UAE investments in Serbia
An agreement worth up to $200mn was signed between the Serbian arms company Yugoimport SDPR and the UAE’s Emirates Advanced Research and Technology Holding (EARTH) at the International Defence Exhibition in Abu Dhabi last year.
A source in Serbia told MEE the investment relates to the Serbian missile system ALAS (Advanced Light Attack System), which is a “multipurpose anti-armour weapon with effective range up to 60km”. The source said the UAE is interested in these missiles because “they should be able to destroy all existing models of tanks in the world”.
The UAE is the fourth largest arms importer in the world, according to the Stockholm International Peace Research Institute, and spent over $19bn on military equipment in 2012. With a national population of fewer than one million the UAE, in terms of arms per capita, is now widely viewed as being the most heavily armed nation on the planet.
The UAE-Serbian defence relationship is becoming increasingly close, according to the Serbian source, who said “initial forms of cooperation have been established at the level of military security agencies, military police and special units, and in the fields of information and communication technologies and cyber defence”.
While the source said the UAE is primarily interested in Serbia’s burgeoning defence industry, the Emiratis have also made numerous other investments across several industries.
One of the most prominent deals has been Abu Dhabi’s Etihad Airways buying a 49 percent stake in Serbia’s lossmaking JAT Airways in August 2013. A new company was born out of that investment, Air Serbia, with the stated aim of creating an eastern European transportation sub-hub.
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