Serbia signs controversial $3-bn Belgrade development deal

[WorldNews]

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Serbia signed a $3-billion (2.7-billion euro) deal Sunday with an Abu Dhabi-based developer to transform a popular area of Belgrade into an upscale housing and shopping complex, a project opponents have labelled "a scam". The project with developer Eagle Hills, dubbed Belgrade Waterfront, is to turn arts and nightlife district Savamala near the city centre into a two-million square metre (21.5-million square foot) commercial, business and apartment development. According to the agreement signed by Serbia's Minister of Construction, Transport and Infrastructure Zorana Mihajlovic and Eagle Hills board member Mohamed Alabbar, the project should be completed over 30 years, while at least 50 percent of it must be finished in the next two decades. Eagle Hills will invest 300 million euros in the development, Serbian authorities said in a statement.

 

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