21 minute read
THERE IS A LOT OF ROOM FOR INNOVATION
As an industry, the legal profession has been changing significantly. We have always believed there is a lot of room for innovation, and tried to take the lead and have been quite successful in that
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BOGDAN GECIĆ
The founder of Gecić Law Firm
We talked with Bogdan Gecić, the founder of the Gecić Law Firm, about his return to Belgrade, his view of how relations between the UAE and Serbia have been developing, education and the innovative approach that his law firm has.
You were among the first in Serbia to launch the concept of building an innovative law firm. What does entail, given that your profession is considered highly traditional?
— When talking about the alleged conservatism of our profession, this depends on one’s perspective. You should take into account that we are still a post-communist society, but I do not mean that in an offensive way. Most of our population was born and most of our social norms and institutions were created during communism and have been rapidly changing for the past 20 years. The bottom line is that twenty years ago we did not have business law as such or a need for it, because the dominant form of ownership was not private, nor was there a free market as such. So the area of law that our firm deals with - business law – is still considered new. Twenty years is a split second for the legal profession, so there was a lot of room for innovation in our niche branch of law.
What do you think about the impact of the coronavirus pandemic on company operations in Serbia, speaking on behalf of your clients, and how much has the crisis slowed down the economy? — I wouldn't say the crisis slowed it down. That is difficult to measure because different industries have experienced a completely different context. I would rather say that the pandemic has changed business conditions radically, but I would not use the term “slowed down”. Business-wise, we had an interesting year. In Serbia, in the first quar-
TOP QUALITY
Companies from the UAE are top quality companies - efficient, fast, very professional and work all over the world. I have only words of praise for them
ter of 2020, GDP growth was extremely strong and in the next three quarters of the year, the economy had the opportunity to perpetuate the driving force with which we started 2020. I believe that 2020 will not end with necessarily bad results.
In industries and sectors that have a high frequency of human contacts, it’s only natural that their turnover and operations have changed radically. Many industries that existed and operated successfully before the pandemic but were not necessarily the driving forces of the overall economy, experienced a boom during the pandemic.
How did you, as a law firm, adapt to this situation?
— We were lucky that our type of services allows for a relatively smooth transition to remote work. Our focus was primarily on the safety of the people who are part of the team, our clients and contacts. As the dynamics of the pandemic changed, we keep in touch with our staff to make sure we make the best decisions that everyone is comfortable with. Whenever there was a need for a team to switch to remote work, nobody was obligated to be physically present in the office and, during each wave , we conducted regular surveys to see when the majority of the team would be comfortable to return to the office. Finally, given that we are working from a rather grand old building in the center of Belgrade, we also needed to make a few changes in the office to ensure that all the best health practices are followed
from having our air-conditioning made safe for use to, of course, ensuring the IT infrastructure can handle the additional pressures. In some ways the pandemic also brought us closer with colleagues around the world, as all meetings- whether in Belgrade, Brussels or Barcelona- became virtual. We participated in global meetings of our TerraLex and TAGLaw legal networks which brought over 600 legal professionals from all over the world together to discuss the business impact and opportunities from the pandemic.
Given that, in this issue, we are featuring the cooperation between the UAE and Serbia, what are your experiences in working with companies from the Emirates?
— We have been working successfully with Etihad and other UAE companies for most of the past decade. We are also one of the founders of the UAE Serbia Business Club . It is difficult to compare in the context of the size and economic strength. The UAE is one of the most vibrant countries that are experiencing the fastest economic development. We come from different positions, the reference point is different, so it is difficult to compare. In essence, companies from the UAE are top quality companies - efficient, fast, very professional and work all over the world. An agreement is very important to them, not only the one at the legal level but also in terms of promises made as they are very principled. They are goal-ordinated, really appreciate results, they are grateful for the work and I have only words of praise for them.
How much room is there for boosting Arab investments in Serbia?
— The idea behind forming this club was that as an organization that connects companies, we do not only connect existing investors but also to be a bridge between the Emirates and Serbia in the context of market intelligence and new opportunities. Our market is unknown to them. There is great interest, which is only natural because Belgrade is the traditional financial and commercial centre of the Western Balkans, which is a great opportunity for us. When the COVID-induced crisis ends, we can expect great growth.
Serbia has yet to work on opening Chapters 23 and 24. What legal challenges await Serbia on its path to joining the European Union?
— Brexit is not sufficiently monitored in our country, and Brexit mirrors in a way the EU accession process, but in reverse. The British had a lot of technical level, legal work to do and a lot of regulations to pass, like the ‘Great Repeal Act’ which speaks to how much work awaits us. The EU is the most complex legal order in the world, which does not mean that it is more or less perfect than any other system, but it has a highly sophisticated legal structure. I think that all chapters are vital as they refer to almost all areas of social reality.
