PortoNovi One&Only Luxury Resort project starts.
The Prime Minister of Montenegro Milo Dukanovic and the Azerbaijan Minister of Economy and Industry Shahin Mustafayev officially opened the construction site for the PortoNovi One&Only luxury Resort project on March 5th, 2014. PortoNovi is the latest luxury tourist resort to be built in Montenegro following the completion of the first phase of Porto Montenegro. PortoNovi is situated at Kumbor on the beautiful Boka Bay, also known as the Bay of Kotor.
Azmont Investment, a subsidiary of Azerbaijan's State Oil company (SOCAR) will invest Eur 500 million in the construction of Europe's first One&Only luxury resort complex. This is currently the biggest construction project in Europe. The Covernment of Montenegro has granted a 90 year lease to SOCAR to construct this luxury resort on the 60-acre site at Kumbor along a 1.2 km stretch of coastline. The site enjoys spectacular view of Mont Lovcen and the Bay.
One&Only currently operate seven luxury resort complexes around the world including Dubai, Bahamas and the Maldives. One&Only Montenegro is their first European resort.