The United Arab Emirates has made the largest investment in Serbia in more than 30 years, potentially helping to lift the Balkans state out of a deep recession. Serbian deputy prime minister Aleksandar Vucic said three deals signed with foreign minister Sheikh Abdullah bin Zayed would total US$220m by 2017, according to Serbian media.
Serbia’s economy, which has struggled to recover from economic sanctions and damage to its infrastructure during the 1990s Balkan wars, has been in desperate need of foreign investment, particularly since the global financial crisis sent it into recession in 2009.
During a two-day visit to the UAE this week, Vucic said investment from the energy-rich Arab state would greatly assist Serbia to climb out of the red.
He said UAE-based company Mubadala may also put “about US$4bn” into Serbia in the future in investments in the missile industry, agro-business and a new modern hotel on the site of the former military headquarters in Belgrade that were bombed by NATO in 1999.
The UAE’s bin Zayed was reported as saying the deals represented a growing partnership between the two countries.
“This is a great day for relations between our two states, and what is even more important than this ceremony is that in the next several months, citizens of the UAE and Serbia will see how serious our governments are in establishing these ties between our two countries, of which we can be proud,” bin Zayed said.
Vucic said the investments included funding for Serbian military factories in Krusik, Teloptik and Utva, and a micro-chip factory.
He intended to hold another round of talks with the UAE on potential investment in the construction of rocket launchers.
Source arabian BUSINESS
