Montenegro is third in Europe in terms of per capita foreign direct investment, and so far it has had wealthy Russians primarily to thank. Russian investments totals an estimated at $2 billion, owning among other strategic assets the aluminum factory in Podgorica. And Russians also account for the largest growth rate among international tourists. The increased exposure from their powerful norther neighbor has expectedly received some popular backlash. Most Montenegrins hope that NATO membership and a possible fast track to the EU will give them more leverage to attract Western capital and reduce Russian dependency. Because for now, a country with GDP per capita of less than $5,000 isn’t exactly in a position to be picky.

So when the now 80-year old Peter Munk concluded talks with the government on the purchase of a former shipbuilding and naval yard once controlled by the Yugoslav Army, located on Kotor Bay with easy access to a nearby airport–a deal that Munk hopes will lead to major development of a world-class, Monte Carlo-esque marina in the coastal town of Tivat, locals’ hopes soared. Munk is heralded by The Economist as “the jolly gold giant,” and is the chairman and once-again chief executive of Barrick Gold (which he acquired in 1983 for $40m), the world’s biggest gold-mining firm following the purchase of Canada’s Placer Dome for $10 billion in 2006. But he is also part-owner of the TriGranit Development Corporation in Budapest, a firm which is recognized as a leading developer in the region, with already completed or nearly finished projects in Bulgaria, Hungary, Poland, Slovenia, Romania and Russia. Next up: Montenegro. A long-time interest in sailing lead him to notice that not only have docks in Spain, France and Italy become overcrowded, but that Montenegro owned an old Warsaw Pact naval dockyard in an ideal location for a huge marina and the possibility of large, mooring luxury yachts and the even larger disposable income that often comes with said machines. “We are establishing a brand new industry which will enable Montenegro to be competitive with the most successful yacht harbors on the Mediterranean,” Munk said.

According to an article from 2006 in the Southeast European Times, the specifics of Munk’s vision include a complete overhaul and redevelopment of a 24-hectare site into “the largest luxury yacht marina on the eastern Mediterranean, with over 700 berths,” which is expected to “attract a high-end clientele and [which] is in line with some of the general trends in Montenegro’s tourism strategy. The investment will bring massive infrastructure improvements. In essence, a whole new Tivat will emerge over the next three years. The first stage of the investment is $150m, with a total cost of $500m once the project is complete.” However, the article noted, “the first big step is to get Tivat’s environmental house in order. Years of shipbuilding and military activity have left a deep imprint on Kotor Bay. In co-operation with the European Bank for Reconstruction and Development (EBRD) and the World Bank, an environmental cleanup was started before construction began. The finished product, “Porto Montenegro,” is slated to be completed by 2011 and will, apart from the marina, include all support facilities for mega-yachts, said Munk. Said facilities will include ship facilities, charter companies, engineers, mechanics, yacht designers, yacht architects, restaurants, bars, retail sale places, hotels–a whole new city,” exclaimed Munk.

Munk seems into Montenegro for the long haul. In February, the Montenegro Times reported that he planned to “spread his empire to the north of the country through his company, Adriatic Marinas,” through the purchase of land near the Jezerine ski resort at Bjelasica, near Kolašin, “where he intends to build another mountain resort and helicopter platform.” But is Montenegro just going to become a playground for the world’s uber-rich? A stark example of the divide between the have’s and have not’s in a region still learning to cope with both the blessings and the struggles that come with autonomy? Munk takes a pragmatic outlook. “The disparity in the world is unbelievable,” he says, shaking his head. “People making $250 million a year. That wouldn’t be the way I would set up the world.” But the important thing, he says, is that his project “will spew out prosperity for people.”