OPPORTUNITY
The transition to digital: electronic filings, virtual hearings, electronic case management, are all still major challenges for our judiciary. Progress is rather slow. This has, in turn, multi-layered consequences. For instance, you file a most common lawsuit, in hard copy, to sue for a claim and it turns out that for the lawsuit to be legally settled it will take several years, then the issue of the right to a fair trial arises, as well as the issue of investor protection which ultimately spills over into a matter of policy and principle, while it all started as a mere technical issue. I gave you a simple example, but when it comes to European integration, that requires a lot of work and a lot of capacity.
In terms of the legal profession and education, we are somewhat lagging behind with a relatively small number of courses at law schools throughout Serbia that deal with EU Law. And the EU accession negotiations have an impact on almost all areas of law in Serbia.
Could you tell us more about The Law Firm of the Year: Eastern Europe and the Balkans Award, which you received from The Lawyer magazine?
— It was an incredible privilege and achievement for us to be named the best in such a diverse, large and quickly evolving region – especially given that most of the other firms who were nominated were much longer established and significantly larger than us in terms of sheer size. We are especially proud that the panel who decided on the awards – which includes some of the best legal professionals on the continent – singled us out for our habit of “punching above our weight” , as well our commitment to diversity and treating all of our colleagues – not just the lawyers – as crucial in providing our clients the best advice and service possible. While we do not plan to rest on our laurels and consider this just an incentive to start working even harder, we are happy that our hard work as well as ethos have been recognized by our industry.
What challenges do you expect this year on a professional and personal level?
— As for personal challenges, I think we should all stabilize and slowly move from this state of emergency to something more routine. It will not be easy: it was interesting for us to follow people's emotions and to take care of employees at the HR level. Based on our surveys and conversations we had with our staff, we noticed that challenges faced by HR team increased by 6 or 7 times, including the general increase in people's anxiety and the difficulty in transitioning from the current situation back to normal. For all of us who work in teams, this will be a very challenging period because it will require a lot of skills and empathy to take care of people. In order to provide full support to our team members, we reached out to a business coaching professional (who is also a certified therapist) so they can also turn to them for advice and tips when dealing with the current challenges – from struggles of remote work to anxiety about the ever changing situation. These skills are useful in dealing with other, more regular business challenges, and our colleagues can also use this coaching opportunity to pursue other areas of professional and self-development
A GLOBAL LEADER WITH FOCUS ON SUSTAINABLE GROWTH
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RAMI GHANDOUR
Metito Managing Director
Metito Managing Director, Rami Ghandour, talks to Diplomacy&Commerce, about the company and the launch of its UAE-based Serbia-specific platform, EmSerb Water, set to develop lifeline water projects, starting with Euro 32 Million wastewater treatment plant in Zrenjanin.
Could you please tell us more about Metito, and which business areas you cover?
— Globally, Metito is recognized as a brand of trust for intelligent water and alternative energy management solutions. Our operations cover three business areas: design and build, specialty chemicals, and utilities. Metito provides customized and comprehensive solutions across the full spectrum of the industry with focus on desalination, wastewater reuse and recycling; industrial solutions — up to and including hyper-pure water and structures both greenfield and brownfield schemes under different project finance structures. The Group also provides custom alternative energy
Despite Pandemic, Metito Plans Expansion in New Territories Starting with the Republic of Serbia
development and management solutions for utilities and corporations looking to uphold sustainable operations through generating clean, emissions-free energy. Throughout our sixty plus years of operations, Metito pioneered many industry firsts; the first to introduce the reverse osmosis (RO) technology for drinking water outside the US in 1972 and the first to pioneer Public Private Partnership (PPP) agreements for both wastewater treatment and bulk surface water supply concessions in the Middle East and Sub-Saharan Africa. We are also leading the trend for mega seawater desalination plants and mega water treatment, recycling, and reuse plants particularly in the Kingdom of Saudi Arabia and Egypt.
GLOBAL PRESENCE
We are currently serving over 45 countries across Asia, Africa and now proudly serving Europe, through our newly launched platform EmSerb Water
Amidst an evolving pandemic Metito is expanding in new territories. What is EmSerb and could you tell us about your latest project win in Serbia?
— Metito is a resilient company with a wellrounded and experienced management, access to vast resources and a great team. Despite the global challenges, the company successfully navigated the year 2020, and even launched some of its most iconic projects at the height of the pandemic.
Our trajectory for growth involves organic and inorganic growth and this move to expand into Europe was a planned next step that we are proud to have achieved in relatively a short span. With launching the EmSerb Water platform we mark Metito’s first official operations in Eastern Europe and we look forward to the next stage of growth in this promising territory. EmSerb Water is a privately held company established by Metito in the United Arab Emirates to serve the Serbian market as a platform for investment and operations into the water sector. Emserb is actively developing and investing into water and wastewater infrastructure projects in Serbia, working on our first project and already developing a pipeline of new ones. The company will also introduce advanced water technology from the UAE to the Serbian water, which is in line with the strategic relation between the UAE Government and the Government of Serbia. This is in support of the ongoing bilateral treaties which aim to support the development of sustainable projects in the Republic of Serbia to support its path towards the membership status in the family of the European Nation countries.
