April the 24th, 2023 - Croatian inflation has seen certain investments shelved, with 6.8 percent less being spent on investments across the board, but aside from that, a better fiscal picture than previously expected has emerged.

As Poslovni Dnevnik/Jadranka Dozan writes, like most other member states of the European Union and the Eurozone, Croatia ended 2022 with a better general government budget balance and a further decline in the level of national debt measured as a share of gross domestic product. The improvement of the Croatian fiscal picture was manifested in the realised surplus of 0.4% of GDP instead of the deficit recorded the year before (which was also planned for 2022).

The dynamics of the debt-to-GDP ratio, which was reduced by as much as 10 percentage points, down to 68.4 percent, proved to be better than expected, according to the first of two reports on the budget deficit and national debt that the national statistical offices submit to Eurostat during the fiscal year, under the supervision of the European Commission.

High levels of Croatian inflation contributed to the aforementioned outcome, and in addition to enterprises who were forced in most cases to increase their profit margins, inflation also "benefited" the state in certain ways, on the one hand by filling the state budget, and on the other by "devaluing" state debts in relation to nominal GDP.

The surplus of the consolidated general government reached almost 2 billion kuna last year, while a deficit of almost 11 billion kuna or 2.5 percent of GDP was recorded the year before that. The last time the state had a fiscal surplus was otherwise back during the pre-pandemic, record tourism year of 2019.

Bearing in mind the relatively generous fiscal incentives that last year were primarily motivated by the Russian aggression against Ukraine and its consequences on supply chains and price pressures, in such conditions (taking into account the beneficial effect of inflation on tax revenues such as those from VAT) the realised surplus could could indicate that Croatia's fiscal policy was actually relatively restrictive.

The Central Bureau of Statistics (CBS) pointed out that the favourable balance of the state budget itself, which stood at as high as 11.6 billion kuna, had a big impact on the amount of last year's surplus. Taxes on production and imports were collected, they say, in the amount of 94.44 billion kuna (according to the time adjustment method) which represents a 13.6 percent increase compared to the year before, current taxes on income and wealth were collected in the amount of 37.4 percent more, and net social contributions poured in 12.8 percent more than they did back in 2021.

On the expenditure side, fiscal incentives were manifested through increased expenditures for subsidies. Last year, interest expenses reached a staggering 7 billion kuna, or about 250 million (3.5%) more than the year before. However, in the context of the achieved surplus, it should be noted that last year, there was a noticeable decrease in general government expenditures for investments, by 6.8 percent, to slightly more than 19.1 billion kuna, and some analysts believe that this speaks volumes about the weak investment activities of the City of Zagreb.

From the aspect of state finances and debt, it is certainly important that two tranches of EU grants for the National Recovery and Resilience Plan "settled" things a little bit more last year.

Croatian inflation might be what is making all of our wallets feel a little slimmer, but issues like this are very much in evidence across the EU, and when compared to the peak in 2020, marked by a sharp economic decline, in just two years, Croatia's debt ratio dropped by as much as 18.6 percentage points of GDP.

Among the EU member states, Greece (-23.3 points), Cyprus (-14.7), Portugal (-11.5) and Ireland (-10.7) also reduced their respective debt levels by more than 10 percentage points last year. However, while in the case of Ireland it fell below 45 percent of GDP, in Greece and Portugal, even with such reductions, their debt remains higher than their GDP (Greece is at 171 percent, and Portugal is 114 percent).

In relation to the countries of Central and Eastern Europe with which Croatia and the situation of ongoing Croatian inflation are usually compared, the level of the national debt of Croatia is still generally higher. For example, Slovakia's stands at 57.8 percent, Poland, Romania and the Czech Republic are all below 50, and Bulgaria at only 23 percent. In neighbouring Slovenia and Hungary, which still had lower level of debts, it is now slightly higher (standing at 70 and 73 percent respectively).

The lowest ratio of national debt to GDP was recorded in Estonia (18.4%), and it is below 40 percent of GDP in five other countries, including two from the "upper house" according to the level of development (these are Denmark and Sweden). Thirteen other EU member states exceed the "Maastricht" limit of 60% of GDP, and in six nations, the debt exceeds GDP, among which are some of the largest EU economies, such as Italy, France and Spain.

For more, make sure to check out our news section.

March the 16th, 2023 - Last year was a record year for Croatian startups receiving investments, some of which involved enormous sums of money. What will 2023 be like?

