UAE entrepreneur to invest USD 3.1 bln in Belgrade waterfront project

A prominent entrepreneur from the United Arab Emirates (UAE) announced plans to invest a staggering USD 3.1 bln in the City on Water Danube waterfront-revitalization project, the Serbian media reported on Jan. 9.

“Prominent United Arab Emirates (UAE) businessman Mahammad Ali Rashed Alabbar is willing to invest USD 3.1 bln in the City on Water project,” Serbian TV station b92 wrote on its website.

The City on Water covers a 96h industrial area on the Danube waterfront in central Belgrade. The project envisages the construction of a new suburb on the land. The area will contain many commercial, office and retail buildings including cultural, educational and sports facilities, as well as a 16 h park. The project is expected to be carried out in 4 phases and will take an estimated four to five years to complete.

Chief architect Daniel Libeskind, and other renowned architects connected to the project, hope to revitalize Belgrade’s waterfront as well as making the City on Water a major access point to the city.

The main landmark in the City on Water project will be a 259 m skyscraper. Project architects hope that it will provide the hub for a new urban center in Belgrade. The building will be multifunctional and will include apartments, retail and office space.