Author: Armela Toska, Esmeralda Pashollari, Xhoana Çallaku and Anisa Tufa
While walking in one of the newest neighborhoods of Belgrade, what is noticed are new high-rise buildings, but empty and without residents.
"This is not my city" - was the sentence that surprised us the most from a city taxi driver, who was introducing us to today's Belgrade, a miniature copy of Dubai, a goal that the "Belgrade Waterfront" project is helping to achieve.
It was precisely this sentence that impressed us the most, because a project that was presented as if it would modernize the capital and bring a big boost to the country's economy, had made its own citizens no longer recognize it.
When we insisted on explaining why he had such an opinion, he stated that the Danube River does not need concreting, which will serve no one except the oligarchs. "When I opened the window I saw the Danube, I saw my city, with its good and bad, and now no more, towers, apartments and concreting. This project serves no purpose to me, I have no intention of buying an apartment in that place, no one does, at least not those of us who live here, this is not my city, it is not the city I know and expect to live in," he said.
The Waterfront project in the city of Belgrade is a more than 2.7 billion euro foreign direct investment by Emaar Group, a real estate development company based in the United Arab Emirates. The project aims to build a world-class, modern neighborhood to replace the city center by 2040, an area unlike any other in the entire region. Essentially, a company from Abu Dhabi promised to show up with bags of money, and the Serbian government gave them free rein to do whatever they wanted with a vast expanse of the Serbian capital.
According to Serbian journalist for Nova Ekonomija, Mateja Agatonovic, although "the Belgrade Waterfront project has been underway since 2014, there is still no public contract between the Serbian government and the offshore company " Eagle Hills " owned by Mohamed Alabbar, founded in 2014. "
To date, no one in Serbia has been able to reveal the official contract between the two countries and the nature of the public-private partnership, and the government steadfastly opposes the publication of its contents under the guise of trade secrets. There is no sign of its current existence or knowledge of the details, what actions, guarantees and risks the city of Belgrade and its citizens will have.
Members of Serbian civil society and media have consistently requested the release of this contract for more than 8 years now, but central and local authorities have consistently refused to release the information.
The investment project itself, despite the colossal amount declared, is worth less than expected, and the costs to the state itself are not precisely defined even in the special law for this investment, adopted in April 2015 by the Serbian parliament.
Moreover, the gentrification of an entire area of the city raises questions regarding the potential increase in local taxes even for residents who do not benefit from this investment.
Another obligation that the Serbian government undertook for the implementation of this project is the drafting of a spatial plan for the area, where Serbian taxpayers have paid 500,000 euros for this plan which does not comply with the state law on urban areas, and does nothing more than describe the investor's master plan. It does not comply with the law because the Law on Expropriation in Serbia does not allow the expropriation of private property to build commercial or residential buildings, or facilities for tourism and hospitality. The plan foresees various problems, such as traffic jams and high costs, but does not propose solutions.
Further, according to the State Geodetic Authority , which compiled a real estate report for the second quarter of 2021, prices for apartments in the Waterfront area start at around 10,000 euros per square meter. The most expensive area in the city of Belgrade, and one of the most expensive areas in the entire Balkan region. The average cost of a proposed apartment is 400,000 euros, while the average monthly salary in Serbia is less than 850 USD.
These concerns raised by civil society and the media over the years are also confirmed by Zlatko Minic, a member of the "Transparency Serbia" organization. According to him, the impact of the project on the increase in taxes is not yet known.
"The Serbian state has made 80-100 hectares of land available to the project, although this is still not clear, because the project is being expanded and changed every day. Our government was also forced to take on the costs of demolition, population reallocation, and preparation of the area, including the creation of infrastructure (roads, utilities, etc.), where it owns 32% of the shares, but has no control over the project. The investor has two-thirds of the shares. We still do not know how and if the project is profitable and how much tax revenues have increased due to the project," Minic told ACQJ.
For both the taxi driver met by chance on the streets of Belgrade, and for representatives of civil society, and for Agatonovic, this project does not benefit the citizens of Belgrade, but only the private companies operating in it. “The project has only a few places for citizens and for public use. This area is just a giant residential area, and apart from the promenade, citizens who do not live in this area have no reason to visit it,” said Agatonovic.
The Belgrade Waterfront Project began its implementation in 2014, and is expected to be completed in 2040. To date, the only functional part according to field interviews and representatives of Serbian civil society, is the "Galerija Belgrade" Shopping Center, which the locals ironically they call it the "pride of the city" since it is thought to be the largest shopping center in the region.