As Poslovni Dnevnik writes, there is no winter rest period or a sense of being ''out of season'' for Croatian startups, and despite investors' caution towards making any particularly risky investments, as much as 958.3 million US dollars were invested in Croatian startups in the first three quarters of last year alone. The aforementioned was concluded at the Algebra startup meetup, which was recently held at the Algebra campus in the City of Zagreb, on the Algebra Spark Event Space premises.

Bernard Ivezic, the editor of the Startup Report magazine, said that the appearance of unicorns such as Infobip and Rimac, as well as big exits like Nanobit and Gamepires, and now Photomath's astonishing success with Google, encourage an increase in investor interest in Croatian startups. Last year seeing a record number of Croatian startups receive investments proves that. "However, due to the war in Ukraine and the hectic exit from the coronavirus pandemic, investment values are lower than they were before, although for Croatian conditions they're still very good. 2022 was the second best year so far," Ivezic pointed out.

Four new venture capital funds are coming to the Croatian market, and over the next five years, the amount of money that will be made available to Croatian startups will be 10 times higher than it was in the past - standing at about 300 million euros. A lot of money also means more problems for funds that are going to need to start competing for startups, which makes the entire ecosystem quite dynamic and competitive, especially in an environment of crisis and economic uncertainty.

"In a crisis, it's important to always lead by example, and that's what the leaders of every startup should focus on. Investors expect this period to last 24 to 36 months. It's the most difficult for seed stage startups that aren't yet in the portfolio, because for them the risks are the greatest, as is their dependence on investors.

This is precisely why good networking with potential investors is most important - my advice is not only to look at them, but also at their portfolio of companies and the companies with which they're connected, because building that network of acquaintances is the key to future success," Miryana Joksovic from Arcion Labs pointed out, before reflecting on recent layoffs in the tech community.

"Most of those who were previously employed in large companies can hardly adapt to the new startup culture, so the question is how we can connect this talent to the startup ecosystem, because they're used to different work standards, atypical for the dynamics of those entrepreneurs who are only just starting to build their own companies,'' explained Joksovic.

Matija Nakic, the founder of Farseer, saw that every crisis, including this one, can also double up as an opportunity. "Our process of getting investments wasn't dramatic and we got the hang of it quickly. Investments have slowed down if we look at the environment, while in the last two years there has been a lot of capital and a significant jump in employment and investments in IT companies. I love crises and I think they're a good opportunity to rethink things like business models. People who left large IT companies like Google will surely find a job quickly because they have excellent knowledge and will return to the ecosystem and bring this new knowledge to young companies. I believe that we have an interesting couple of years ahead of us, especially with the increasing influence of AI".

"In 2021 and 2022, capital was cheap not only for startups but also for funds. In the last quarter of 2022, there was a significant drop in investments. There is money, investments have been shaken up, but they haven't stopped", emphasised Vedran Blagus from South Central Ventures.

Despite the data on the reduced investment wave as a result of global economic events, the panelists agreed that the challenging period facing the domestic and global startup scene is only a prelude to the continuation of a fairly prosperous period. Namely, Croatian startups now face new challenges in the form of investment in research and development, as the basis of new innovations that can help them to overcome these times of crisis.

For more, make sure to check out our dedicated business section.

February the 14th, 2023 - The Croatian VIDI-TO company has received a very welcome investment of 600,000 euros from the Feelsgood VC fund. This generous cash injection will no doubt see the company which develops systems for intelligent education go even further in that pursuit.

As Poslovni Dnevnik/Josipa Ban writes, the social impact VC fund Feelsgood has invested an impressiv e  600 thousand euros in the Croatian VIDI-TO company, marking the ninth investment of the fund, which has been operating for one year and a half and whose value is 30 million euros. Its main mission is to invest in startups that have a positive impact on society and the environment.

The Croatian VIDI-TO company will as such invest this fresh sum of 600,000 euros into the development and global sale of tools that connect children and teachers in the transmission and acquisition of knowledge. In particular, they produced the VIDI X tool for learning STEM skills, which is already available in sixty schools across the Republic of Croatia, and to which more than 24 thousand students have access to.

The Croatian VIDI-TO compant says that public schools from across the pond in the USA, as well as the educational systems of the United Arab Emirates (UAE), Singapore, Argentina and much closer to home in Germany are also very interested in this tool and its new adapted versions.

