A recent decision approved by KIS also states that now the ministry that will be involved in this process will be that of Economy, Culture and Innovation instead of the Ministry of Finance and Economy after the changes that were made at the end of the year gone into reorganization.
“Everywhere in the decision, the designation “Ministry of Finance and Economy” is replaced by “Ministry of Economy, Culture and Invasion”. b) In point 10, the word “…6 (six)” months…” is replaced by “…8 (eight)” months…”, the decision states.
Point 10 of the previous decision specified: The Ministry of Tourism and Environment, the Ministry of Finance and Economy, the State Bar and the Albanian Investment Development Agency are charged to immediately set up a negotiating group for the development agreement and within 6 (six) months from Acknowledgment of this decision to negotiate with the proposing subject the agreement in question for the development of the investment and the provision of state real estate for the investment project in the area with priority for the development of tourism. The negotiating group is chaired by the ministry responsible for tourism.
At the end of the negotiation with the investment entity, the ministry responsible for tourism proposes the development agreement for approval in the Council of Ministers and the provision of state real estate for the investment project with a duration of up to 99 years through a symbolic contract of 1 euro. The agreement for the realization of the strategic investment will be proposed for approval by a special law in the Assembly of the Republic of Albania in accordance with Article 35 of Law No. 93/2015 “On Tourism”, amended.
USD 197 million project where the state will get offices
In August last year, KIS granted the status of investment/strategic investor for a period of 5 years to an entity registered in the United States of America.
“The Cliffs” project is proposed by the group of foreign investors Adriatic Resorts LLC, a company under American law with an official address in Cheyenne, WY, USA, sole partner of Adriatic Resorts Holding UK Limited, a company under English law, number company 14320966, with headquarters in London, England, to be realized through the entity Adriatic Resorts sh.a. NUIS M22221001A, with sole partner Adriatic ResortsHolding UK Limited, whose ultimate beneficiaries are declared by the entity according to the legal framework in force.
The project envisages the development of an accommodation structure, which will include a five-star hotel with approximately 250 (two hundred and fifty) rooms, 60 (sixty) other accommodation units with luxury service, bars, restaurants, commercial units, cafes, spaces for meetings and entertainment, SPA, swimming pool and recreational areas, casino, as well as parking space for over 600 (six hundred) cars,” the document states.
Meanwhile, the area where the project will be developed belongs to the part known as the railway station” it was stated in the previous decision of KIS. In exchange for the land that it seems to be making available to the investor, the state will receive 12.5 thousand square meters of construction for institutions’ offices. The real estate with an area of ??19,000 m2, of the “plot” type, which is to be developed by the investor, was transferred to the administration of the Ministry of Tourism and Environment earlier in 2021.
The new KIS decision of May 7, 2024 specifies what is the support measure for the subject and how the negotiation will be done.
“The support measure that was approved in principle to the subject by decision of the KIS was the provision of real estate owned by the “state”, of the “land” type, in ZK 8340 with property number 8/76, in Tirana.
The final approval of this measure and the development agreement that will be negotiated between the proposing entity and the negotiating group will be approved by decision of the Council of Ministers and will then be proposed for approval by a special law in the Assembly of the Republic of Albania in accordance with article 35, of the law no. 93/2015, “On Tourism”, as amended,” the decision states.
