# Belgrade Waterfront d.o.o.

A joint venture between Serbia (32 percent) and an investor from the UAE (68 percent) that received the land for the project on a 99-year lease free of charge, with the partners’ founding capital set at €22,000. According to RFE/RL, Serbia has been paid €32.6 million in dividends over 11 years, while the state paid billions of dinars for expropriation. The contract provided for clearing the plot on Hercegovačka Street, where demolitions in Savamala later took place, and the European Court of Human Rights found that in doing so Serbia violated the property rights of the company Iskra.

## Affairs

- [Davor Macura's Alta Bank and state business](https://odgovornost.rs/en/afere/alta-banka): By its own account, it had limited exposure to Alta Banka, which does not threaten its liquidity
- [Belgrade Waterfront – a special law and the contract with Eagle Hills](https://odgovornost.rs/en/afere/beograd-na-vodi-ugovor): Under the contract it leases state land for 99 years free of charge; the permit for the museum was refused because it had not met its obligation to build a heating pipeline
- [The Savamala case: demolition in Hercegovačka Street](https://odgovornost.rs/en/afere/savamala): According to Insajder's analysis, the project contract required the plot in Hercegovačka Street to be cleared by 30 June 2016, and the demolished area is part of the project

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Source: Odgovornost, https://odgovornost.rs/en/organizacije/beograd-na-vodi  
As of: 9 Nov 2026  
Licence: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/deed.en)