Special treatment for special investors
But while "Belgrade Waterfront" has already materialized in the daily life of the citizens of Belgrade, the sister investment in Albania has not yet taken shape, even the concept.
As the car approaches the city of Durrës, the road splits into two main directions, one leads you to the port of the city, the largest port in the country, while the other road brings you to the center, where residents enjoy the few public spaces on the promenade in coast of the Adriatic Sea.
At the beginning of 2020, the Emaar Group approached the Albanian government with a clear proposal: to turn the coast around the port of Durrës into a space dedicated to high-level hotel Services, a residential area and, most importantly, a yacht harbor for visitors.
Also in December 2020, the government passed the Law on the Ratification of the Agreement and Economic Cooperation with the United Arab Emirates, dated 3.12.2020 , a law at first glance like all other laws on the ratification of state cooperation agreements, but which contained special elements that raised questions about the chronology of its approval.
The law does not specifically provide for the economic activity of the Emar group in Albania, but for economic cooperation between the government of the United Arab Emirates and the Albanian government. The focus of this agreement is strategic investments in the tourism and agricultural industries in several areas of Albania, Vlorë-Sarandë-Ksamil, in Përmet, but also the redevelopment of the Port of Durrës area. This “redevelopment” has not been defined at any point in what form it will take, but over time, it became clear what the future of this area was.
In December 2021, the Strategic Investment Committee approved the status of “strategic investment/investor with special procedure” for the investment project “Marina & Jahtet e Durrës” (Durrës Yachts & Marina) with the applicant entity “Symphony Real Estate Development Sh.PK”. The approved project envisages the implementation of an integrated investment with a tourist port and elite accommodation structures, high-standard residences and Services in their function. The project will be developed on a total area of approximately 80 hectares, in the Durrës Port area.
At the time of the approval of this strategic investment, the investor named in the decision was "Symphony Real Estate Development sh.pk" with the sole owner of the entity "Symphony Invest Limited", an offshore company registered in the Cayman Islands, and with investment guarantors NSHMI DEVELOPMENT LLC, with address in Dubai, United Arab Emirates.
Despite the extensive advertising in the media about the investment in the Port of Durrës by Mohamed Ali Rashed Alabbar, all the legal procedures for the approval of this investment were done with companies created in Albania with offshore shell companies as shareholders, while only during 2022, the winning company Symphony Real Estate Development sh.pk has changed not only its name several times, but also its administrators, to end up in the current name, and curved in the media, as "Eagle Hills Real Estate Development" with administrator Mr. Mohamed Ali Rashed Alabbar.
Based on the decision in question, the Albanian government now makes available to "Eagle Hills Real Estate Development" an area of 81 hectares for the implementation of this investment, or more precisely 812,600.98 square meters, as well as numerous other facilities for the coordination of central, local government and various agencies, to facilitate the work and guarantee the success of the proposed project, but with great uncertainty, until that moment, as to in what form the Albanian state is a partner in this strategic investment.
The value of the Port of Durres property alone, made available to “Eagle Hills Real Estate Development”, according to the Property Value Map , amounts to 14,543,914,800 Lek , or more precisely fourteen billion and a half Lekë, not including the costs of the feasibility study of the new port project in Porto Romano, its construction, which according to the government itself amount to a considerable amount , the transfer of the latter's operations, the necessary expropriations, as well as administrative and human resource costs. This does not include the value of the area foreseen to be reclaimed for the construction of new beaches, which will be under the administration of the investor.
In 2021, the Durres Port Authority opened the tender for the procurement of the Detailed Technical Design of the new Integrated Commercial Port of Durres in Porto Romano, with a value of 1,431,692,965 Lekë , or one and a half billion Lekë, a procedure that has raised numerous doubts due to the elimination of all competing operators, 13 of them , except for the winning consortium composed of HASKONINGDHV NEDERLAND BV, ADEC ENGINEERING CONSULTANCY LLC, ABKONS SH.PK, TAULANT SH.PK and GEO-ENG SH.PK. In her speech on this selection, Minister Balluku praised the fact that the projects drafted by the Albanian Government are now increasingly attracting the attention of well-known companies not only in Europe, but also beyond.
"The five companies are very clear, first of all, that this is not just a port of a small country. This is a port, a "hub", of particular regional importance. This is a port that aims to change the concept of maritime trade not only for Albania, but for the entire region. This is an economic "hub", which will reflect development not only in the territory of Albania, but in the entire Balkans" , she said.