"With this investment, our employees, our external collaborators and our development teams will all receive in a strong platform on which we can together make original strides in the development of new high-tech services through VIDI, as well as products that we can be very proud of," says Tomislav Kotnik, the founder and CEO the Croatian VIDI-TO company.

Renata Brkic, a partner from the Feelsgood fund, added that they're more than happy that they have made another significant investment in a domestic company that works very hard to ensure it makes a measurable positive social impact. "Our investment will certainly help VIDI-TO make significant strides in the education sector, both in Croatia and globally," she points out, noting that in the year and a half that they have been operating, they have talked to about 400 teams who have presented their projects to them. Feelsgood normally invests in Croatian and Slovenian startups. BiteMe Nutrition, Juicefast, BE-ON are examples of companies in which this fund has invested.

For more, make sure to check out our dedicated business section.

February the 1st, 2023 - A very welcome fifteen million euros is set to be poured into a Sunce Hotels investment as part of yet another such cycle. As things begin gearing up for the 2023 summer tourist season, it's a move that can't come too soon.

As Jadranka Dozan/Poslovni Dnevnik writes, Sunce Hotels (Hoteli) has taken yet another step towards the continuation of its investment cycle. At an assembly held recently, the proposal on recapitalisation was confirmed.

Along with the recalculation and adjustment of the share capital as part of the conversion to the euro (by reducing the nominal value of the share from 13.27 euros to 13 euros), the proposal to increase the share capital by slightly less than nine (8.86) million euros, from 92.88 million euros to 101.75 million euros was accepted.

This new increase will be implemented through the issue of new shares, which will be subscribed by the majority owner, the Arab Eagle Hills Real Estate, through its company in the City of Zagreb. Since the registration of new shares is planned at 22 euros per share, which is significantly above the "nominal value", 15 million euros of fresh capital will flow into the company through recapitalisation.

After about 45 million euros were invested last year, this will ensure financing for this year's planned investments. Sunce Hotels investments are already taking on a very firm shape, as the company has already announced the renovation of Hotel Afrodita in Tucepi on the mainland and of Hotel Bonaca in Bol on the island of Brac.

In addition to the above, there are also plans for several smaller operations within the new Sunce Hotels investment cycle to improve the overall offer and raise the quality of services provided in their other facilities. So far, it is not known whether Eagle Hills will also take over the state's stake in Brac Airport.

For more, make sure to check out our dedicated news section.

July the 22nd, 2022 - One Sesvete factory near the City of Zagreb is set to produce packaging in the form of glass ampoules for various medicines following an investment from the Japanese company Nipro.

As Poslovni Dnevnik/Marija Crnjak writes, on Wednesday, the Japanese mega-company Nipro Corporation Japan presented its investment of more than 100 million kuna in a Sesvete factory, where they are building a new ampoule and vial factory for the pharmaceutical industry - Nipro Pharma Packaging Hrvatska.

As is already known, last spring, Nipro Corporation Japan bought the former Piramida factory in Sesvete from the Blue Sea Capital fund, which was recently declared the most successful acquisition of the entire year.

As they revealed during a recent tour of the construction site and plant, Nipro Japan has chosen this Sesvete factory as its Global Centre of Excellence in the production of glass ampoules. The Sesvete factory is already working significantly more than the initial expectations and growing faster than was planned, and is currently among the three leading players in the production of ampoules and vials for medicines in the whole world.

In Sesvete, almost two million ampoules and vials for filling various medicines around the world are produced daily. To be more specific, Blue Sea Capital fund has already invested significant funds in the modernisation of production, the acquisition of eight new production lines and the development of business with bottles.

Under the ownership of Blue Sea Capital, Piramida managed to increase its number of employees by 35 percent and doubled its production capacity and revenues, and the company was among the five largest manufacturers of glass ampoules for the pharmaceutical industry on the European market during last year's takeover.

After the completion of this investment, an additional increase in production to more than two and a half million ampoules and vials per day is expected, as are fifty new jobs.

Kresimir Secak, a member of the board of Nipro Pharma Packaging Hrvatska, revealed that in the near future, sterile glass injections will be produced in the Sesvete factory, which are one of the most demanding products into which medicines are filled.

"In the Sesvete factory, we produce more than 650 million glass containers a year, which are filled with medicines that save or help human lives around the world, and we're extremely proud of that. For management and our workers, this decision to become a Global Centre of Excellence for ampoules, as well as the continuation of investments, is great international recognition. This recognition is the result of the hard work, expertise and dedication of our employees that they have shown over the past decades," said Secak.

