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, for which purpose the "Belgrade Waterfront" project is also helping.
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 that he explain to us why he had such an opinion, he said that the Danube River does not need concreting, which will not serve anyone except the oligarchs. "When I opened the window I saw the Danube, I saw my city, with its good and bad, but now not anymore, towers, apartments and concrete. This project is of no use to me, I have no intention of buying an apartment in that place, no one has any intention, at least not 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 an investment worth more than 2.7 billion euros of foreign direct investment by Gupi Emaar, a real estate development company located in the United Arab Emirates. This project plans that by 2040, to build a world-class, modern neighborhood to replace the city center, an area unlike any other in the entire region. Basically, a company from Abu Dhabi promised to show up with bags of money and the Serbian government gave them free rein to do what they wanted with a wide swath of the Serbian capital.
According to the Serbian journalist of Nova Ekonomija, Mateja Agatonovic, although "The Belgrade Waterfront project has started 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 continuously requested the availability of this contract for more than 8 years now, but the central authorities and local have repeatedly refused to make information available.
The investment project itself, despite the declared colossal amount, is worth less than expected, and the expenses for the state itself are not precisely defined even in the special law on this investment, approved 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 the 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 but 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 facilities, or facilities for tourism and hospitality. The plan foresees various problems, such as traffic jams and high costs, but no solutions are proposed.
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 provided the project with 80-100 hectares of land, although this is still not clear, because the project is being enlarged and changed every day. Also, our government was forced to take over the costs of the demolition, the reallocation of the population as well as the preparation of the area, including the creation of infrastructure (roads, municipal Services, etc.), where it owns 32% of the shares, but has no control over the project. The investor owns two-thirds of the shares. We still don't know how and if the project is profitable and how much tax revenue has been raised by the project" Minic told ACQJ.
As for the taxi driver he met by chance on the streets of Belgrade, as for the representatives of civil society, as well as for Agatonovic, this project is not for the benefit of the citizens of Belgrade, but only for the private companies that operate in it. "The project has only a few places for citizens and for public use. This area is just a giant residential area, and except for the promenade, citizens who do not live in this area do not have to visit it"- Agatonovic said.
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.
And 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 sight like all other laws for the ratification of state cooperation agreements, but which in its interior had 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 the economic cooperation of the government of the United Arab Emirates with the Albanian Government. The focus of this agreement is strategic investments in the tourism and agriculture industry in several areas of Albania, Vlorë-Saranda-Ksamil, in Permet, but also the redevelopment of the Port of Durrës area. this "redevelopment" at no point has it been determined what form it will take, but over time, it became clear what the future of this area was.
In December 2021, The Strategic Investments Committee approved status "investment/strategic investor with a special procedure" for the investment project "Marina & Jahtet e Durres" (Durrës Yachts & Marina) with the applicant entity "Symphony Real Estate Development Sh.PK". The approved project envisages realizing 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 area of the Port of Durrës.
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 many other facilities for the coordination of the central, local government and various agencies, for facilitating the work and guaranteeing the success of the proposed project, but with the uncertainty of big, until that moment, in what form the Albanian state is a partner in this strategic investment.
Only the value of the property of the Port of Durrës, made available to "Eagle Hills Real Estate Development", according to Property Value Map, captures a value of 14,543,914,800 Leak, or more precisely fourteen and a half billion Lek, not including the costs of the feasibility study of the project of the new port in Porto Romano, its construction, which according to the government itself capture a significant figure, the transfer of the latter's operations, the necessary expropriations, as well as administrative and human resources costs. This does not include the value of the surface area expected to be reclaimed, for the construction of new flats, which will be managed by the investor.
In 2021, the Durrës Port Authority opened the competition for procurement of the Drafting of the Detailed Technical Project of the new Integrated Commercial Port of Durres in Porto Romano, with a value of 1,431,692,965 ALL, or one and a half billion Lek, a procedure which has raised many doubts due to the elimination of all competing operators, 13 of them, in addition to the winning consortium consisting of HASKONINGDHV NEDERLAND BV, ADEC ENGINEERING CONSULTANCY LLC, ABKONS SH.PK, TAULANT SH.PK and GEO-ENG SH.PK. In her speech about this selection, Minister Balluku appreciated the fact that already the projects designed by the Albanian Government are attracting more and more attention of well-known companies not only in Europe, but also beyond.
"The five companies are very clear, first of all, that we are not just talking about the port of a small country. Here we are talking about a port, "hub", of special regional importance. Here we are talking about a port which aims to change the concept of maritime trade not only for Albania, but for the entire region. Here we are talking about an economic "hub", which will reflect the development not only in the territory of Albania, but in the entire Balkans., she said.
Up to this point, the Albanian government's investment for this project amounts to 15,975,607,765 ALL, about 150 million Euros, not including the costs of eventual expropriations, the costs of building the new port, the costs of moving the infrastructure, or the administrative and human costs.
