Last updated: 06:00 PM ET, Fri October 16 2015

New $5.1 Billion 'Tourist City' Coming to Bosnia in 2016

Destination & Tourism | Patrick Clarke | October 16, 2015

New $5.1 Billion 'Tourist City' Coming to Bosnia in 2016

A Dubai-based developer has inked a $5.1 billion contract to construct a brand new "tourist city" in Bosnia, the Guardian reported.

The extensive project is set to begin in April 2016, with Buroj Property Development planning to build houses, hotels, a shopping mall and a hospital in the municipality of Trnovo outside of the capital Sarajevo.

The Independent reported the shopping mall will be the biggest in Europe and feature a "dancing fountain." 

Located at the foot of the Bjelasica mountain range, the new complex will span 1.3 million square meters (nearly 4.3 million square feet). A villa at the complex will cost approximately $262,500, per the Independent.

Earlier this year, the developer revealed several images of what the complex will look like on Twitter.

The contract comes on the heels of other Middle Eastern investments in Bosnia. A Kuwaiti-funded tourist resort located more than a dozen miles outside Sarajevo is slated to open Saturday.

"This is my life project and I hope that we will finish it without delay," Buroj Property Development President Ismail Ahmed said during a recent signing ceremony via the Guardian. "I sincerely believe in this because I am convinced that Bosnia is an important global tourist destination that has yet to be discovered."

The Trnovo project is expected to be completed by the end of 2016.

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