A United Arab Emirate's construction company says it wants to build a luxury resort worth 2.3 billion euro ($2.6 billion) on a mountain near Sarajevo — a ski resort where three decades ago the Winter Olympics were held.

The mayor of the municipality of Trnovo, Ibro Berilo, said Wednesday he signed a memorandum on cooperation with the head of the Buroj Property Development company from Dubai, Ismail Ahmed. The project includes the construction of villas, residential buildings, hotels and shopping malls.

Ahmed told reporters he was surprised to see how beautiful the area of the Bjelasnica mountain was and that his company would be ready to start work at the end of the year.

The project would be the biggest foreign investment of this type in Bosnia.