Roman Abramovich is preparing to bid for the eight-mile long Velika Plaza — or grand beach — in Montenegro, where he plans to build a luxury tourist resort that would tranform the country into a 'new Dubai'. Sunday Telegraph

Most of the beach, on the Adriatic coast, is owned by the government of the newly independent country. It is to be privatised by public tender in a sale to be formally announced next month. Abramovich’s representatives have been quietly buying privately owned properties and land along the shore close to the southern port town of Ulcinj, in advance of the sale.

Rival bidders include an investment company owned by the rulers of the United Arab Emirates and a big Hungarian property development company, Trigranit, which has offered to invest £2bn in the resort.