Serbian Protesters Say Waterfront Contract Flawed

After the Serbian government published the contract for the Belgrade Waterfront project on Sunday, the protest group "Let's not Drown Belgrade" said it showed Serbia was giving up its sovereignty because it had committed itself not to pass laws that conflict with the contract.

The group also said that there were no guarantees that the investors from the United Arab Emirates would actually implement the agreement.

The investment is worth less than some expected and the expenses for Serbia are not precisely determined, the group added in the statement on September 21.

"Instead of 3.5 billion, the investor is obliged to invest only 150 million with a 150 million loan, while Serbia has made a commitment to prepare the site... and allow the transfer of lease rights to ownership rights," the initiative said.

Documents published on the government website show the parties in the waterfront project are the government "Belgrade waterfront" company and "Belgrade waterfront equity investments" as its strategic partner.

Al Mabar International Investments, from the United Arab Emirates, is the guarantor.

The deadline for implementation is 30 years. After 20 years the first evaluation of progress will take place. The project will be evaluated positively if 50 per cent of the project is complete by then.

If the deadline is not respected, revenues from the sale of the surplus land will be shared among the founders of the "Belgrade waterfront" company in proportion to their investment.

"In this way, the 'strategic partner' will earn revenue even if it fails to ensure the success of the project," "Let's not drown Belgrade" complained.

Sinisa Mali, the Mayor of Belgrade, rejected allegations that the contract was damaging for...