Dubai group eyes $15m Serbia fund JV
Dubai, September 12, 2013
Dubai-based Global Capital Advisers Management (GCAM) has inked a deal with Government of Serbia to set up a joint venture fund with $15 million capital to identify and develop Serbian infrastructure projects for international investors.
At a ceremony held in Serbia’s capital city, Belgrade recently, Arun Panchariya, the chief executive of GCAM, exchanged a Memorandum of Cooperation with Velimer Ilic, Serbian Minister of Construction and Town Planning in the presence of Prime Minister Ivica Dacic.
The agreement commits the two parties to the creation of a joint venture, Global Infrastructure Development Company (GIDC), with $15 million of seed funding.
“Serbia is immensely well positioned in a strategically important part of Central Europe. We need to urgently upgrade our critical trading infrastructure to enable us to take advantage of the growing opportunities for trade, travel and tourism in and around our country," said Velimir Ilic after signing the deal.
"I am very pleased to be committing our Government to a partnership with Panchariya and his colleagues at GCAM. They have a superb track record in the field of public-private-partnerships (PPP) for infrastructure project finance and we look forward to collaborating with them at this exciting time in Serbia’s economic development," he added.
GIDC will use the funds to identify potential infrastructure projects in Serbia and elsewhere in the Balkans and will then develop feasibility studies for potential investors, he added.
Projects already in the early stages of identification include Ladjevci Cargo Centre at Morava Airport in Serbia, the development of a new seaport in Montenegro, major road and rail infrastructure in the region as well as tourism and agribusiness projects.
On the deal, Panchariya said: “My focus is on working with professional partners who will appreciate and benefit from our expertise in PPP for infrastructure."
"There is much that needs to be done in Serbia but it has huge potential and I believe we can help propel Serbia to its rightful place as a trading hub for Central Europe,” he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals