Saudi's Al-Shiddi Invests $257M in Sarajevo

SARAJEVO-The private Saudi-based property, trade and agriculture group Al-Shiddi is investing up to $257 million in the next two years in its Sarajevo joint venture with Bahrain-based International Investment Bank, as well as in a hotel in the Bosnia & Herzegovina capital.

The Sarajevo City Center development has already begun and will include a shopping and entertainment centre, five-star hotel and office tower next to the parliament and government buildings. IIB acquired a 28.3% equity stake in the project in August 2009. Al-Shiddi will invest about $216.6 million in the center, due for completion by end-2012, and it is also investing about $40.6 million in a four-star hotel in a newer section of Sarajevo for completion by year-end.