Up to this point, the Albanian government's investment in this project amounts to 15,975,607,765 Lekë , about 150 million Euros, not including the costs of eventual expropriations, the costs of building the new port, the costs of relocating infrastructure, or administrative and human costs.
Just a few days ago, the Albanian Parliament submitted the draft law "On the approval of the framework agreement between the Council of Ministers of the Republic of Albania and Eagle Hills Real Estate Development, Albanian Seaports Development Company, sh.a., and NSHMI Development LLC, for the strategic investment project "Marina & Yachts of Durrës"".
This draft law, together with the framework agreement and its annexes, provide for all the steps that are expected to be taken for this major investment, and all the obligations and rights of the parties. Through the framework agreement, in case of approval, it is foreseen the creation of a new business entity named "Durrës Marina" sh.a., where the interests of the state will be represented through shares in the value of 33% of the company, compared to 67% owned by Eagle Hills. As part of the contribution for this ownership percentage, the Albanian state, through ASDC (Albanian Seaports Development Company sh.a.), a company owned by the Durrës Port Authority, will contribute in the amount of 1,155,000 Lek as capital, and the transfer of ownership of 80 hectares of land in the current port, for the beginning of the development of the investment. At the same time, the state in this agreement, as an additional contribution, has provided for the exemption of the investor from the application of the social housing tax, and any tax on the applicable infrastructure.
Such an action may seem natural and not very important, but when looking at the investor's business plan submitted to the Strategic Investment Committee, it is noted that the total buildable area for accommodation is 1,264,552 m2, the area that was supposed to go to the housing fund is approximately 38,000 m2, over 380 apartments with 100 square meters each, or a value deposited in the housing fund coffers equivalent to 56,904,840 euros , based on the minimum value of 1500 euros/m2, foreseen by the investor in his business plan. Here it should be taken into account that due to inflation, in 20 years of investment, this value reaches the amount of 2200 Euros/m2, which further increases the missing contribution to the state coffers.
Furthermore, the framework agreement also exempts the investment from the application of the infrastructure impact tax, for a total development area of 1,359,734 square meters. According to the Ministry of Finance , the value of this tax is expressed as a percentage of the investment value, 1% to 3% of the value of this investment for all Municipalities and Communes, with the exception of the Municipality of Tirana. At the minimum value, if the investment declared by the company were used for this entire construction area, the value of the infrastructure impact tax would be 22,000,000 Euros , while at the maximum value, 66,000,000 Euros.
A final, but extremely important provision in this agreement, which contradicts the strong recommendations of the European Union on the renunciation of the vicissitudes in the sale of citizenship through investment , provides that foreign investors who purchase directly from the property of the Strategic Investor will have the right to apply for citizenship and/or permanent residency of the Republic of Albania based on their purchase.
How was Durrës Yachts & Marina introduced (in the beginning)?
One of the first public announcements of the new investment in Durrës was on December 5, 2020 , just a few days after the ratification of the cooperation agreement between the Albanian Government and that of the United Arab Emirates, one of the first cases that was discussed about the construction of a yacht marina in Durrës, where Minister Balluku called this investment an important step for the city's tourist future, but also the new port in Porto Romano, as a multi-year investment of strategic importance.
On April 16 of the following year, Prime Minister Rama issued a public statement, together with Mohamed Alabbar, the founder of Emaar Group, where he welcomed the investment and described the future of Durrës as the "great gateway to Albanian tourism", where this investment turns the city "into a port full of opportunities and full of attractions of the Mediterranean itself".
In September 2021 , Minister Balluku mentioned the Durrës Yacht Port as an ambitious tourism project at the Regional Maritime Transport Conference, where she described this investment as an initiative that will build a tourist infrastructure and residential complexes that will position Albania on the map of elite tourism in the Mediterranean.
On December 31 of that year, Prime Minister Rama appeared in the media with the head of Emaar Group, in the context of preparations for the cleaning of the area where the first phase of the construction of the new tourist port will be carried out. In their statement, they said that the works will begin at the end of March, beginning of April 2022. The works have not yet started.
The new year 2022 found Minister Balluku facing an interpellation regarding this investment, where on February 22, Ferdinand Xhaferraj, an opposition MP, requested clarification and transparency on this project. The Minister did not respond with facts to the questions raised, but only explained in general terms, in the same tone as the previous statements and publicity about this investment, that this project will bring many benefits to the city of Durrës, saying that "The investment comes from the Symphony company, which is owned by ALABAR. It includes 79 hectares, 12 thousand employees, 12 thousand apartments, 5 hotels and 850 rooms. 250 parking spaces for ships, large and small yachts".
