2,2 million square meters along the Kavaja coastline were granted to strategic investors.
One of the natural beauties given away to private companies is the Turra Castle beach.
The Committee of Strategic Investments approved on April 5 a project submitted by Marina Hills, whose developer is FINSEC Development.
The area extends to some 412 hectares, with some of the areas under state ownership.
The amount that the company has promised to invest, which includes building villas and a resort, is around €450 million, while construction is expected to wrap up in 10 years.
Finsec LTD owns 70% of the shares, a company registered in Switzerland and managed by Artan Kraja. The rest of the company’s shares are owned by Greg Xhillari.
Mediterranean Wave was another company that was granted permission to build in the same area, after promising a €50 million investment that will go to build resorts and private villas.
As the two projects collide, Marina Hills’ was forced to shrink its project to 163 hectares.
Regardless of that, Finsec will uphold its investment amount, including the same number of employees.
In May 2013, Finsex won another concession for 35 years, in order to build a touristic port called Porto Albania at a bay close by the Turra Castle beach.
The estimated amount of the investment was €35,8 million and cover an area of 17 hectares.
9 years on, that project remains unfinished.
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