Luštica Bay Enters a New Phase of Development with Appointment of Oudad W. Kheir as CEO
Miodrag Spahić - Apr 22, 2026
Luštica Bay, prime destination on Montenegro’s Adriatic coast, is pleased to announce the appointment of Oudad Kheir as Chief Executive Officer. Kheir assumed the role on 1 January 2026, following a thorough immersion period spent with residents, teams, and local partners.
The appointment underscores the philosophy of Orascom Development – the group behind Luštica Bay – in embedding on-the-ground leadership and cross-pollinating proven talent between its ecosystem of integrated destinations. Kheir transitions to Montenegro from El Gouna in Egypt, Orascom Development’s flagship project, where he served as Chief Operating Officer for six years.
Oudad W. Kheir, CEO of Luštica Bay, commented: “Luštica Bay is an evolving vision transitioning into its most significant chapter. In my first weeks here, I have been struck by the remarkable loyalty of our residents: our rate of reinvestment is among the highest in the Orascom Development portfolio. That trust is the foundation for our next phase. Luštica Bay is at a crossroads: with new districts coming online (The Peaks, Horizon, etc.) the mental image of a small cluster represented by Marina Village and another in Centrale is shifting towards offerings to diverse segments, components. In practical terms, Lustica Bay has to answer questions that pertain to lifestyle, activities, duration of stay, entertainment for all ages, longevity-centered activities, seafaring activities and many other centers of interest. Town Services and entertainment activities, which were nice to have a few years ago, have become essential to attract new owners and visitors.”
Prior to this new role, Kheir managed the complex municipal functions of El Gouna from 2020 to 2025. Overseeing a community of 25,000 residents, and a workforce of 2,500 employees, his responsibilities spanned urban planning, environmental management, and public services. An architect by training, he previously served as a Management Consultant for Orascom Development Egypt, focusing on governance and value enhancement for major development assets.
Naguib S. Sawiris, Chairman of the Board at Orascom Development Holding AG, noted: “Oudad’s knowledge of managing the multifaceted ecosystem of El Gouna makes him uniquely qualified to lead Luštica Bay through its next phase. As the destination grows into a fully realised year-round town, his expertise in infrastructure, community development, and sustainable growth will be pivotal.”
His primary focus is to ensure that as we expand, we remain a true ‘place to belong’. By strengthening its commitment to longevity, wellness, and open, transparent engagement, Luštica Bay nurtures not only development, but also lasting trust in its vision. It is this trust, together with the strong bonds that unite its community: that elevates Luštica Bay beyond a conventional development. Because while developments may lack a soul, a town does not. Within this deep sense of belonging, the soul of Luštica Bay continues to thrive, securing its position as a premier global destination for both investors and year-round residents.
Kheir added: “Already home to over 1,000 families from more than 50 countries, we’re moving toward being a ‘constellation of communities’ – intimate neighbourhoods that each have their own identity, yet share in the town’s collective world-class services. The mandate is clear: we need to affirm the vision of Luštica Bay and reach a level of sustainability by harnessing seasonality, increasing footfall and continuing cosmopolitan community-building. Although the overall experience is quite pleasant, we believe Lustica Bay can attract more of the crowds that fit the vision through appropriate events, sports and aquatic activities, F&B outlets, cultural agenda, environmental initiatives.”
“As the new residential zones of Horizon and The Peaks come online, and we open further holes at Montenegro’s first and only golf course – an18-hole Gary Player Signature Championship Course – my goal is to maintain this place’s intimate, close-knit feel while advancing regional and community cooperation.”
About Luštica Bay
Set within Montenegro’s UNESCO-listed Bay of Kotor, Luštica Bay is an award-winning, year-round destination on the Adriatic coast. Spanning 690 hectares and 5.9 kilometres of coastline – with 90% of the land reserved for natural protection – this emerging town offers homeowners and visitors a sophisticated, ‘Feel Alive’ Mediterranean lifestyle with a deep-rooted sense of belonging.
The destination is currently evolving across four planned neighbourhoods, each designed with a distinct character and role. Marina Village and Centrale are both fully operational – the former capturing the coastal charm of a traditional fishing village, the latter serving as the town’s modern urban core with its administrative centre, medical facility, sports zones, and essential retail. Current development is focused on The Peaks, the project’s premier district anchored by Montenegro’s first 18-hole golf course, designed by the legendary Gary Player. This elevated neighbourhood features a bespoke collection of villas, townhouses, and apartments. Nearby, the residential portfolio continues to expand with Heights (within Centrale) and Horizon – the fourth neighbourhood which offers complete privacy and views of the Adriatic from every angle. These diverse districts will be unified by the Lungo Mare coastal path, allowing for quick access to the functional marina and five beaches along the Luštica Peninsula.
For more information, please visit: lusticabay.com.
About Orascom Development
Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 35 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose.
From El Gouna’s stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps’ breath-taking, year-round mountain destination, each master-planned community is a testament to Orascom Development’s commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities – including golf courses, marinas, sports facilities, retail shops and restaurants.
Orascom Development owns a land bank of more than 100 million square meters with nearly 43% developed into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (Jebel Sifah and Hawana Salalah in Oman), and in Europe (Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro and West Carclaze Garden Village in the UK). Orascom Development’s hospitality portfolio includes 34 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa.
For more information, please visit www.orascomdh.com.
For media enquiries, please contact:
Kristina Škanata
PR & Communications Manager
kristina.skanata@lusticadevelopment.com
+38267115754
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