Durres Yachts and Marina/ Signing Ceremony of the Memorandum of Understanding/ 10 August 2022
On August 10, 2022, in the “Map Hall” of the Prime Minister’s Office was held the signing ceremony of the Memorandum of Understanding for the „Durres Yachts and Marina“ project, between Mr. Mohamed Ali Rashed Alabbar, chairman and representative of “Eagle Hills Real Estate Development“ Ltd and Mr. Erlis Hereni, CEO and representative of “Albanian Seaports Development Company”, shareholding company owned by the Durres Port Authority established to support the progression of the project implementation.
At the end of last year, by Decision No. 14/6, dated 02.12.2021, this project, which includes the development and urban reinstation of a substantial part of the city of Durres, the construction of a modern marina, as well as residential spaces and services of a high end coastal tourism, was evaluated as a strategic investment, provided that the parties meet designated terms and agree with specific conditions and responsibilities through a negotiation procedure which is currently under finalization.
Pursuant to Law 55/2015 „On Strategic Investments in the Republic of Albania” and CMD no. 1030, dated 16.12.2015, “Eagle Hills Real Estate Development“Ltd has requested the government’s participation as a codevelepor and co-operative party in this project. Hence, through the Port Authority of Durres (DPA), the government established the “Albanian Seaports Development Company”, a joint-stock company, which will represent the interests of the Albanian government during the implementation of this investment.
In accordance with the prerequisites set by the Strategic Investments Committee, the „Albanian Seaports Development Company“ and “Eagle Hills Real Estate Development“ Ltd must establish a bilateral shareholding company with the sole purpose of project development and operation.
As we expect to conclude soon the negotiation phase, which will pave the way for the formal, technical and legal approval of the relevant acts, the Memorandum of Understanding determines the terms of cooperation between parties in the preliminary phase, including but limiting to:
- Taking all measures for the promotion and implementation of the Project;
- The adaptation and preparation of appropriate and necessary infrastructural and environmental conditions to facilitate the implementation of the First Phase of Project Development;
- All preliminary actions necessary for the design and preparation of the architectonic project of the “Durres Yachts and Marina” Project;
Despite the latest media speculations, the property of the current Port has not been transferred yet into the investor’s ownership. By CMD No. 861, dated 29.12.2021, and CMD No. 494, dated 21.7.2022, the provision of the strategic investment for the “Durres Yachts and Marina” project implementation foresees a total area of 80.9 hectare, avoiding the interruption of the operation at the actual Port.
It is important to emphasize that the current port infrastructure (including quays, basin, channel, etc.) will continue to remain under state ownership, while the maintenance, new investments, expenses and services of the tourist marina will be under responsibility of the strategic investor through a special contract where the Government will continue to exercise its public and regulatory responsibilities in compliance with the legislation in force.
In 2020, the Albanian Government adopted an ambitious strategy for the maritime transport which includes a solid investment plan to support and improve port infrastructure across the country. Our strategy foresees moving cargo operation outside the urban areas and redeveloping the city’s port into a luxury marina for cruise ships and high-end tourist services. With the transformation of the current port and the construction of the new facilities in Porto Romano, we are establishing two ports under the same Port Authority, in line with the best practices of port development in the Northern and Western European countries.