Arabs invest another 20 million in the Belgrade on Water project

With the demolition of the last building in the location of the future Belgrade on Water (Belgrade Waterfront) project, the conditions have now been created for the beginning of the project implementation. The construction site was visited by the mayor of Belgrade, Sinisa Mali, who announced the construction of the foundation for the first two buildings for the end of September.

“This is a historic moment because all of the formal requirements have been met for the start of the implementation of the first project stage”, said Mali, remembering that the demolition of the first buildings in this locality started on 1st August last year with 233 buildings demolished in total.

During this period, 94 families were relocated, 15 km of railway tracks were taken out and 54 various vessels removed from the river Sava.

The Mayor of Belgrade also mentioned that Belgrade had spent 60 million Dinars on the demolition of the buildings in the location of the Belgrade Waterfront. The mayor added that the foreign investor Eagle Hills had allocated 5 million EUR for the reconstruction of the riverside and Hercegovacka Street near the riverbank.

The mayor went on to say that, by the end of August or the first week of September, the new recapitalisation of the Belgrade Waterfront Company was expected to happen with the state investing money into the cadastral areas in which the project will be implemented.

“Both sides have invested additional equity – Serbia has invested 1 million Dinars (about 8,400 EUR), and the Arab partners 22,000 EUR”. Following the decision by the Serbian Business Registry from 10th August, Abu Dhabi-based Belgrade Waterfront Capital Investments has become the owner of a 68% stake in the Belgrade Waterfront Company by paying 22,000 EUR in equity. “The next step is the formation of managing bodies to ensure normal operations of the company,” said Mali adding that the contract will be clear and that everything must be done according to the relevant rules.

(Tanjug, 12.08.2015)

This post is also available in: Italiano

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