Asked by ACQJ, Xhaferraj said that he sees this investment as a corrupt affair due to the non-application of the laws in force, and the issuing of clientelistic laws, which bypass open procedures and free competition in public tenders.
"Law 145, dated December 3, 2020 provides for the agreement with the Arab Emirates. In Article 6 of the agreement, which deals explicitly with the Port of Durrës, it is mentioned that this agreement is not subject to any public procurement procedure, clearly and openly avoiding competition." - he says.
"Since its inception, the project has been compiled to avoid transparency and competition. If you have neither transparency nor competition, it clearly means that you have corruption." - says Mr. Xhaferri.
The latest announcement regarding investment in this port was on August 10, 2022 , where the memorandum of cooperation was signed between "Eagle Hills Real Estate Development" and "Albanian Seaports Development Company", a company owned by the Durrës Port Authority, "for the construction of the largest Mediterranean tourist port of Durrës, an investment worth 2 billion dollars with an extraordinary impact on the development of the country's economy" - according to the Prime Minister.
But, despite numerous spots on social media, on YouTube, numerous news on government portals, in central and local media, special promotional shows from national televisions about the future of Albania in the hands of Emaar Group, news about the start of works in April of 2022, and grandiose projects for the future of the city, nothing has yet materialized on the ground. There is still no detailed project or feasibility study made public both for the new port in Porto Romano and for "Durres Yachts & Marina". The only data that is public are some stunning computer renderings and models that show what is expected to happen in the heart of the city. In the Port of Durrës, where one of the largest investments in the Mediterranean will take place, everything continues within normality and within the daily routine.
Asked about the fact when all the documents and the agreement between the Albanian government and the strategic investor "Eagle Hills" will be made public, Endri Fuga, the Prime Minister's Communications Director, says that the agreement and all the data will be made public in moment that will be presented to the Parliament for review and approval.
In Durres, ferries continue to transport passengers to and from Durres, container ships continue to unload and load goods at the harbor quay, trawlers continue their daily work, and workers and visitors when asked say that nothing has moved so far.
But it is not the same for the sales office of Durrës Yachts & Marina, set up in the middle of the central promenade of the city.
Sales started, (without starting the project) without selling price
To date, it is clear that beyond the public appearances, advertising spots, 3D projects and various moves made by the pirvate company in its ownership structure, nothing has changed for the citizens of Durrës.
Through a communication with the "Durrës Yachats and Marina" offices, ACQJ learned that 12 apartments, museums, theaters, schools, shopping centers, underground parking and a whole infrastructure of Services will be built.
However, from the communication carried out, no information was provided on when the implementation of the project will begin, but it was shown that as a project which would have two phases, in its first phase it would begin with the cleaning of the sea and the spaces next to it. In the same communication, it was explained that the sale of apartments in the first two buildings planned to be built will start in the third week of September 2022, a date that has already passed.
The sales office also made available information on the process of selling apartments, which according to company representatives is a novelty in the Albanian market, since these apartments will start to be reserved and paid for by potential buyers before their construction begins. which is expected to happen in the second phase of the project.
The novelty does not lie only in the time and premature deadlines of the sale, but also in the value of the apartments for potential buyers, which will not have a basic price per square meter, according to the representatives, but will be evaluated based on the offers submitted by the buyers for the properties, and the highest accumulated price, thus turning the whole process into an auction for the purchase of a still non-existent object.
" Prices are only published on the day the sales start, where each apartment has its own price. We only sell net meters and not common area. After we receive an offer, we reserve and the more offers are made, the more the price increases. At the moment the reservation is made, clients pay +-2000 euros which are paid in installments during the completion of the apartment," - stated a sales agent of "Durrës Yachts & Marina", emphasizing that in order for an interested person to participate in this "auction" the payment of 2000 euros is mandatory, and that the latter is final, both after the purchase of the apartment and in the event that the person withdraws, setting this as a participation price.
The "innovation" of demanding payment for unfinished apartments or even worse for unfinished apartments does not seem to have set a good example in the international market, where this innovation is seen more as a ponzi scheme than a concrete and profitable investment .
Sales agents near some of the most popular Real Estate offices in Albania, contacted by ACQJ and asked about this form of sale, said that it was the first time they heard about it, and that such a service format is unheard of until now in Albania.
The economic expert, Klodian Muço, says that there are many aspects that increase the risk of investing in this project, from the uncertainty of the duration of the project to the purchase of apartments as an investment in the stock market, where there are many unknowns.
