• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

3

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

3

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Bosnia
Europe

Gulf Tourism Frenzy in Bosnia Delights Business, Polarizes Locals

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
August 21, 2016, 12:26 PM ET
<h1>Aman Sveti Stefan, Montenegro</h1>
<strong>Opened May 2011 </strong>

One of the most recent additions to the portfolio of hotel visionary Adrian Zecha's spectacular Aman Resorts, this Balkan paradise, located in the center of Montenegro's Adriatic coastline, sits on the site of a former fortified 15th-century village. Nestled amid cedar and pine forests and surrounded by olive trees, the resort offers six "spa cottages" scattered across the property; a larger, deluxe spa is planned for 2013. And a trip here will instantly make you a card-carrying member of the travel cognoscenti. Following the lead of its neighbor to the west, Croatia, which has seen a steady uptick in boldface-name visitors during the past few years, Montenegro appears poised to be the next big thing in travel: The World Travel &amp; Tourism Council predicts the country's annual investment in travel and tourism will grow by an average of 16.4% through 2021 -- higher than that of any other country in the world. 

<a href="http://www.amanresorts.com/amansvetistefan/home.aspx" title="" target="_blank">From $985</a>
<h1>Aman Sveti Stefan, Montenegro</h1> <strong>Opened May 2011 </strong> One of the most recent additions to the portfolio of hotel visionary Adrian Zecha's spectacular Aman Resorts, this Balkan paradise, located in the center of Montenegro's Adriatic coastline, sits on the site of a former fortified 15th-century village. Nestled amid cedar and pine forests and surrounded by olive trees, the resort offers six "spa cottages" scattered across the property; a larger, deluxe spa is planned for 2013. And a trip here will instantly make you a card-carrying member of the travel cognoscenti. Following the lead of its neighbor to the west, Croatia, which has seen a steady uptick in boldface-name visitors during the past few years, Montenegro appears poised to be the next big thing in travel: The World Travel &amp; Tourism Council predicts the country's annual investment in travel and tourism will grow by an average of 16.4% through 2021 -- higher than that of any other country in the world. <a href="http://www.amanresorts.com/amansvetistefan/home.aspx" title="" target="_blank">From $985</a>
Add Fortune on Google for similar content.

Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Gulf buyers whose investment has polarized local opinion.

They discovered mountainous Bosnia, where half the population is Muslim, after the Arab Spring which destabilized many traditional holiday destinations such as Libya, Tunisia and Egypt. The trend has picked up with more direct flights, new resorts and the end of visa restrictions.

Estate agents and local businesses have welcomed the economic boost. But in a secular country where many Muslims drink alcohol and wear European-style clothing, the arrival of a Saudi-built mall where no alcohol is sold and the sight of burqas and traditional Arab robes is worrying for some.

“People from the Middle East come here because of the nature and good weather, and very cheap prices for property and other goods,” said 28-year old Sanousi, who works in the media industry in Kuwait.

“Many Muslims feel it’s a good place for them, they feel they are with their people, they feel comfortable here,” he said in the gated resort that is inhabited mostly by Gulf visitors. It was built by a Kuwaiti investor and opened last year.

Bosnia-Herzegovina Just Applied to Join the European Union

The number of visitors from the United Arab Emirates surged to 13,000 in the first seven months of this year from 7,265 last year, according to hotel data from the Sarajevo tourist board. In 2010, there were only 65 visitors from the UAE.

Bosnia does not have a national tourism authority and data on land purchases is patchy in the Balkan country which has a fragmented government system.

Unofficial estimates put the total number of Arab tourists at between 50,000-60,000 a year, with about a quarter buying property.

The visitors bring much needed cast to the economy which has not recovered from the 1990s war.

But many local Muslims, who pray only at mosques or at home, were shocked when a group of Arab men dressed in traditional robes prayed outdoors at a popular weekend resort near Sarajevo last year. Others have been upset by a Saudi-funded mall that serves no alcohol or pork.

“I’m not glad that they are coming,” said Amina, a Muslim pharmacist from Sarajevo in her 50s. “I’m worried about what influence they can have on our children if they stayed here.”

