World Economy

$3.5b Belgrade Project

$3.5b Belgrade Project$3.5b Belgrade Project

Lawmakers in Serbia gave the green light to a riverside development project in Belgrade, bankrolled by an Abu Dhabi investor but deeply dividing residents of the capital, Arabian Business reported. Developers hope to break ground on Belgrade Waterfront this year, transforming a bleak wasteland on the east bank of the Sava River over at least the next 10 years into a forest of gleaming metal and glass at a cost of at least 3b euros ($3.25b). The conservative government of Prime Minister Aleksandar Vucic says the project will generate 20,000 jobs and breathe new life into Serbia’s anaemic economy. Critics say it is an expensive gamble.