A foundation stone was laid on Monday for a future tourist resort on the slopes of Mount Bjelasnica, 20 kilometres off Sarajevo, and this project, which is to be developed by the "Buroj Ozone" company from Dubai, is intended mostly for Arab clients and guests.
During the ceremony, Ismail Ahmed, the CEO of Buroj International Group, said that the investment would total some 2.3 billion euros.
The 140-hectare-large resort is to consist of several hundred villas, dozens of hotels, recreation centres and other amenities.
There is not much information about the investor. The web site of the company reads that "Buroj Property Development is one of the leading international property development companies in United Arab Emirates Dubai" and that it started operating in 2007.
In attendance at today's ceremony was a former Croatian President, Stjepan Mesic, who said that this project would mean a lot for the economy of Bosnia and Herzegovina and its neighbours.
Local environmental protection associations, however, warn that the future resort would encroach on the area with sources of drinkable water, and that there has not been any study on the project's environment impact.