Just a few days ago, the draft law proposal was forwarded to the Parliament of Albania "For 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 observed that the total buildable area for accommodation is 1,264,552 m2, the area that was supposed to go to housing fund is approximately 38,000 m2, over 380 apartments of 100 square meters each, or a value deposited in the housing fund fund equivalent of 56,904,840 €, based on the very minimum value of 1500 euros/m2, provided 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 Euro/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 Ministry of Finance, the value of this tax is expressed as a percentage of the value of the investment, 1% to 3% of the value of this investment for all Municipalities and Municipalities, except for the Municipality of Tirana. At the minimum value, if the investment declared by the company were to be used for all this construction space, the value of the infrastructure impact tax would be EUR 22,000,000, while at the maximum value, Euro 66,000,000.
A last but very important service in this agreement, which contradicts the strong recommendations of the European Union on waiving the vicissitudes of selling 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 residence of the Republic of Albania based on their purchase.
How was Durrës Yachts & Marina introduced (in the beginning)?
One of the first public exits of the new investment in Durrës was that I dated 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 rumored for the construction of a yacht marina in Durrës, where Minister Balluku called this investment an important step for the touristic future of the city, but also the new port in Porto Romano, as a multi-year investment of strategic importance
On April 16 of the year successor 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 gate of Albanian tourism", where this investment returns the city "in a port full of possibilities and full of attractions of the Mediterranean itself".
In September 2021, Minister Balluku has mentioned the Yacht Port in Durrës as an ambitious tourist project at the Regional Maritime Transport Conference, where she described this investment as an initiative that will build a tourist infrastructure and residential complex, that will position Albania on the tourism map elite in the Mediterranean.
in December 31th that same year, Prime Minister Rama appeared in the media with the head of Emaar Group, in the framework 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 start at the end of March, beginning of April 2022. The works have not started yet.
The new year 2022 found Minister Balluku facing an interpellation regarding this investment, where on February 22, Ferdinand Xhaferraj, the opposition MP, asked for clarification and transparency on this project. The minister did not answer the questions raised with facts, but only clarified 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 company Symphony, 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 last exit in terms of investment in this port was that of the date August 10, 2022, where the cooperation memorandum 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 a tremendous 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.
"The prices come out only on the day when the sales start, where each apartment has its own price. We only sell net meters and not common area. Once we receive an offer we book and the more offers are given the more the price increases. At the moment the reservation is made, customers pay +-2000 euros which are repaid in installments during the completion of the apartment. - stated a sales agent of "Durrës Yachats & 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, as after the purchase of the apartment, also in case the person withdraws, designating 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 discussed for the sale of the apartments in question is a type of "futures contract" used in title investments. So it is like an investment in the stock market with many unknowns. 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 project financing. "Even though it is said that the construction company is Emaar, de juro, it is an offshore company that signed the contract and it is not known if this company is Emaar or another".
"All these have the risk of speculation". - he concludes. The uncertainty about the investment sales 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 not clear and potentially speculative. . According to him, such a scheme is unheard of and not confirmed with 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 on other secondary sources, the investor expects to have a gross income, at the end of the second phase of the project, of approx. EUR 3,200,000,000, or minimum net profit, after various costs and applicable taxes, of approx EUR 860,000,000.
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 refujo goods and containers, while the current Port of Durrës will only be for tourist Services and passenger transport Services, while also maintaining a part of goods processing. The Ministry of Infrastructure guaranteed that the implementation of the two above-mentioned projects will be carried out in stages, parallel and extended in 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 return of the answer from the Durrës Port Authority for ACQJ where this institution indicates that "the plan for the construction of a new Port in Porto Romano is in the drafting phase, the detailed project that defines the details on the relocation costs and the functionality of the new port."
Regarding funding, the Director of APD has declared that it is thought that a part of the investment will be made by the Port Authority of Durrës with its own income, so that it is not a burden on the state budget. On the other hand, this institution, the Ministry of Defense and the Ministry of Infrastructure do not give any answers to ACQJ's questions about 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 of the financial extension 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 detailing the plans of the new port, so that to adapt and conform to the requirements of NATO and our international allies.
From the conversations with the residents of Porto Romano, it is clear that they still do not have an accurate announcement on the surface of the new port. Given that the project i 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 the families affected by the port project do not speak to the media or raise their voice 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 Port Authority of Durrës announced the modification of the initial contract for the conception of the Master Plan for the new Port in Porto Romano, increasing its value from 1.14 to 1.36 billion Lek. The term has also been added to the value. The deadline for performing the service was 8 months from the date of signing the contract. While the new term of service performance 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 Durrës from relocation within the "Durrës Yachts & Marina" project, it says that this relocation does not affect the operationality of the Naval Force. 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 capacity 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 15 m depth as claimed. 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 draws attention to the fact that "The proposed project requires dredging throughout the year, and there is no marine space nearby to use as a dock. In the conditions of lack of financing, the Albanian government has asked NATO for financing, but NATO has been silent so far, 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 Pashaliman 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.
Until now, the Albanian state "forgave" to the investor with hundreds of millions of Euros, it is costing its budget about 14,000,000 Euros, and it is not yet known what the cost of the new port of Durrës in Porto Romano will be. For experts, this value fluctuates between 500,000,000 in 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 I meet the citizens of Durrës, they are somewhat enthusiastic about this project, although a little skeptical about its success, due to the lack of information. Now that the framework agreement for this investment has been forwarded to the Parliament for approval, without a competitive process, without a notification about the content to the general public 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 be an echo of the future of the citizens of Durrës.
