The Abu Dhabi Government has signed an agreement with Serbia to lend the indebted Balkan country US$1 billion.
Hamad Al Hurr Al Suwaidi, the chairman of the Abu Dhabi Department of Finance signed the loan agreement with Lazar Krstic, the Serbian finance minister, the department announced yesterday.
“This loan will provide new opportunities for cooperation and will develop economic and trade relations,” Mr Krstic said. “It will support the Serbian economy and will provide numerous investment opportunities for the two sides. It will also support the goals of joint projects between the two countries”.
The news is the latest development in a warming of relations between Abu Dhabi and Belgrade which has yielded millions of dollars of investment for Serbia’s crisis-hit economy and provided Abu Dhabi-based companies with expansion opportunities.
Relations between the two nations soured in 2008 when the UAE formally recognised Serbia’s neighbour Kosovo as an independent state.
But since then bilateral commercial ties between the two nations have rocketed.
Last August Etihad Airways acquired a 49 per cent stake in Serbia's loss-making carrier Jat Airways which was rebranded as Air Serbia. Etihad was also awarded a five-year management contract of the Serbian national carrier.
Then in October the Abu Dhabi government-controlled strategic investment company Mubadala Development signed a number of agreements with the Serbian government to seek out areas for investing in technology, including aerospace manufacturing, telecoms, renewable energy and semiconductors.
The previous year Abu Dhabi’s Al Dahra Agriculture announced plans to develop 9,000 hectares of farmland in Serbia with a €300 million (Dh1.49bn) investment in Serbian farming companies and the Abu Dhabi Fund for Development approved a US$400m loan to Serbia to invest in irrigation and provide loans to farmers.
And in January 2013 UAE-based Arabtec Holding, which is 21 per cent owned by the Abu Dhabi investment fund Aabar, announced it would open a regional headquarters in Belgrade to drive its expansion into the Balkan region.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The%20specs
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THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
