Bosnia and Herzegovina as well as wider Central Europe has featured prominently on Gulf investors' radar. Image Credit: NYT

Dubai: The Saudi Arabian developer Dar Al Arkan has made its first move into the European projects space, launching a 500,000 square metre upscale community in Bosnia and Herzegovina. It is set within a forest and will be 30 minutes from the capital Sarajevo. The project is to break ground in the early part of 2021.

The company has secured municipal and federal approval for the project, which will be the largest single real estate venture in the country. Yusuf bin Abdullah Al-Shalash, Chairman, said: "Bosnia and Herzegovina is a cultural destination with an authentic history, traditions and a wonderful natural environment. The country is growing in popularity, so this is a perfect investment for those wishing to be part of the country's developing luxury tourism and hospitality sector."

"This will be a wonderful haven for those wishing to relax within a private, second-home gated community surrounded by luxury facilities and services."

Investor magnet

Central Europe has attracted a lot of attention from UAE and Gulf developers, with Abu Dhabi Financial Group helming a project in Montenegro.