Nipro's global revenue back in 2021 was 3.5 billion euros, and Nipro Hrvatska's stood at 14.3 million euros. Secak revealed that this year they expect that growth to accelerate and revenue to increase to 16.2 million euros, and simpler operations next year will be enabled thanks to Croatia finally joining the Eurozone.

Stephan Arnold, the CEO of Nipro Pharma Packaging International confirmed that the company has ambitious growth plans for Croatia. "We're increasing our capacities and expanding our technical capabilities to more locations, but in Croatia specifically, we're rapidly accelerating our investment plans. We have established synergy with other factories in our production network and are setting up centres of excellence across the entire Nipro group. Nipro Pharma Packaging Hrvatska has been selected as Nipro's Global Centre of Excellence in ampoule production," said Arnold.

The Japanese ambassador to the Republic of Croatia, Iso Masato, also assessed Croatia's entry into the Eurozone and Schengen as a positive thing, assessing that this, as well as Croatia's new good credit ratings, will further open up and attract foreign investments to the country, possibly more Japanese ones as well.

"Nipro's investment in the Sesvete factory is proof that Japanese investors see the potential Croatia has. There is also interest from others, and we want the year 2023, in which we celebrate the 30th anniversary of the establishment of our diplomatic relations, to be good for our economic relations as well," said Masato.

For more, make sure to check out our dedicated business section.

July the 20th, 2022 - Croatian entrepreneur Mate Rimac has decided to invest in a company that couldn't possibly have less to do with cars if it tried - Gruntek. 

As Poslovni Dnevnik writes, the remarkably talented Croatian entrepreneur Mate Rimac, known for his dogged determination to succeed in a society which still doesn't provide much of a welcoming or transparent environment for entrepreneurship, joined the ''gardens of the future'' during the second year of existence of Gruntek, the largest producer of eco-vegetables.

Rimac's investment in the the Croatian-made Gruntek will provide it with a very welcome spring in its step and a chance for it to go after its big plans for the future, that is, to enter foreign marketd. This is also the first agro project in which the Croatian entrepreneur Mate Rimac has invested, and they have stated from Gruntek that they are honoured that its persistence and high quality have been recognised by someone of Rimac's status in the business world.

''We're now one step closer to realising some of our big plans for creating a greener and more sustainable future: Gruntek encourages the urban population to purchase organic vegetables directly from their producers, without the use of middle men or intermediaries; it's transparent, more favourable and goes without creating any waste from packaging and throwing away excess food from store-bought items, which is inevitable when it comes to purchasing from retail chains.

Gruntek has no such problems; given the fact that we don't use any plastic during the production process, nor do we use it in packaging and distribution. Our users are already used to the natural look and taste of our vegetables and don't have any plans whatsoever to return to buying them from mass production,'' Gruntek pointed out.

For more on Croatian entrepreneurs, inventions, startups and other companies, make sure to check out our dedicated business section.

June the 18th, 2022 - The Adris Group has announced its massive 3.2 billion kuna investment plans which cover everything from digitialisation to some well known hotels in both Zagreb and Split.

As Poslovni Dnevnik/Jadranka Dozan writes, at last week's general meeting, the Adris Group voted on a proposal for the payment of dividends, which are somewhat more generous than they were last year. During the first week of July, shareholders will receive a payment of 15.50 kuna per share (compared to last year's 12.5 kuna per share and no dividends to speak of whatsoever the year before that), which means that around 254 million kuna will be directed to dividends from accumulated retained earnings from previous years.

In his concluding comment on the business results of the Adris Group and its main components (tourism, insurance and healthy food), CEO Marko Remenar said that the company is operationally and financially ready to take further business steps and engage in the continuation of "active dividend policy".

An ambitious set of plans

In addition to a "well-diversified portfolio of jobs", Remenar also underlined the high investment potential and the ambitious list of the company's prepared investments. For the period until 2024 (including this year), their investment plans are worth an enormous 3.2 billion kuna, and four-fifths of those investments, or about 2.5 billion kuna, relate to the tourism part of the portfolio, which in the case of the Adris Group primarily means the development of the luxury segment tourism.

