ATA News

Development projects for Sazan Island, says AIDA

TIRANA, March 22/ATA/ The Albanian Investment Development Agency (AIDA) said to the Albanian Telegraphic Agency that the “Atlantic Incubator Partners LLC” Company has presented to its offices an expression of interest for building of a tourist resort on the island of Sazan.

According to AIDA, the project is in the stage of assistance from the Albanian Investment Development Agency, regarding meeting of the criteria.

“The Atlantic Incubator Partners LLC” Company has submitted to AIDA an expression of interest for building of a tourist resort on the island of Sazan”, said AIDA.

According to the agency, the preliminary request was submitted on December 27, 2023.

“In accordance with the provisions of law no. 55/2015, “On strategic investments in the Republic of Albania” as amended, every interested investment subject, private, domestic or foreign legal entity, has the right to request the inclusion of an investment project in the administrative procedures of strategic investments in order to obtain the status of “Strategic investment/investor, assisted procedure” or “Strategic investment/investor, special procedure”, AIDA clarified for ATA.

“The interested entities, which request the inclusion of their investment projects in the administrative procedures of strategic investments, submit, for this purpose, a written request to AIDA, together with the relevant documentation. AIDA, in the role of the assisting agent, in implementation of the duties defined in this law, follows all the administrative procedures provided from the moment of submission of the request for inclusion in the administrative procedures for the benefit of the “Investment/strategic investor” status until the end of all administrative procedures, provided by this law. Currently, the project in question is in the process of assistance at our institution and we are assessing all the legal criteria provided by the legislation for strategic investments, namely gov. decision No. 1026, dated 16.12.2015 “On the evaluation of documentation”, AIDA said.

“Regarding the project review process, we inform you that since the project is still in the assistance phase, the subject will first have to submit all the complete documentation, in reference to Gov. Decision No. 1026, dated 16.12.2015. The entity must submit all the information once according to the strategic investment legislation. The working group is set up in a second phase, after the submission of complete documentation”, AIDA continued.

“Regarding the application of the Zvrnec project, we say that no expression of interest has been submitted to AIDA”, AIDA confirmed to the Albanian Telegraphic Agency.

The son-in-law of former US President Donald Trump, the American entrepreneur Jared Kushner, published on social networks his ambition to invest in tourist resorts on the island of Sazan and the area of Zvrnec in Albania. The investments amount to over 1 billion Euros.