Arabs to invest in JRB and Port of Pancevo - Dinkic signs two cooperation memoranda with Al Dahra

Serbia and the Al Dahra company from the United Arab Emirates today signed a Memorandum of Understanding for the recapitalization of Yugoslav River Shipping (JRB) and an agreement on the sale of land and the construction of Port of Pancevo.

These documents were signed by Serbian Finance and Economy Minister Mladjan Dinkic, Al Dahra CEO Hamad Saeed Sultan Al Shamsi and Pancevo Deputy Mayor Sasa Pavlov.

- The MoU for the recapitalization of JRB provides for an investment of between 20 and 40 million euros, which would secure Al Dahra a 30-49 percent stake in that state-owned company - said Dinkic.

He added that that money would be spent on complete fleet rehabilitation and the procurement of new ships for JRB.

As Dinkic explained, Al Dahra will buy 43 hectares of land in the vicinity of the Port of Pancevo site and Azotara fertilizer plant from the City of Pancevo at a price of EUR 10,000 per hectare, which will make that port the largest in Serbia.

According to first estimates, Al Dahra will invest EUR 5 million in the construction of the Port of Pancevo.