The Dubai-based Buroj Property Development says it plans to build a $4.8 billion tourist resort near Sarajevo in Bosnia and Herzegovina.

The planned Buroj Ozone project will span 1.3 million square metres, the company said.

The development will include thousands of housing units, hotels and the Zayed Mall, which is set to be largest shopping centre in Bosnia. It will be located in the municipality of Trnovo which lies below the Bjelasnica and Igman mountains, the venue of the 1984 Winter Olympic Games, around 20 kilometers from Sarajevo.

“The initial investment in the project is worth around 920 million euros, while the total investment will amount to 4.3 billion euros over the next eight years”, Ismail Ahmed, the company’s manager, announced.

Ahmed also said that construction will begin in April or May next year, pending a resolution of regulatory issues and necessary permits from the Trnovo municipality, which will lease the land to Buroj Property Development for 99 years.

According to the company website, the first phase of the Burj Ozone project was due to commence in the third quarter of this year. The second phase is due to begin in the first quarter of 2016, the third phase in 2018 and completion of the entire project is due in 2022.

The project is estimated to create at least 10,000 local jobs.

“The aim of this unique project is to turn Bosnia and Herzegovina into a tourism leader of southeast Europe and to put its rich natural resources at the disposal of local and international clients,” Ahmed said.