Roman Abramovich interested in 13 km of fine pure sand.

A Russian citizen will compete with Arab sheikhs for the right to build a “new Dubai” along the Adriatic.

The billionaire is ready to stand up to the financial power of a group of oil magnates – Arab sheikhs – after taking the decision to acquire the 13 kilometre beach, Velika Plaza, (the big beach) in Montenegro in order to turn it into a luxurious resort: the new Dubai.

The main part of the beach belongs to the Montenegro government and will be privatised on the open market. Officially the sale will be announced next month. However, Abramovich’s representatives have already started purchasing private houses and the land along the coast near the seaport of Ulcinj. Those used to closing such deals say that it will give the Chelsea owner an advantage over his rivals. Among them is the investment fund owned by United Arab Emirates governors and a major Hungarian real estate company whose senior management promises to invest ₤ 2 billion in the development of the project.

Abramovich’s spokesperson told The Sunday Telegraph that “he doesn’t know anything about Roman’s intentions”. A leading local lawyer, Dragan Prelevic, confirmed that he had been hired by a company with Russian connections.

Saša Vukicevic, the head of real estate company Dream Property Montenegro which works mainly with British clients pointed out: “A year ago, the Ulcinj region didn’t enjoy much demand. Now that Abramovich’s interests have been made public, everything has changed dramatically. They say that soon the country will become a new Dubai.”

(Gazeta, 21.05.2007)