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Government interested in better, more comprehensive cooperation with UAE
Belgrade,
7 August 2013
Prime Minister Ivica Dacic today attended the signing of a memorandum of cooperation between the Republic of Serbia and Global Capital Management Advisors from the United Arab Emirates.
The main objective of the memorandum, signed by Minister of Construction and Urban Planning Velimir Ilic and Director of Global Capital Management Advisors (GCAM) Arun Ramswaroopji Panchariya, is forming a joint venture of the government of Serbia and this company for financing and development of industrial and infrastructure projects in Serbia.
The costs of establishing a new company will be provided by GCAM in the amount of between €10 million and €15 million.
Dacic said at a press conference that the signing of the memorandum is significant because it announces big investments and projects in Serbia, adding that he expects investments from the UAE to reach the value of hundreds of millions, and perhaps more than €1 billion.
He said that the Serbian government wants to achieve with the UAE a more comprehensive and better cooperation, adding that in this respect the first steps have been already made with El Dahra.
We successfully finished the job with Etihad, today we are signing this agreement, and the company Mubadala has also expressed interest in the joint venture, said Dacic.
None of this would have happened if, in addition to economic interests, there had not been very friendly relations with the UAE, thanks to the personal commitment of Sheikh Mohammed bin Zayed al Nahjan, and his contacts with the government of Serbia and especially First Deputy Prime Minister Aleksandar Vucic, Dacic said.
Ilic said that the joint company will invest in projects like cargo services Ladjevci, housing, tourism, construction of highways and agribusiness.
With the signing of an inter-state agreement on cooperation between Serbia and the United Arab Emirates on 17 February this year in Abu Dhabi, great investment opportunities were created in the fields of agriculture, industry, infrastructure, energy, transport, real estate, finance and banking, he pointed out.
The memorandum on cooperation, among other things, envisages strategic cooperation between the Serbian Ministry of Construction and Urban Planning and the company Global Capital Advisors Management in the form of a joint venture for financing and development of industrial and infrastructural projects in Serbia.
Panchariya said that the company, which is also engaged in investment banking, will invest a lot more resources to projects in Serbia during the next period.
He pointed out that that it is a great honour for his company to have the Serbian government’s trust and announced establishing a joint monitoring committee with representatives from both sides to monitor the implementation of projects.
According to him, the process of investment projects of the UAE in Serbia will be completely transparent, and its implementation will involve several contractors.
Also attending the signing was special advisor to Minister of Foreign Affairs of the UAE Mohammed Al Suvaidi.
The costs of establishing a new company will be provided by GCAM in the amount of between €10 million and €15 million.
Dacic said at a press conference that the signing of the memorandum is significant because it announces big investments and projects in Serbia, adding that he expects investments from the UAE to reach the value of hundreds of millions, and perhaps more than €1 billion.
He said that the Serbian government wants to achieve with the UAE a more comprehensive and better cooperation, adding that in this respect the first steps have been already made with El Dahra.
We successfully finished the job with Etihad, today we are signing this agreement, and the company Mubadala has also expressed interest in the joint venture, said Dacic.
None of this would have happened if, in addition to economic interests, there had not been very friendly relations with the UAE, thanks to the personal commitment of Sheikh Mohammed bin Zayed al Nahjan, and his contacts with the government of Serbia and especially First Deputy Prime Minister Aleksandar Vucic, Dacic said.
Ilic said that the joint company will invest in projects like cargo services Ladjevci, housing, tourism, construction of highways and agribusiness.
With the signing of an inter-state agreement on cooperation between Serbia and the United Arab Emirates on 17 February this year in Abu Dhabi, great investment opportunities were created in the fields of agriculture, industry, infrastructure, energy, transport, real estate, finance and banking, he pointed out.
The memorandum on cooperation, among other things, envisages strategic cooperation between the Serbian Ministry of Construction and Urban Planning and the company Global Capital Advisors Management in the form of a joint venture for financing and development of industrial and infrastructural projects in Serbia.
Panchariya said that the company, which is also engaged in investment banking, will invest a lot more resources to projects in Serbia during the next period.
He pointed out that that it is a great honour for his company to have the Serbian government’s trust and announced establishing a joint monitoring committee with representatives from both sides to monitor the implementation of projects.
According to him, the process of investment projects of the UAE in Serbia will be completely transparent, and its implementation will involve several contractors.
Also attending the signing was special advisor to Minister of Foreign Affairs of the UAE Mohammed Al Suvaidi.
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