Dubai-based developer Buroj Property Development is planning a luxury tourist resort in Bosnia, according to a company statement.

The $4.8bn Buroj Ozone scheme will be developed over an area of 1.3 million square metres and will be made up of housing, retail and hospitality units.

“The initial investment in the project is worth around $1.1bn while the total investment will amount to $4.8bn” over the next eight years, Ismail Ahmed, the company’s manager, told a news conference.

The project will be developed on a plot of land leased to the Dubai firm for 99 years with construction expected to start in April or May 2016.

This is expected to be the largest foreign investment seen by the Balkan state, which has become a popular tourist destination for travelers from the Middle East.