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| Emirati investor Mohamed Alabbar and Albanian Prime Minister Edi Rama, pictured against a conceptual rendering of the "Durrës Yachts & Marina" mega project. |
The development, one of the largest tourism and real estate projects in Albania, has been promoted as a transformative investment worth around $2 billion, led by Emirati billionaire Mohamed Alabbar. However, the project has now faced a serious technical issue during construction.
IKMT Confirms Structural Settlement in Two Buildings
Following reports in the media, IKMT carried out an on-site inspection at the construction area of the new Durrës tourist port. The inspection focused on two residential and service buildings that received construction permits in September 2023.
The technical report prepared by the Institute of Construction’s topographic measurements confirmed that:
- Building No. 02, with 8 floors above ground and 1 underground level, experienced a settlement of 28 centimeters.
- Building No. 04, with 10 floors above ground and 1 underground level, experienced a settlement of 18 centimeters.
Both buildings have already completed their main structural phase and were reportedly in the final stages of external works and finishing preparations.
Developer Ordered to Take Immediate Measures
IKMT stated that it has officially requested the implementing company behind the project to urgently undertake the necessary technical reinforcement measures to guarantee the stability and safety of the structures.
According to the inspectorate, the reinforcement project must first receive approval from the relevant authorities to ensure compliance with technical construction and planning requirements.
The incident raises questions about construction standards and monitoring procedures in one of Albania’s most high-profile investment projects.
A Mega Project With Thousands of Apartments and Government Ownership
The agreement for the development of the former commercial port area of Durrës was signed in August 2022 between the Albanian government and the company linked to Mohamed Alabbar.
Construction of “Durrës Yachts & Marina” began the following year under a 35-year concession agreement.
The project is expected to include:
- Around 12,000 apartments
- Two hotels with a total capacity of 850 rooms
- Approximately 80,000 square meters of green areas
The Albanian state is also a partner in the project and is expected to receive 33.3% of dividends throughout the duration of the agreement.
Alabbar’s Past Comments Raise Eyebrows
The latest controversy comes after comments from Mohamed Alabbar himself in a video statement where he reflected on previous business decisions in the region.
Speaking about investments in Albania and Montenegro, Alabbar jokingly admitted that his company moved too quickly in Albania, saying that “building too fast” was a mistake.
He also described participation in a beach bidding process in Montenegro as a poor decision. According to his account, after winning rights over several beaches, he later returned them to local families after seeing the reaction of the local authorities, saying he had no personal interest in keeping them.
The remarks have attracted attention as the Durrës project now faces scrutiny over construction quality and structural stability.
For a project presented as a symbol of Albania’s future tourism development, the settlement of two major buildings represents a significant challenge that authorities and developers will need to address transparently.