"The contract being discussed for the sale of the apartments in question is a type of "futures contract" used in securities investments. So it is like an investment in the stock market with unknown amounts. Starting from the time factor. No one knows when construction will begin. The second aspect is the price that varies and the third aspect is the realization of the project," he says.
According to him, this project will not necessarily be realized as it is on paper, since building a new cargo port will take years and about 2 billion euros, which the government does not have.
Another aspect for expert Muço remains the form of financing the project. "Although it is said that the construction company is Emaar, de jure, it is an offshore company that signed the contract and it is not known whether this company is Emaar or another one."
“All of this involves the risk of speculation .” – he concludes. The uncertainty over the investment sale model is also confirmed by NEREA representative Reinaldo Pipiria, who could not comment on the sales scheme applied by Durrës Yacht & Marina, as everything is currently unclear and potentially speculative. According to him, such a scheme is unheard of and not confirmed by official documents.
During the communication with the "Durrës Yachts & Marina" office, no explanation was given why this method of sale was chosen, and why it is thought that this method will be effective for buyers, when this form of sale and purchase of real estate presents more risks than benefits for buyers.
But how much are the expected profits?
From the document available to ACQJ, according to the forecasts of the strategic investor, Durres Yachts & Marina is expected to be completed divided as an investment in two phases. Built properties are planned to launch in batches, according to market conditions. The first batch is estimated to start in the first quarter of 2023. The first phase of construction will consist of approximately 4,000 apartments, approximately 150 hotel rooms and 28,000 m2 of gross floor area, area of small business units. While the second phase is expected to include the construction of 8,646 apartments, approximately 752 hotel rooms, approximately 280 Marina Berths and 19,500 m2 of area of small business units.
The revenues from the sale of the apartments are estimated to be 2.2 billion euros and are expected to be sold at 1500 to 2200 euros per m2. Meanwhile, the income from residential parking is estimated to be 247 million Euros with an estimated price of 18,000 Euros for each space. The income from the Hotel is expected to be 195 million Euros for those with 5 stars and 121 million Euros for those with 4 stars, while the income from the Marina is expected to be an average of 1,750,000 Euros per year for 20 years.
Based on these forecasts, but also other secondary sources, the investor anticipates having a gross income, at the end of the second phase of the project, of around 3,200,000,000 Euros , or a minimum net profit, after various costs and applicable taxes, of around 860,000,000 Euros.
Port of Durrës, evaluations for the transitions to the new port
Since the Port of Durrës will return to Durrës Yacht & Marina, the current port will be moved to the Porto Romano area. According to the government's projections, the relocation will be completed by 2030, but according to the institutions, no feasibility study has been carried out yet, if this bay is suitable to build a port of such capacities and that the published deadlines are realistic . Only in September 2021, the Durrës Port Authority decided to open the international competition for such a plan, a process which was expected to end in August 2022, but which was postponed even further in time and value...
According to the government, Porto Romano will offer the service of processing of bulk goods and containers , while the current Port of Durres will be only for tourist Services and passenger transport Services, while also maintaining a part of the processing of goods. The Ministry of Infrastructure guaranteed that the implementation of the two aforementioned projects will be carried out in phases, parallel and spread over time, ensuring the uninterrupted continuity of the transport and processing of goods and passengers.
For the Porto Romano project, there is no concrete plan on how the relocation will work and how much the relocation will cost. This is also made clear in the response from the Durres Port Authority to ACQJ, where this institution indicates that “the plan for the construction of a new Port in Porto Romano is in the phase of drafting a detailed project that determines the details on the relocation costs and the functionality of the new port.”
Regarding financing, the Director of the APD has stated that it is intended that part of the investment will be made by the Durrës Port Authority with its own revenues, so as not to be a burden on the state budget. On the other hand, this institution, the Ministry of Defense and the Ministry of Infrastructure do not provide any answers to ACQJ's questions on the chronology of the works, the administrative aspects, the relocation of the military port, or even the costs of this initiative. The only public information is that on the financial expansion and the postponement of the contract concluded for the drafting of the detailed technical project of the new commercial port, which between the lines admits that there are further needs for the detailing of the plans of the new port, in order to adapt and conform to the requirements of NATO and our international allies.
From conversations with the residents of Porto Romano it is clear that they still do not have an accurate notification of the surface area of the new port. As the project proposed in electronic models , without a feasibility plan, is expanding every day even more, they fear for their lands and homes.
