The Serbian Government has signed a €3.5bn contract with Abu Dhabi-based developer Eagle Hills to transform the riverfront in Belgrade into a business and shopping destination.
Under the contract, a portion of the disused riverfront in Belgrade would be converted into a 200ha centre for business, hotels, shopping and accommodation.
The contract has been signed by deputy prime-minister and minister of construction, transport and infrastructure Zorana Mihajlovic, Eagle Hills board member Mohamed Alabbar and Belgrade Waterfront director Aleksandar Trifunovic.
More than one million square metres of residential space will be built in a 177ha area as part of the project, along with approximately 750,000m² of business and commercial space.
In addition, over 62,000m² of public buildings, which include kindergartens, schools, cultural institutions and social welfare and health care institutions, and 242,000m² of green space will be constructed.
Upon implementation of the project, more than 17,000 residents will be able to occupy the area, providing jobs for approximately 13,000 people.
The development will be 32% owned by the Republic of Serbia, while Eagle Hills' Belgrade Waterfront Capital Investment will own the remaining 68%.
After signing of the contract, Mihajlovic stated that the project serves as an option to hire construction, mechanical and any other industries.
Works on the project are expected to commence this summer.
Prior to taking effect, the project needs to be approved by the Commission for Protection of Competition.
Image: Mohamed Alabbar, Zorana Mihajlovic and Aleksandar Trifunovic. Photo: courtesy of Government of the Republic of Serbia.