The Serbian government signed on Sunday a contract with a company from the United Arab Emirates (UAE) for a massive infrastructural project.

The deal, which is worth 3.5 billion euros (about 3.8 billion U.S. dollars), aims to change the face of Belgrade's central littoral area along the Sava River.

Contract for the construction of "Belgrade Waterfront", a big modern urban area, was signed between the Serbian minister in charge of infrastructure Zorana Mihajlovic and president of the board of the company Eagle Hills Mohamed Alabbar in Belgrade.

The project, which will begin by the end of this summer, envisages the construction of 1.8 million square meters, of which around one million square meters are intended for housing, while 750,000 square meters will become offices, others are left for kindergartens, cultural institutions, schools and parks.

After signing the contract, Mihajlovic said that Serbia has a high gain from the deal as it will "employ its construction industry, and jobs will be created for people as investments present a chance for companies to work."

Alabbar said the project is important for both Serbia and the UAE and it will improve relations between the two countries.

The Belgrade Waterfront project was made possible by a lex specialis (special law) adopted on April 10 by the Serbian parliament that defines it as a project of exceptional importance for Serbia and its capital city.

The complete details of the project will be known to the public as soon as the Serbian Commission for Protection of Competition gives the green light and the contract takes effect. Endit

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