The high-profile investment, Dubai-based company, Buroj Property Development, is on the verge of starting work at the ‘Buroj Ozon’ project in Bosnia.
At the cost of around Dhs10 billion, ($2.6 billion), featuring villas, shopping centers and hotels, the project will be in partnership with the Bosnian government. It will be constructed on 4 phases, the first of which begins during the third quarter of this year. Ismael Ahmed, Chairman and CEO of Buroj Property Development, said in a statement in Dubai: “The company will finance the project and it has already started conducting studies and take the procedural and formal steps to start work in the project which is the largest foreign investment in the State of Bosnia by UAE Investors.”
Ahmed added that the project will include a large shopping centre named ‘Zayed Mall’, which will be the largest of its kind in Bosnia on an area of 600 thousand square feet.
He noted that the first phase of the project will begin during the third quarter of this year and the second phase will start during the first quarter of 2016, so as to be completed in 2018, while the whole project is to be completed in 2022.
Ahmed said: “The Buroj Ozon project is the largest investment of the UAE private sector in the State of Bosnia, confirming the strength of the UAE foreign investments in the country, adding that the project will serve as an integrated architectural complex reflecting a qualitative addition to the real estate sector.
He added that Buroj is seeking to take advantage of investment opportunities in the city, which is witnessing a major tourist growth especially by the Europeans and the Gulf people.
Ahmad said: “The first phase includes the infrastructure of the hotels and villas area.”
The project deal was signed in the presence of a representative of the head of state and prime minister as well as a large crowd of investors.
Chairman and CEO of Buroj, said that the UAE investments abroad have gained a great reputation due to its orientation towards meaningful projects that enhance the local economy in the countries where it operates through the creation of jobs in the developed economies such as the United States and Britain, as well as other European and Asian countries.
For his part, Ebro Pirlo, mayor of “Tarnovo” Bosnian said that this investment is the largest foreign investment in the history of Bosnia, noting that there are many investment opportunities in the city, which has an attractive investment climate to achieve economic benefits to all parties.
He added that Bosnia welcomes the UAE investments in particular, and the Arab investments in general, and is seeking to attract more investment and provide all forms of support to investors.
(Source: gulfbase)
