The Government of Montenegro and the United Arab Emirates (UAE) have signed agreements on economic cooperation and joint investment during a ceremony at the Presidential Palace in Abu Dhabi. The agreements were signed by Montenegrin Prime Minister Milojko Spajić and UAE Deputy Prime Minister and Minister of Foreign Affairs, Sheikh Abdullah Bin Zayed Al Nahyan, in the presence of President Sheikh Mohamed bin Zayed Al Nahyan.
Benefits of cooperation
The agreements aim to foster cooperation based on mutual benefit and equality, fully aligned with the legislation of both countries. The cooperation will cover various areas, with a particular focus on strategic projects of public interest that will generate economic benefits for both nations. Prime Minister Spajić emphasized that Montenegro needs investments from credible companies with a history of successful projects, supported by the most reputable countries globally.
The agreements also establish a foundation for expanding cooperation, particularly in tourism, which is expected to accelerate economic growth, create new jobs, and improve living standards across Montenegro, ensuring a balanced distribution of benefits throughout the country.
Parliamentary approval required
The Montenegrin government has instructed the General Secretariat to forward any agreements related to state property to Parliament for approval. During a session, the government also endorsed the foundation for negotiations and agreements concerning tourism and real estate development between Montenegro and the UAE.
Clarification on misinterpretations
The Prime Minister’s cabinet clarified that certain misinterpretations of the agreements circulating in NGOs, political circles, and the media do not contribute to constructive dialogue and may create confusion and distrust among citizens. Such interpretations could harm Montenegro’s international reputation. The cabinet urged all stakeholders to rely on facts rather than assumptions or sensationalism when discussing these important matters.
National legislation remains in effect
The agreements signed with the UAE are fully aligned with Montenegro’s national legislation, which will remain in force. The agreements make it clear that national laws will apply to planning documentation, environmental protection, construction, and other regulations, with exceptions related to public procurement and state property management, as defined by international agreements. The procurement exceptions are consistent with EU rules and will apply until the end of next year.
No special laws planned
The Prime Minister’s office rejected claims that there are plans to build large residential capacities for the market, stating that the project is designed as a tourist complex in line with international standards and Montenegro’s laws. There are no provisions in the agreement for the creation of a special law (lex specialis) for the project. Additionally, there has been no prior informal communication with potential investors; the presentation of investment opportunities has been done through official visits and international events with full transparency.
