Eagle Hills signs $3b Serbia deal

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Eagle Hills signs $3b Serbia deal

Eagle Hills, the Abu Dhabi-based developer has signed a contract with the Serbian government to redevelop part of central Belgrade.

The Belgrade Waterfront will occupy 1.8 million square-metres and will be 68 per cent owned by the Abu Dhabi company, while the rest will be held by Serbia, according to the government. Total built-up surface will be about 1 million square metres, including 5,700 homes, office buildings, eight hotels with 2,200 rooms and the Balkan’s largest shopping mall of 140,000 square metres.

“Nothing will remain unsold,” Construction Minister Zorana Mihajlovic said. “Everything in the contract shows that such risk, for now, according to all analysis, does not exist. Belgrade will not bear risk.”

Eagle Hills, led by Emaar Properties Chairman Mohammad Al Abbar, is also planning large developments in several countries including Nigeria, Bahrain and Egypt. Abu Dhabi’s Etihad Airways took over Serbia’s flag carrier in 2013.

Under the contract, Eagle Hills will provide an initial investment of €150 million ($163 million, or Dh599 million) for the $3-billion project. It will also provide €150 million as a shareholder advance and a loan of €130 million to the Serbian government to clean up the area and buy land it doesn’t already own, according to the statement.

In return, the Abu Dhabi developer will be granted a 99-year lease on the land. Half of the project, including a 22-floor mixed-use tower, must be completed within 20 years, according to the statement from the Eagle Hills unit Belgrade Waterfront Capital Investments.

Eagle Hills became one of the Gulf’s largest developers, with billions of dollars of projects, after taking over Al Maabar in October. Al Maabar, also an Abu Dhabi developer, is building across Jordan, Morocco and Libya.

Eagle Hills is planning two hotel developments in Dubai and Fujairah, two people with knowledge of the matter said in February. The company is also planning a $4-billion mixed-use development in the Ethiopian capital Addis Ababa.

Source: Gulf News

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.