Montenegro has entered into a significant investment agreement worth $30 billion with the United Arab Emirates (UAE), a move that has been met with both optimism from Prime Minister Milojko Spajić and considerable skepticism from various quarters.

This agreement includes two signed accords focused on economic cooperation and tourism, providing a pathway for leasing a prime coastal area known as Velika Plaža in Ulcinj, covering approximately 20 million square meters.

The interest from Emirati businessman Muhamed Alabar, through his company Eagle Hills Properties, is central to the project.

Eagle Hills has reportedly won a tender for nine beachfront locations along Velika Plaža, which presents a large, undeveloped area ideal for a high-end tourist resort.

Proposed developments also include significant urban infrastructure such as hotels, a new airport, a modern hospital, and educational institutions.

However, the agreements have sparked a wave of protests among local Ulcinj residents and officials, expressing concern over the lack of transparency, potential displacement impacts, and the exclusion of community input in decision-making processes.

Citizens have raised alarms regarding what has been characterized as plans to transform parts of Ulcinj into a luxurious resort akin to 'Adriatic Dubai.'

Concerns regarding the agreements extend beyond local protests.

The non-governmental organization (NGO) MANS has pointed out that the accord could effectively suspend numerous Montenegrin laws, allowing for land transactions to bypass public procurement processes.

According to MANS, this lack of regulation may facilitate corruption and money laundering opportunities, as it allows the government to transfer land without competitive bidding.

The agreement stipulates that selected projects will be granted land without the requirement for public tenders, significantly lowering the barriers for potential investors.

Moreover, it allows for the funding of projects through the sale of real estate before construction, raising additional questions about investor oversight and the integrity of funding sources.

Asserting that the agreements have not been designed to favor any particular interests, Prime Minister Spajić has emphasized the necessity of attracting serious global investors to Montenegro's economic landscape.

In parliamentary presentations, he argued that the projected developments would enhance the local economy, increase tax revenues, and transform the region into a competitive tourist destination.

Despite these reassurances, the political climate has become increasingly contentious.

Spajić's coalition has faced dissent from local party members and officials, including Ulcinj's mayor Genci Nimanbegu and members of the opposition party led by the Democratic Party of Socialists (DPS), expressing significant objections to the terms of the agreements.

Critiques focus on the perceived legal ambiguities, including how government consent will be granted for specific projects and the implications of a 99-year lease term proposed for the land in question.

Opposition leaders have condemned the agreements, labeling them as a 'scandalous' measure that could compromise national interests and legal integrity.

Conversely, Spajić has responded defensively, attributing any drop in investor interest to negative portrayals and uncertainties fostered by the opposition.

The agreements are set to be reviewed and voted on in the Montenegrin Parliament, where their future will be determined amid ongoing public and political scrutiny.