This year and over the next two years, on average, more than 800 million kuna will be invested in this sector alone, and as the Adris Group's spokesman Predrag Grubic noted, most of that refers to the renovation of some Zagreb hotels (along with Panorama, which is already in the process of renovation, the other one will be Westin) as well as Hotel Marjan in Split, and they'll also continue to invest in camps and resorts. The three-year projections for the insurance sector envisage investments worth 410 million kuna, and in that sense, Croatia osiguranje's focus is being placed primarily on investments in digitalisation.

IT in general accounts for a significant share of the Adris Group's investments, and their current plan to invest around half a billion kuna in business digitalisation by 2025 speaks in favour of this. In terms of the sectors themselves, the three-year plan includes 230 million kuna of investments in the business area of ​​healthy food, ie Cromaris. In the aforementioned investment cycle of 3.2 billion kuna, "possible acquisitions aren't included", Grubic explained.

According to the parliamentary presentation of the Adris Group's results and business activities, over the past two years, despite the uncertainties caused by the coronavirus pandemic, almost 840 million kuna of capital investments were made. Compared to the pre-crisis year of 2019, investment activities continued at a solid pace (450 million in 2020 and 390 million last year), and in the coming period it should be further accelerated. Given that the company is still actually indebted in a low sense, the investment potential is unquestionable. Thanks to a strong recovery in operating profit, which again exceeded an impressive 1 billion kuna last year, the Adris Group entered this year with a debt ratio (net debt to EBITDA) of a mere 0.8.

The management boards of Adris' companies gave their shareholders a brief overview of the main features of how business went during the first four months of this year, and the presented data indicates further improvements in terms of results. As such, Croatia osiguranje (insurance) recorded slightly faster sales growth compared to 5.6 percent growth in the total market, which further strengthened its share here on the domestic market. In the first four months of 2022, the gross written premium of CO was higher by seven percent than it was last year, while net profit was higher by nine percent. In the tourism segment, the first third of this year was marked by strong growth in both sales revenues and physical indicators.

Compared to 82 million kuna in sales revenue back during the first four months of last year, by the end of April this year, they reached a huge 188 million kuna, with the number of occupied units being 2.5 times higher. The state of bookings and reservations at the beginning of June has significantly improved, with Istrian facilities, but also those down in Dubrovnik, exceeding the figures from the pre-pandemic, record year of 2019. 

For more, check out our dedicated business section.

June the 1st, 2022 - The biggest investments this year will be in Dalmatian hotel capacities, marking a clear shift to the south, as in previous years this trend was dominated more or less entirely by Istria and Kvarner.

As Poslovni Dnevnik/Marija Crnjak writes, unlike in previous years, when Istria and Kvarner would dominate the scene with hotel openings and investments, with the entry into the 2022 summer tourist season, the trend has moved south, and some of these projects will have a significant impact on the overall development of Dalmatia's many destinations this summer.

Makarska, a Central Dalmatian city that has long been waiting for a significant shift in the quality of accommodation, now has something to brag about. The new Valamar and Aminessa projects could mean a new beginning for Makarska's tourism story and a move towards much more added value.

After Stari Grad on the island of Hvar, the grand opening of the second Valamar Hotel Places is being prepared this week in Makarska, in a building that operated under the name of Dalmacija Sunny before the reconstruction began.

Imperial Riviera has invested an enormous 67 million kuna in the Dalmacija Places project, and they took care of additional promotion in the first season of the new facility by bringing the prestigious WTA Makarska tournament, which they co-organised.

The first five-star hotel on the Makarska Riviera brought Aminess into its own portfolio, and hotel Aminess Khalani Beach received its first guests earlier this month. The hotel has 299 rooms, three outdoor pools, a wellness and spa centre, an indoor pool, a gym, three restaurants and three congress halls fit for about 600 guests, and the investment in the facility is worth 50 million euros, making it just one of a number of large investments in Dalmatian hotel capacities in 2022.

The next major hotel projects were located on the neighbouring island of Brac and across on the mainland in the City of Split, and one of them caused great controversy among members of the general public. In a few weeks, we'll be able to see what possible meshing the quaint former fishing town of Postira and the oversized hotel built along the coastline could ever possible happen. The gigantic hotel in this small, quiet island town has caused a lot of controversy among locals.

The management of the hotel that will operate under the name Grand Hotel View has been taken over by the Crikvenica-based Jadran (Adriatic), which is majority owned by pension funds PBZ Croatia Osiguranje and Erste Plavi. The facility, in which about 50 million euros have been invested, has as many as 230 rooms, an indoor and outdoor pool, a wellness centre and a congress hall, and will employ about 100 workers during the summer season. The hotel will be advertising its capacities as of the 1st of July this year.

