Current Developments
Montenegro - Kotor Bay
The Bay of Kotor in southwestern Montenegro, is a winding bay on the Adriatic Sea. The bay, sometimes called Europe's southernmost fjord, is in fact a submerged river canyon of the disintegrated Bokelj River which used to run from the high mountain plateaus of Mount Orjen.
The bay is made up of some well preserved, picturesque medieval towns including Kotor, Risan, Tivat, Perast and Herceg Novi, which along with their natural surroundings form a major tourist attraction within Montenegro.
In October 2006 Canadian Peter Munk, chairman and founder of the world’s largest gold mining corporation and chairman, CEO and founder of one of the largest real estate investment trusts listed on the New York Stock Exchange satisfactorily concluded extensive talks with the Montenegrin government to purchase and redevelop the 24 hectare abandoned naval and shipbuilding site situated on Kotor Bay near Tivat. Mr. Munk plans to spend around €500 million on his long term plans for the total redevelopment of the site to include a 700 berth luxury yacht marina. As part of the purchase negotiations it was agreed that Kotor Bay, which has become environmentally compromised over the years from heavy industrial traffic will be cleaned up, preserved and protected. Combined with the recent expansion of Tivat airport passenger terminal the area is set to go from strength to strength over the coming years.