Eagle Hills construction board showcasing area of "Belgrade Waterfront" project between river Sava and main station in Belgrade, 2.10.2017. Robert B. Fishman/Press Association. All rights reserved.Ravaged by NATO bombings, hyper-inflation, and sanctions in the recent past, Serbia’s economy is rhetorically poised to be revitalised by the Belgrade Waterfront Project, funded by UAE’s Eagle Hills development company. ‘The Project’, however, will have wideranging repercussions on the fabric of the Serbian economy beyond the nominal increase it will bring to the country’s GDP.
The appointment of Aleksandar Vučić as Prime Minister in 2014 affirmed the political intention of transitioning towards the EU and consequently a wholly neoliberal economy. As noted by professors at the University of Kragujevac in 2017, the EU transition process includes a definitive emphasis on attracting foreign investments in purchasing domestic companies and privatising state markets. The Financial Times has praised the Project’s capacity to improve the privatisation of state-owned land in Serbia, which had previously been “sluggish”.
Investment to transform the Sava riverside in Belgrade into a luxurious complex, complete with apartments, restaurants, and malls will cost $3 billion paid for by Eagle Hills who will retain 68% ownership. A foreign property investor has commended the investment, claiming that “we’ve seen more liquidity in Serbia over the past six months than in the past six years”. This has been echoed by the lead municipal planning official who claims the investment will “put construction back on its feet” in a project the city has been awaiting “for 50 years”.
