Another giant from UAE in Serbia - Arabtec confirms investments in our country

The construction company Arabtec Holding has signed an agreement with the Abar Properties companies to build 37 buildings in Dubai and Abu Dhabi in the United Arab Emirates, Bloomberg has reported.

As specified, this agreement is worth as much as USD 6.1 billion. It calls for the construction of hotels and residential buildings, Arabtec said in a release. However, an announcement made by Abar Properties CEO Hadem Al Kubisi that Arabtec will also be hired to work on USD 20 billion worth of projects in the United States, Morocco and Serbia is probably more interesting to the public in Serbia. There is still no official information on the projects that Abar Properties plans to implement in our country. Abar Properties is a subsidiary of the Abar Investments company from Abu Dhabi, an affiliate of the energy giant International Petroleum Investment Company (IPIC) that is 100% owned by the Abu Dhabi government.

On the other hand, Arabtec has recenlty announced it will open regional office in Belgrade to use it as the base from which to expand its operations to other countries in the Balkans. Although it was quickly speculated that Arabtec could be hired to implement the Belgrade on Water project, behind which is Mohammed Alabar's company Eagle Hills, Project Manager Srdjan Rupar denied that information saying that facilities in the Sava amphitheater would be built by local construction companies.