Orascom Development Holding is planning to develop a €15m resort on Lastavica, an island off the coast of Montenegro in the Adriatic Sea. The company signed a long-term lease with the Montenegrin government. The 49-year deal still needs to be approved by parliament.
Under the terms of the contract, Orascom Development Holding is barred from acquiring ownership rights following the expiration of the lease. The redevelopment plans call for the restoration of the island’s historic Mamula fortress.
