Israeli businessman Benny Steinmetz and one of his business partners, Dubai World have signed a deal for a joint real estate in Montenegro, of former Yugoslavia.
Representatives of the Steinmetz Group Ltd. (BSG) and the government-controlled Dubai World reportedly met earlier in the week to discuss building luxury hotels, as well as other real estate ventures in the country.
Both parties have also said to have met with the owners of several private resorts on the Adriatic coastal town of Buljarica.
Steinmetz and his partners are planning to invest some €500 million in the purchase of 1,730 acres in the Buljarica area, on which they plan to build their resort.
BGS is said to have $3.5 billion in assets and holdings, and employs 10,000 people worldwide.