TIRANA (Albania), August 16 (SeeNews) - UAE-based Eagle Hills Real Estate Development signed a Memorandum of Understanding (MoU) with Albanian Seaports Development Company, owned by Albania's Durres Port Authority, for a project for the transformation of the Durres port, the port authority said.
The MoU determines the terms of cooperation in the preliminary phase of the Durres Yachts and Marina project, which foresees the construction of a marina and residential spaces and services in the port with a total area of 80.9 hectares, the Durres Port Authority said in a statement last week.
The project for the transformation of the port is valued at $2 billion ($1.97 billion euro), local news provider Exit reported last week.
Eagle Hills and Albanian Seaports Development Company will implement the project through a joint company that is yet to be established, the port authority noted, adding that the two parties are currently negotiating the terms of the project implementation.
The current port infrastructure will continue to remain under state ownership, while the the maintenance, new investments, expenses and services of the tourist marina will be under responsibility of Eagle Hills.
Durres Port Authority established Albanian Seaports Development Company for the purposes of the project.
($ = 0.9843 euro)