Most recently, Metito won the contract to develop its first wastewater treatment plant and the largest in terms of capacity in Serbia, under an engineering, procurement, construction, financing, management, maintenance, and transfer basis. EmSerb Water will be developing the €32 Million project with a capacity of 25,000 m3/day plant in Zrenjanin, following the highest European and global standards, providing the city with sustainable wastewater treatment. The tenor of the agreement is 25-year period followed by transferring the assets back to the Government.
This project is in line with "Serbia 2020-2025" national investment plan, and the focused investment on water infrastructure. The plant will provide new employment, a cleaner more sustainable environment, and attracts direct investments in the country. The project has the attractive quality of requiring no additional financial commitment from the public sector. The city already collects wastewater tariffs from residents, although municipal sewers are not currently connected to treatment infrastructure. The existing tariff will allow EmSerb to recover its costs, so people will not pay anything extra, making the project both bankable and affordable.
What’s your experience with PPP projects and what are the key benefits that can result from private funding?
— According to the World Bank ‘s ‘A State of the Sector | May 2015’ report, only 11% of population is connected to wastewater treatment and most small communities (<2,000 people) do not have wastewater treatment plants serving them. The same report also highlights how effluents are mostly treated below Urban Wastewater Treatment Directive standards (MEMSP 2011), resulting in significant environmental and public health hazards. To improve this status and access to sanitation services, a farreaching National Water Management Strategy put in place by the government of Serbia, with €1 Billion set for the construction of water and sewage pipelines, drinking water and wastewater treatment facilities across the country. The Zrenjanin project is in line with this plan and the country’s planned vision for growth. With infrastructural projects being capital intensive, the introduction of the PPP model is therefore a progressive solution that can secure lifeline projects without further pressure on public budgets, thereby supporting economic growth. With the private sector playing a bigger role in infrastructural projects, further transfer of technologies, longterm commitment, direct investments, and growth of the GDP are all guaranteed and without increasing public debt. There is a growing need for such projects and the trend is gaining momentum– especially in recent years where optimizing government spending has become a priority.
RESILIENT BUSINESS
Many governments have fully embraced the private sector coming on board and taking over large-scale projects for their full utility provision. This has proved to be a win-win for all involved. We are confident this project will be a benchmark for other similar projects in Serbia and the region. As for our experience with this model, Metito has pioneering projects across Asia and Africa. Metito launched the first bulk surface supply PPP project in Kigali, Rwanda and was once the largest foreign investor in the water sector in China treating over 1 million m3/day. Metito has also pioneered the model in the United Arab Emirates in Dubai in the 1990’s , being the first to develop water concession contracts with private entities under Build Own Transfer (BOT), Build Own Operate (BOO), and Build Own Operate Transfer (BOOT) schemes. We expect that the model will carry many long-term benefits to the Serbian community, especially with the tremendous support being provided by the progressive leadership of the Republic.
What’s next for Metito?
— In this region, we are currently assessing several new opportunities in Serbia and further in the Balkans and EU member countries. There is great potential and we intend to grow our business in this territory in line with our modus operandi, local presence, global knowhow.
In general, we are looking to continue growing in existing markets across our business lines. We will also continue investing in technology – which is disrupting the industry- to provide new opportunities to address the challenges of poor profitability/productivity, project performance, skilled labor shortages, and other sustainability concerns. There are vast opportunities to optimize cost of construction and maintenance, enhance quality, and efficiency through new/innovative technology adoption – those companies who are adopting new technology will have a distinct advantage going forward and we intend to be leading on this front.
Without a doubt, there are vast opportunities for well-run quality companies in the water and wastewater industry with more projects being falling under PPP schemes. These projects are capital intensive, with our experience and global access to sustainable financing, we are on the way to secure many more milestones for Metito, and for the communities we serve.
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Foto: Predrag Vučković
BELGRADE WATERFRONT IS A SUCCESS STORY
The most valuable part of the Serbian capital, on the right bank of the Sava, has experienced a revival in the last few years. Thanks to the synergy of Abu Dhabi-based Eagle Hills and the Government of the Republic of Serbia, Belgrade Waterfront is today recognized as a place that unites the highest housing standards, first-class retail, cultural events and entertainment for all visitors and residents
For tourists, Belgrade is well-known for its exciting nightlife, picturesque landscape of the confluence of two magnificent rivers and its tumultuous history etched into the sidewalks and facades. Belgrade is unique because it is a fusion of the traditional and modern. This unique feature of the Serbian capital gained a new dimension over the past four years, providing a completely new concept of living and leisure to its residents and visitors with the realization of the biggest infrastructural project in the recent city’s history – Belgrade Waterfront.
