July 26 (SeeNews) - Qatari businessman Ali Abdullah MS Al Maki has signed a contract with Serbia's economy ministry for the purchase of a 70% stake in state-owned hotel operator Evropa for 1.08 million euro ($1.2 million), local media reported.
Evropa, based in the southeastern municipality of Surdulica, runs four hotels in the most underdeveloped region in country - hotel Serbia in Surdulica, Vilin Lug in Crna Trava, and Jezero and Promaja, on the shores of Vlasina Lake.
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Al Maki, who made the highest bid for Evropa at a tender held in May, plans to invest further in the renovation of the hotels with the goal of attracting more tourists to the region, news agency Tanjug reported on Monday.
The hotel purchase is the first Qatari investment in Serbia.
($=0.9091 euro)