(MENAFN) Serbia's deputy Prime Minister, Aleksandar Vucic, announced that the UAE will invest USD220 million in the Balkan country by 2017, reported Arabian Business.
Vucic added that 3 deals, representing the largest investment in Serbia in over 3 decades, were inked with the UAE's foreign minister Sheikh Abdullah bin Zayed.
The investments comprise funding for Serbia's military plants in Krusik, Teloptik and Utva, as well as a microchip factory.
He added that the investments would highly contribute to the country's economy, which has been affected by sanctions, in addition to damage to its infrastructure during the 1990s Balkan wars.
It is worth noting that in the future, UAE's Mubadala is likely to invest around USD4 billion in Serbia, according to Vucic, who noted that the investments would cover the missile industry and the agro-business, in addition to a new modern hotel on the site of the former military headquarters in Belgrade, which were bombed in 1999 by NATO.
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