In addition to the primary activity in the real estate development sector – high-rise construction, designing, investing, construction and sale of real estate in Macedonia and internationally, after exploring different fields for business initiatives, Adora carried out business diversification in other economic and geographical spheres:

In the banking and financial sector, shareholder ownership in renowned companies in Macedonia and on international markets, in the pharmaceutical industry, energy sector, companies for management and ongoing maintenance of residential-business and hotel complexes, offering hospitable services for complete enjoyment and comfort of owners and visitors in the objects.




Adora engineering is a construction and real estate development company with the main activity of high-rise construction, which it has been engaged in since its foundation in 2002 onwards and is its recognizable DNA. It has grown into a leader and a synonym for stable, high-quality, eco-friendly buildings, a pioneer in introducing the latest standards, trends and innovations in the construction industry.

Macedonia. 40 representative buildings with a total area of 400,000 m² have been built. In 3,000 homes and hundreds of business premises, over 13,000 citizens live and work happily, which equals one Macedonian city.

Serbia. In the heart of the Zlatibor forests, Adora Living Solutions built the hotel-residential complex 21st Century Zlatibor by Adora, with the most beautiful panoramic view and a modern concept for a quick return on the owners' investment.

Greece. In a protected zone in the strict center of Thessaloniki, a residential and commercial building is being reconstructed next to the famous Tsimiski street and the port of Thessaloniki. On the Aegean Sea, luxury villas have been built above the beach of Kriopigi, Halkidiki and the B&D Boutique complex on the island of Thassos at one of the most beautiful beaches, Golden Beach.



In 2018, Adora Engineering became the largest individual shareholder in Komercijalna banka AD Skopje, the largest bank in Macedonia, by purchasing equity shares with its own funds through stock transactions. Adora owns 14.99% of the bank's capital. The founder and general director of Adora engineering, prof. Vancho Chifliganec is a member of the Supervisory Board of Komercijalna banka, a body that, according to the statute, directs the overall policies of the bank. The purpose of entering the banking sector is to ensure the development of Adora, as well as the establishment of the only Macedonian banking brand with completely domestic capital, in the leading position in the financial and banking sphere in Macedonia.

Adora Engineering also has a stake in NLB Bank.

With shareholder ownership in these significant banking institutions, Adora contributes to the creation of monetary stability in Macedonia.



Adora engineering has shares in renowned, successful companies in Macedonia and in international markets, by purchasing securities through stock trading.


Apart from the banking and financial sector, Adora is also a shareholder in some of the leading, most significant companies in the Macedonian economy in various fields. Among them are well-known, proven brands in the field of telecommunications services, the energy sector, the beverage industry, pharmaceutical industry, such as Makedonski Telekom AD, Makpetrol AD Skopje, Prilepska Pivarnica, Alkaloid and others.


Adora Business Group also owns securities in companies at an international level. Recognizing and using the opportunities of modern times and the openness of the world economy to invest in fast-growing, established brands on different continents, with digital globalization and modern communications, Adora also trades securities on world stock exchanges.



In 2021, the company Adora Energy Solutions was established, a separate legal entity under the umbrella of Adora Business Group, with a scope of work in the field of energy business, after the purchase of part of the property of Toplifikacija AD by Adora Engineering. With the purchase through a transparent public auction of the Istok and Zapad heating plants, thermal energy production capacities and other facilities and property, the idea was, as in other areas where the brand is present, to advance and bring innovation, proactivity and progression into the regulated business with thermal energy, which is of national importance and of great importance for the ecology and for the overall comfort of life of the citizens in Skopje.

The Istok and Zapad heating plants and other related facilities owned by Adora are key in the system of production and delivery of city central heating in the capital of Macedonia.



In 2018, Adora Facility Management was founded, with a license to perform residential building management activities. The goal of the company under the umbrella of the Adora brand is to offer a modern concept of management, ongoing maintenance, protection and increase in the value of real estate in Macedonia, with an emphasis on adequate maintenance and management of the ultra-quality objects Adora Flatiron and Adora Diamond Garden, the recognizable urban symbols of the capital Skopje.

For the successful implementation of the "investment apartments" concept in the hotel-residential complex 21st Century Zlatibor by Adora, the company Adora Hospitality Group was established in Serbia, to manage the system of ongoing maintenance and the rental of the apartments, on behalf and for the benefit of their owners. With high-quality management, professional system and service for complete maintenance of the entire complex, the goal is to ensure high competitiveness of this unique hotel concept, which according to standards is placed in category 4 +****



Adora Pharmacy is the first company owned by the Chifliganec family, which laid the foundations of the private business initiative and successful business stories of the Adora brand in Macedonia and on the international business scene.The Chifliganec family entered the pharmaceutical business in 1992, with the establishment of the first private pharmacy in their hometown of Radovish, which later grew into a pharmaceutical wholesaler led by pharmacist Danka Chifliganec, a specialist in drug control. Adora Pharmacy operated successfully for a decade. In 2002, adapting to new transitional conditions, market demand and the development of other economic opportunities, Adora focused on construction.Adora engineering has a share capital in Alkaloid AD Skopje, a company that has been a leader in the pharmaceutical industry for fifty decades and one of the most successful companies in Macedonia, with an international reputation and representation in several countries in Europe and the world.



With the business and geographic diversification, in 2021 all companies with the Adora prefix were grouped into the Adora Business Group.

Adora Business Group is a common umbrella, a parent company, within which the Adora brand operates in various economic areas and geographical areas. The goal is to make the business run by related companies and members of the group recognizable in Macedonia and internationally, identifiable with the basic premises that are synonymous with Adora.

Flexible to new opportunities and uncertainties, we courageously and ambitiously accept the new times and face all challenges, which for us are an incentive to prove ourselves and compete continuously. Guided by the vision wherever we invest and act, our priorities are dedicated work, innovation and wise, visionary decisions, our goal is to continue to be leaders of sustainable development, economic and social prosperity, for the benefit of all.

And in the future, in work and philanthropy, we will be guided forward by our
recognizable and powerful corporate motto Only the deeds are reality.