Al Dahra Agricultural Co. from Abu Dhabi agreed with Serbia to invest in the Balkan country’s state-owned shipping company and develop a port on the Danube river near Belgrade.
Al Dahra may invest as much as 40 million euros ($52 million) in Jugoslovensko Recno Brodarstvo AD, Serbia’s river shipper, to renew and enlarge its fleet, gaining a 30 percent to 49 percent stake in the Belgrade-based company, according to the memorandum signed today by Serb Finance Minister Mladjan Dinkic and Al Dahra Managing Director Hamad Saeed Al Shamsi. The investor will also acquire 43 hectares (106 acres) in Pancevo, east of Belgrade, where it plans a 5 million-euro port, Dinkic said.
Serbia signed the deal last month on Al Dahra’s takeover of eight agriculture companies and on building fodder plants. Al Dahra also plans a cargo facility at Belgrade’s Nikola Tesla Airport, from which it will ship food products made in Serbia, Dinkic said.