[ad_1]
Cooperation between Serbia and the UAE has been a topic of public interest since the Serbian Progressive Party (SNS) and its current leader Aleksandar Vucic came to power in 2012.
Mutual cooperation continues to expand, and although many announced projects never materialized, such as a chip factory in Mubadala, the Belgrade waterfront, loans and purchases of agricultural land by UAE companies have been implemented.
These are the largest business deals concluded by United Arab Emirates companies in Serbia:
Air Serbia
The first deal between Serbia and the UAE was the sale of a 49% stake in former national carrier JAT to Etihad Airways. The transaction was completed in 2013, long after it was proposed as a project of great importance to our country. In subsequent years, especially at the onset of the Covid-19 pandemic, Emirates’ share in former JAT (now Air Serbia) fell from 49% to 18% as the airline underperformed due to the pandemic .
Belgrade Riviera
The Belgrade Waterfront project is a residential and commercial complex located on the right bank of the Sava River, close to the center of Belgrade, where a 168-meter-high tower is the most visible and controversial symbol of this cooperation.
The project has been characterized by many controversies – the demolition of houses from Hercegovačka Street (Belgrade waterfront), which has been the subject of many protests, has so far received no clarification, and the Serbian authorities have provided land for free for the construction.
In 2014, the public reflected the lack of space solutions related to the project. Soon after, the authorities changed the general spatial plan, which was opposed by civil activists who argued that the changes benefited private capital and harmed citizens.
Loan from Abu Dhabi Government
In 2014 and 2016, Serbia received 1 billion dollars in budget support loans from Abu Dhabi, and this year, our country also received 1 billion euros in loans from the UAE, and we only pay 3% interest. Serbian President Aleksandar Vučić called the loan “actually a gift” because, according to him, “Hungary, like some other EU member states, receives 6% interest on the loan.”
Furthermore, in 2013, when Mlađan Dinkić was Minister of Economy, the Abu Dhabi-based Development Fund invested 400 million euros in Serbia’s water supply system.
Fort Nova Group
Mercator S, Sberbank, Roda and Idea are all companies operating under the Fortenova Group, which is owned by Agrokor. According to the group’s official website, Mercator S, which is active in 80 cities and other locations in Serbia, has 300 Idea stores and 4 Idea online stores, 33 Roda supermarkets, 2 Mercator shopping centers and hypermarkets, 4 Velpro shopping centers and HoReCa center. According to Croatian media reports, a few days ago, 43.4% of the group’s shares were sold to investor Seif Alketbi from the United Arab Emirates.
Al Rawefed, Al Dahra, Mubadala, Sinofarm…
In addition to Etihad and Eagle Hills, companies from the rich country with operations in Serbia include Al Rawefed, which produces food, Al Dahra, which manufactures and processes food, and Mubadala, a company that was supposed to produce potato chips in Serbia.
The lack of transparency of UAE companies doing business in Serbia continues to be questioned by the media and the public.
According to the Insajder survey website, only one company (from the UAE) submitted an offer in the Novi Sad Port privatization tender, while in 2016, as many as 12 companies applied.
Similarly, when it comes to the privatization of PKB (one of the largest agricultural companies in Serbia), only the Al Dahra Company participated in the related tender and subsequently acquired PKB for a little over million euros, which is part of the total value of the company.
Then there is Sinofarm’s vaccine factory, jointly built by China, the United Arab Emirates and Serbia. The plant was supposed to produce 40 million doses of the vaccine a year for export, but the fate of the project is unknown.
Serbia exports arms to UAE
For the past three years, the UAE has topped the country in terms of the export value of Serbia’s arms and military equipment (NGOs), according to Serbia’s Ministry of Trade. Used to issue export licenses.
According to data released by the Ministry, in 2020, the UAE is Serbia’s largest arms customer, with exports reaching 61.56 million US dollars.
Also, in 2013, Serbian arms producer Jugoimport SDPR and UAE-based EARTH Corporation signed a contract to jointly develop the ALAS missile system.
Meanwhile, foreign media reported that arms exports to the UAE are a contentious issue due to the country’s role in surrounding armed conflicts.
(Today, November 9, 2022)
https://www.danas.rs/vesti/ekonomija/svi-poslovi-emirata-u-srbiji-od-beograda-na-vodi-do-merkatora/
This article is also available at: italian
[ad_2]
Source link