In September this year, the doors of the long-awaited Dalmatia Tower in Split are set to open, which will house the first Croatian AC Hotel Split Marriott with 214 accommodation units, five modular conference halls with a total capacity of 300 people, as well as a wellness centre with an indoor pool and a gym.

A few weeks ago, the last element of the architectural design of this skyscraper was installed, which, with its 135 metres of height, became the tallest building in all of Croatia. The hotel will, in addition to enriching the overall congress offer, increase the presence of foreign hotel brands. The next big hotel investment in Split is expected from Adris in Hotel Marjan. Most of the huge sums of money being poured into Dalmatian hotel capacities are occurring in and around Split, which will certainly push what Croatia's second largest city and its surroundings and nearby islands can offer to guests from all walks of life.

For more, make sure to check out our dedicated business section.

May the 29th, 2022 - There will be more Lika-Senj County capital investments on the cards, according to the director of the the European Bank for Reconstruction and Development's Financial Association for the Republic of Croatia (EBRD), who recently paid a visit to Gospic.

As Novi list/Marin Smolcic writes, the director of the EBRD's Financial Association for Croatia, Victoria Zinchuk, spent the day in Lika-Senj County recently and visited Gospic. The visit and meetings were very fruitful, with more Lika-Senj County capital investments on the horizon.

A working meeting of Lika-Senj County prefect, Ernest Petry, with Director Zinchuk was held in Lika-Senj County, where they discussed Lika-Senj County capital investments as we move forward, and the possibility of monitoring them with the use of the European Bank for Reconstruction and Development.

The continuation and expansion of cooperation between the two entities in the coming period was quickly agreed upon. After the meeting, the Director of the EBRD for Croatia, Victoria Zinchuk, who is otherwise a Ukrainian citizen by nationality, accompanied by the host, visited the Reception Centre for the Care of Ukrainian Citizens in Gospic.

She expressed her gratitude to this part of the Republic of Croatia for the rapid way in which it has extended endless amounts of help to Ukraine and fleeing Ukrainian refugees. Through special efforts and a lot of initiative, this Croatian county has created some of the most optimal conditions for the accommodation of refugees from Ukraine staying in Croatia following Russian invasion of their country.

For more on investments across Croatia, both foreign and domestic, make sure to check out our dedicated business section.

May the 27th, 2022 - A brand new Sukosan coastal belt is planned, carrying a hefty price tag of ten million kuna with it. The move, which includes a new port, will remodel the ''face'' of Sukosan as viewed from the sea.

As Morski writes, Sukosan will get a new small port worth 10 million kuna by the end of this year. The works are being carried out by the Zadar County Port Authority, and include the rehabilitation of the Sukosan coastal belt spanning a total length of 432 metres and the construction of a new pier on the removed site spanning a length of 12 metres.

''The project of rehabilitation of the Sukosan coastal belt is being implemented with the funds provided by the relevant ministry, the County Port Authority and Zadar County, with the operational support of the Municipality of Sukosan. This is just one in a series of investments in port infrastructure in the wider Zadar County area. Over the past five years, more than 250 million kuna has been invested in the rehabilitation of ports and harbours in all parts of this county, and we have a number of projects in the implementation or preparation phase,'' said Zadar County Prefect Bozidar Longin and the Director of the Zadar County Port Authority, Davor Skibola.

''We're satisfied that Zadar County, ie the County Port Authority, received more than 13 million kuna in national funds last year, and with this money as well as with funds from other sources, we're going to continue to invest in port infrastructure throughout this county. There is a real synergy here and I believe that together we will be able to implement a number of other projects for the benefit of our residents,'' the prefect added.

The estimated duration of the project of arranging a part of the Sukosan coastal belt within the borders of the port area is around fifteen months. The contractor is Akropolis d.o.o. from the City of Split, and professional supervision is being carried out by PI Consulting d.o.o.

''The planned solution envisages the construction of a new coastal wall, the reconstruction of the final surface of the existing piers and the coastal promenade,'' explained Davor Skibola, who also thanked Zadar County and the Ministry of Maritime Affairs, Transport and Infrastructure for systematically assisting in their continued activities.

For more, make sure to check out our dedicated lifestyle section.