The Capital Plaza was recently opened in the presence of a large number of high-ranking officials, dignitaries, and diplomats. Image: Capital Plaza
Development

Largest commercial and residential facility in Montenegro opened

The Capital Plaza in Podgorica boasts around 93,000 sq m of space. Two firms from the United Arab Emirates provided the investment, the size of which remains undisclosed.

At a grand, official meeting on September 18 in Podgorica, Capital Investment (CI), in collaboration with Abu Dhabi Financial Group (ADFG), officially opened The Capital Plaza. It is the largest mixed-use real estate development in Montenegro, occupying about 93,000 sq m of prime retail, business, hospitality, and residential space – a landmark in this Eastern European state. The development cost was not disclosed. In the presence of a large number of high-ranking officials, dignitaries, and diplomats, the ribbon cutting ceremony honors were undertaken by Milo Djukanovic, Prime Minister of Montenegro, AbdulHamid Saeed, Chairman of CI, and Jassim Alseddiqi, CEO of ADFG, among others.

The opening ceremony was attended by senior officials and representatives of the diplomatic corps. Image: Government of Montenegro
The opening ceremony was attended by senior officials and representatives of the diplomatic corps. Image: Government of Montenegro

In his address at the opening event, Montenegro’s Prime Minister praised the “commitment to the nation” of the investors from the United Arab Emirates (UAE) before expounding on how the collaboration between ADFG and Capital Investment would “provide long-term benefits to the region and its people.” Alseddiqi added: “Located in the heart of dynamic Podgorica, The Capital Plaza, with its striking architecture, cutting-edge technology, and quality fit-out, is a key destination for businesses, residents, and tourists from all over the world.”

Economy three times its size in 2003

One might ask why the two firms from the UAE invested in Montenegro. According to a 2013 World Bank Report, the Balkan country has a beautiful landscape and enormous potential in economic growth. Its economy has also tripled in size since 2003. The report goes on to say that “Montenegro has the highest per capita income among Albania, Bosnia and Herzegovina, Kosovo, Macedonia, and Serbia”. This increase in purchasing power has led to an increase in demand for property and consumer goods. Tourism, of course, also raises the country’s international profile and attracts affluent target groups. The booming economy and flourishing tourism along the coast have put Montenegro on the map of international investment opportunities. The last piece of the puzzle is a physical and symbolic “center of gravity,” a place where all these new trends come together. A place that symbolizes the potential of the whole region. The Capital Plaza is this symbol.

The brand-new scheme contains a commercial zone that is shaping up as the logical continuation of the nearby George Washington Boulevard, Podgorica’s main high-class shopping street. A lively spot full of attractive people and affluent shoppers, The Capital Plaza’s commercial zone will be the place to take a leisurely stroll among famous fashion boutiques and French-style cafés and bakeries. The ground floor features a luxurious pedestrian zone, which includes branded clothing boutiques, small restaurants, banks offices, home décor shops, a jewelry shop, a bookstore, and a perfumery. The first floor features a spa center, a supermarket, a self-service restaurant, a beauty salon, and a children’s playroom. Levels -2, -3, and -4 offer convenient underground parking, with 820 individual spaces. The facility is equipped with a smart garage management system, which makes it easy for anyone to locate a free parking space at any time.

Near the airport

The business address of The Capital Plaza is a reference that speaks volumes to clients and business partners. The complex contains office spaces of various sizes and is composed of an office tower, small office units in the adjacent wings, and a Business Hotel suited for meetings and conferences. The airport also lies just 15 minutes away.

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