Radar:”The state gets pitiful revenue from Belgrade Waterfront”

Belgrade Waterfront has reported revenues of 836 million euros from the sale of apartments over the past four years but has paid a lot less in dividends into the state budget, Radar weekly said in this week’s issue.

The Belgrade Waterfront is a project supported by the Serbian authorities with financing from Abu Dhabi. The Abu Dhabi-based Eagle Hills Waterfront Investment LLC owns 67 percent of Belgrade Waterfront. That company received 6.7 million euros in dividends and Serbia got just 7.4 percent or 3.3 million euros of the profits of 44.6 million for its 33 percent share.

The jointly-owned company paid two instalments of 3.3 million euros each for dividends in 2021 and 2022, claiming to have operated at a loss earlier. That means that the Serbian budget received a total of 9.9 million euros for its shares which means 1.5 euros per capita. The profits reported by Belgrade Waterfront in the past 3 years stood at 133.4 million euros.

Radar said that it seems the state has been limited to receiving crumbs for its investment even though President Aleksandar Vučić, Finance Minister Siniša Mali and other state officials claimed that Belgrade Waterfront was the deal of the century and “an excellent example of good management”.

On the other hand, the costs, wages and expenses totalled 1.2 billion dinars in 2023.

Belgrade Waterfront paid 554.7 million dinars for advertising in 2023.

Radar said that Eagle Hills will get 2.9 billion dinars this year or 7.5 times more than the state in interest payments on loans which are due to be fully repaid in December. The state has received 20 million euros over the past three years.
Belgrade Waterfront has also made big payments to its dependent companies – BW Gallery and BW Tower received loans of 56 million euros last year, bringing the total those two companies got to 218 million euros.

Radar said that the amount paid into the budget in dividends was the same as the interest earned by Belgrade Waterfront on its bank deposits.

(Radar, 31.05.2024)


This post is also available in: Italiano

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