From conversations with residents, it is claimed that the expropriation of some properties around the port area has already begun. According to them, apart from being expropriated and compensated for the value of the land, the families were also offered jobs in the new port project.
"This is one of the main reasons why families affected by the port project do not speak to the media or raise their voices about the construction of the Port in Porto Romano," says one of the residents on condition of anonymity.
However, if the residents' statements are true, it is still unclear how the expropriations began for a port that still does not have a definitive footprint. Asked by ACQJ, the Ministry of Infrastructure does not comment on this issue, while the Municipality of Durrës, on the one hand, directs us to the Ministry of Infrastructure, stating that it is the competent institution, on the other hand, it announces that the expropriation procedure is in the process of confirmation from ASHK for the statuses and value of the properties affected by the project.
On September 19, 2022, the Durrës Port Authority announced a modification of the initial contract concluded for the conception of the Master Plan for the new Port in Porto Romano, increasing its value from 1.14 to 1.36 billion Lekë. The term has also been increased with the value. The term for the performance of the service was 8 months from the date of signing the contract. While the new term for the performance of the service becomes 15 months from the date of signing the contract.
The reason for the change is the need to provide parameters according to the capacities required by NATO, referring to the articulation at the political coordination level during the NATO Defense Ministerial in Brussels, on June 15 and 16.
In a request for information addressed to the Ministry of Defense, in May of this year, regarding the plan to protect the Port of Durres from relocation within the framework of the “Durrës Yachts & Marina” project, it states that this relocation does not affect the operationality of the Navy. In the framework of the relocation of the military port, the Ministry of Defense states that “On [its] part, the Navy is working to ensure that the new port in Porto Romano has sufficient capacities for the deployment of Navy units. To this end, the Navy is engaged from the initial phase of the project to ensure that the new port will meet our requirements.”
The former deputy commander of the Naval Force, Artur Meçollari, explains that this project does not fulfill the necessary capacities to become a base for the deployment of Naval Force units, and that the Albanian government does not have the possibility of financing the relocation of the port to the Porto area. Romanos, a very big obstacle in their plan.
"The project is designed in a shallow area, where it is very difficult to reach the claimed 15 m depth. There is no natural protection and moreover the direction of the port entrance is northwest, the direction from which 32% of the annual winds blow," he says.
Meçollari brings to attention the fact that "The presented project requires drilling throughout the year, and there is no nearby sea space to use as a berth. The Albanian government, in the conditions of lack of funding, has asked NATO for funding, but NATO has so far been silent, as it is not a bank. Even if it were available, NATO implements such projects for 10-12 years. For three years, NATO has been evaluating the Pashalimani Base, offered by Albania in 2018. "
It is the month of November 2022. After more than two years of advertising and publicity, the future of the Port of Durrës is still written in digital models and social media posts of the head of government.
Despite the bombastic predictions of the strategic investor's business plans over the billions in Euros expected to be earned from such an investment, there is still no accurate information on the benefits of the Albanian state from this project, the costs for the state budget, and most importantly, the benefits of the city of Durres from the privatization of an area of 80 hectares in its center, and its return to a community in which most of the inhabitants of Durres or even most Albanians would find it impossible to be part of.
So far, the Albanian state has "forgiven" the investor hundreds of millions of Euros, is costing its own budget about 14,000,000 Euros, and it is still unknown how much the new port of Durres in Porto Romano will cost. For experts, this value fluctuates between 500,000,000 and 2,000,000,000 Euros.
Even in the best case, when the projected profits of the investing firm would reach the value of 100%, the net profit of the state from this investment would be in the most optimistic case only 285,000,000 Euros from the investment and another 280,000,000 Euros in taxes, in a total of only about 560,000,000 Euros. This disappointment is further aggravated when it is clearly seen that the business plan that will be approved through the framework agreement, in none of its points does it talk about the 12,000 employees cited by Minister Balluku, or the cinemas, museums, theaters, schools or cultural centers mentioned by the sales office of "Durrës Yachts & Marina". More and more, a project that started as a tourist project, is actually turning into a simple real estate development, with limited beneficiaries.
When he meets the citizens of Durrës, they express some enthusiasm for this project, albeit a little skeptical about its success, due to the lack of information. Now that the framework agreement for this investment has been forwarded to Parliament for approval, without a competitive process, without a public announcement of its content, and in the absence of a consultative process with the citizens of the city who are directly affected by this investment, the only thing left is to hope that the words of the Belgrade taxi driver “This is not my city” do not echo the future of the citizens of Durrës.
