Serbia expects a flurry of investments from UAE companies this year as the two countries prepare to launch embassies in their respective capitals next month, the European country's deputy prime minister said.
Aleksandar Vucicsaid Etihad Airways' acquisition of a 49 per cent stake in the national carrier, Jat Airways, was being complemented by deals in agriculture, defence and other areas.
In addition, the government of the EU candidate country held talks on Thurday with an Abu Dhabi business delegation including the Mubadala Development chief operating officer Waleed Al Mokarrab Al Muhairi.
"We've grown our level of commercial exchange between the UAE and Serbia five times in 2012 comparing to 2011 but it's still at a very low level," said Mr Vucic during a press conference in Belgrade. "I'm absolutely sure it will increase 50 times."
Relations between the two countries have warmed in the past year after a souring of ties in 2008 when the UAE formally recognised Serbia's neighbour Kosovo as an independent state.
Bilateral commercial ties last year reached €23.3 million (Dh113.6m), a figure already dwarfed by agreements signed this year. Relations will be further cemented when Serbia opens an embassy in Abu Dhabi next month. The UAE will also open an embassy in Belgrade, said Mr Vucic."The embassy in Abu Dhabi will be one of our most important, with 15 people," he said.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has been integral to the engagement process. Discussions over a possible stake in Jat were first mooted when Mr Vucic hosted Sheikh Mohammed at his Belgrade home on January 10, said Mr Vucic.
The same month, Al Dahra Agriculture, the Abu Dhabi-based agribusiness, said it was making a €300m investment in eight Serbian farming companies. The deal included upgrading of farming equipment and machinery and irrigation systems, along with the cultivation of wheat, barley, corn, soya beans, sugar beet and citrus fruit over an area of about 14,000 hectares of land.
Two months later, the Abu Dhabi Fund for Development approved a US$400m loan to Serbia to invest in irrigation and provide loans to farmers. Agriculture made up 20 per cent of Serbia's exports last year, a market the UAE is hoping to exploit for its food security needs.
Investments have also emerged in other areas. In January, the UAE and Serbia signed a €100m weapons deal and said they were considering a separate joint tie-up in the development of a guided surface-to-surface missile.
More could follow.
"Mubadala's visit is part of ongoing discussions across a range of sectors," said a spokesman for the Abu Dhabi Government-controlled strategic investment vehicle after the latest trip.
The discussions surrounded semiconductors, renewables, property, aerospace and telecommunications, said Mr Vucic.
Serbia has been looking east to drum up investment from countries such as the UAE, Russia and China amid economic woes weighing on its traditional trading partners in the euro zone. The country is targeting a rebound from a double-dip recession this year with GDP expansion of 2 per cent.
But despite the sudden closeness in political ties between the UAE and Serbia, both sides insist business deals will happen only where they make commercial sense.
"The relationship between Serbia and Abu Dhabi is very strong. But the very clear guidance I got from my board was that unless you can make this work, don't do it," said James Hogan, the president and chief executive of Etihad Airways, speaking after it announced the carrier would invest up to $100m in relaunching Jat Airways as Air Serbia under a five-year management contract.
Mr Vucic shares a similar sentiment.
"Abu Dhabi is a true friend of Serbia, but Abu Dhabi companies have to make profit here," he said.
tarnold@thenational.ae
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