Divided Bosnian Serbs Rally For and Against Government

Many Bosnians remember the Arab fighters who came during the 1992-1995 war to fight with Bosnian Muslims against Serbs and Croats, bringing with them a stricter form of Islam which drew followers, some of whom fought in Syria and Iraq for Islamic State.

At the end of the war, some restaurants and cafes in the Ottoman-era old town of the capital stopped serving alcohol and pork and residents say they have now disappeared from the menu in other cafes which have started to do the same.

Esad Durakovic, a professor of Arabic studies at the University of Sarajevo, wrote in an editorial for the Depo news portal last week property purchases by Gulf visitors could hurt a delicate religious balance in Bosnia.

“This is not about tourists who come and go but about those who permanently stay on their property,” he said, saying that it could fuel a desire for secession among some Bosnian Serbs.

“They will not want to live in “Muslimstan.”

Promised Prosperity Never Arrived in Russian-Held Crimea

Travel and real estate agents dismiss those concerns, saying the country should welcome the money to help get the economy back on track and that the visitors only come in the summer to escape the heat at home.

“I’m really wondering why so many people are questioning (Arab investments) rather than getting profit out of it… I find it really sad,” said Abdelal Mustafa, general manager of Saudi-based HR Holidays travel agency.

They want the state to improve legislation to encourage more visitors and investors in Bosnia.

For more on travel, watch:

“The legalization blocks a lot of money,” said Tariq Burjaq, executive director of the Kuwaiti Rawasi Real estate company, which is building a 25 million euro worth residential complex at the foot of Igman mountain, near Sarajevo, with 246 housing units.

Mirsada Gostevcic who was selling honey and blackberry and raspberry juice near the Sarajevo Resort where Sanousi’s family has a property, does not see what all the fuss is about.

“I don’t mind that Arabs are coming, I don’t know why people are bothered with that. This is a country where life is difficult, and we are looking forward to earning more money,” Gostevicic said as visitors from the Gulf strolled along improvised shop-stands where local farmers sold their produce.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in

Can Bangkok future-proof itself against the heat?
CommentaryThailand
Can Bangkok future-proof itself against the heat?
By Curtis S. Chin and Ella TanJuly 23, 2026
2 hours ago
Photo of Mark Zuckerberg
AIMark Zuckerberg
‘Call us whatever the hell you want’: Mark Zuckerberg just launched an AI optimism blitz using nostalgia to sell Meta’s AI future amid backlash
By Mia OsmonbekovJuly 23, 2026
2 hours ago
Saudi Arabia takes center stage as oil hits $100 and the Iran war escalates amid Houthi attacks and nuclear expansion
EnergyDonald Trump
Saudi Arabia takes center stage as oil hits $100 and the Iran war escalates amid Houthi attacks and nuclear expansion
By Jordan BlumJuly 23, 2026
2 hours ago
bots
AIAI agents
Turns out Dead Internet Theory was right: AI agents are eating the Web, growing by nearly 8,000% and rewiring the Internet’s business model
By Mia OsmonbekovJuly 23, 2026
3 hours ago
sam altman speaks
AIOpenAI
OpenAI debuts ChatGPT Voice so you can have ongoing conversations, ask the AI to complete tasks while hands-free
By Emily ForliniJuly 23, 2026
3 hours ago
LeBron James wearing Miami Heat jersey.
Arts & EntertainmentSports
The Miami Heat, LeBron James and prediction markets: how a ‘mistake’ social media post turbo-charged a $245 million wager
By Catherina Gioino and Joshua HongJuly 23, 2026
3 hours ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
1 day ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
1 day ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
Success
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
By Nick LichtenbergJuly 22, 2026
1 day ago
Spain lifted the World Cup, but the IRS still gets a cut of its $50 million pay day as players, coaches and refs all face complex U.S. “jock taxes”
Personal Finance
Spain lifted the World Cup, but the IRS still gets a cut of its $50 million pay day as players, coaches and refs all face complex U.S. “jock taxes”
By Joshua HongJuly 23, 2026
16 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.