By Jaroslaw Adamowski

Construction work has been begun at the marina in Kumbor, Montenegro. The new facility will have a capacity for 250 berths, and it will focus on superyachts.

The PortoNovi project, comprising the One&Only resort with 550 residential villas, 150 commercial outlets including shops, restaurants and cafes, and various spa and sports facilities, is estimated to be worth about €500m (US$693m), reports Serbian news outlet CorD Magazine.

The investment is being funded by Azerbaijan’s state-owned oil and gas company SOCAR. The Montenegrin project will be carried out by Kerzner International Resorts, which signed a deal with the UK’s Triangle investment group. The British firm collaborates with financial institutions, deluxe hotel operators and investors on hospitality projects, and acts as an agent of SOCAR on the Kumbor-based investment.

Construction work at the Montenegro-based tourist complex is scheduled to be completed in May 2016. The project, which represents the largest investment in Montenegro’s tourism industry, will employ a workforce of about 6,000.

Located in the country’s southwestern Herceg-Novi province, Kumbor is predominantly inhabited by Serbs and Montenegrins.