The high level delegetion of the United Arab Emirates (UAE) led by the Crown Prince Sheikh Mohammed bin Zayed Al Nahyan visited Serbia and met with Serbian political leadership led by Serbian president Tomislav Nikolic, PM Ivica Dacic and vice president of Serbian government Aleksandar Vucic.

After the meeting it was announced that numerous UAE companies wanted to invest in Serbia, especially in agriculture.

It is agreed that Al Dahra company, which owner Sheikh Al Nahyan is, become a majority owner of eight Serbian agriculture corporations with 9.000 hectars of land. This investment will be worth at least EUR 200mn. This company will be also obliged to invest additional EUR 100mn in equipment and irrigation systems.

Abu Dhabi Development Fund will give Serbia a soft loan with purpose of cleaning up and construction of a complete irrigation and drainage system network using the Danube-Tisa-Danube Canal throughout Vojvodina and along the Danube and Velika Morava rivers in central Serbia.

The sheikh is also interested in investing in development of new military technologies, primarily in NORA and ATLAS rocket systems and in export of Serbian ammunition and weapons.

It is also announced that one of the largest banks in the Arab world, the First Gulf Bank, will open a bank in Serbia.

UAE partners want to invest in a new semiconductor and chip factory. It is up to Serbia to provide 2.000 engineers for the job. This project is estimated to cost around USD 8bn which would make it one of the biggest investments in history of Serbia. Mubadala, the company which is interested in this project, already do the same business in Singapore and the state of New York.

The UAE companies also expressed their interest for investing in Serbian company JAT Airways.

Tomorow Serbian Economy and Finance Minister Mladjan Dinkic is gonna visit UAE to sign the first contracts with his UAE colleagues.