstate cooperation between Montenegro and Azerbaijan, PM Đukanović stated in a press conference. He thanked the Azerbaijani President, the government and SOCAR for their commitment to implementing the project that will substantially boost Montenegro’s tourist economy.

Credit: Government of Montenegro

“We are privileged, through our cooperation with high quality investors, to gain knowledge, build capacity and become ready to achieve our vision of Montenegro as one of the most developed tourist destinations in the world,” Đukanović stated.

Credit: Government of Montenegro

The Government of Montenegro has concluded a long-term lease agreement of the former military site in Kumbor, Orjen Battalion, for a period of 90 years with SOCAR, who made the best bid for the construction of a resort at the 60-acre site.




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