“Belgrade Waterfront is so much more than an urban solution to revitalize the
Sava riverfront and the old city. It is a manifestation of the modern vision of
Belgrade as a city of infinite possibilities.
It is a fusion of the world’s metropolises we long to visit – a comfortable, healthy, and sustainable way of life we strive to achieve in this contemporary world, and new business potentials that have waited way too long for better times to come to be fulfilled. That time has finally arrived”, says Ivana Lukić, the Head of Marketing at Belgrade Waterfront. In 2014, the initial idea behind the project was to revive and restore one of the most valuable parts of the capital, on the Sava riverbank, to become a central tourist attraction and a focal point of happenings, where Belgraders could revel year-round, rather than being a final resting place for old ships. For this reason, the opening of The Sava Promenade, the redesigned esplanade, was the first and symbolic step towards the development of this project. The story does not end here – over the last several years, many public spaces were opened, which not only changed the face of Belgrade but also the habits of people who live in it. Today, the Sava riverfront is a meeting place for families, young and urban people, the first choice to host business meetings or relax after a long day, as well as spend quality time with friends and family. In the year ahead of us, the project will enter the second phase of its construction, during which we can expect the opening of new construction sites, as well as residents moving into buildings BW Arcadia, BW Aurora and BW Metropolitan.
FUTURE
The selection of apartments, business, and public spaces in Belgrade Waterfront is the reason this project is hailed as “a neighbourhood of the future”. With a capacity for up to 14,000 people, and contemporary architectural solutions being used in each of its six districts, Belgrade Waterfront is a strong argument for including Belgrade in the group of the most developed metropolises and an attractive foreign investment destination.
Such a result on a domestic and global scale can be attributed to the extensive know-how of Eagle Hills, which portfolio encompasses similar projects in countries such as Jordan, Morocco, United Arab Emirates, Oman, and Ethiopia. The backbone of all these projects is ambitious and thorough planning and living according to the highest international standards. However, Belgrade Waterfront is always nurturing the local environment, architecture, traditions, and culture. This new riverfront hub is now in a full swing – it intertwines a new sense of community with historic cultural jewels such as Sava Square and Belgrade Cooperative building, today’s HQ of Belgrade Waterfront. Kula Belgrade will be one of the cornerstones of this community. The famous hotel and residential brand St. Regis will soon open its first branded residences in Europe in this building, setting new standards for the residential offer in the city. With the arrival of this brand to our market, Belgrade will be richer for a new category of 5+ star hotels, which will change the kind of foreign tourists interested in visiting Serbia and the capital and show it to the world in a completely new light. The conclusion is clear – every city needs a project such as this one as a catalyst to attracting foreign investmenta, enticing tourism and boosting the economy while offering citizens a completely new lifestyle. Engaging Serbian companies in the implementation of the project, as well as world-class architects and designers who have extensive experience in developing mega-projects globally - from designing to the construction phase - guarantees high-quality performance, but also creates new jobs.
Belgrade Waterfront is a success story which will inspire other investors in the following years to come to Serbia and to add a long-awaited value to the riverbanks and the city centre area. With the development of Belgrade Waterfront, the Serbian capital will surely have something to offer to global travellers and will become a new, main urban hub in the region.
GALERIJA BELGRADE SETS NEW STANDARDS
Despite all the challenges that marked the year behind us, the biggest shopping centre in the region - Galerija Belgrade - was opened, reconstruction of the Sava Square was completed and soon, Kula Belgrade will take its final form. Galerija Belgrade stands out from everything else that exists on the market today, and not just in terms of size. The good mix of tenants is just a base that Galerija is built upon as it provides even better offer of different goods and services.
|ECONOMY | THE BIGGEST WORLD’S PLAYGROUND
Every second there is filled with excitement and fascinating experiences
he region’s largest and
Tfirst-ever multi-cultural festival park conceptualised and created in 1997, Global Village is a sprawling 1.6 million square meter destination for the whole family. Situated in the heart of Dubai, it is a one-stop-shop for entertainment, shopping, dining and rides, taking you on a journey across the world, uniting cultures and creating wonder.
Despite its seasonality, Global Village welcomes around 7 million guests every season, making it the park with the 4th largest daily footfall in the world. Inherent to its cross-sectoral and diverse fabric, the theme-based park, aims to bring together extraordinary people from around the globe to inspire wonder and redefine cultural experiences.
Harnessing the world's diversity and creativity into authentic experiences, Global Village, offers novelty appeal and intriguing glimpses, across all geographies and demographics, building and nurturing genuine human connections.
With the intent of bridging the gap and bringing the world together, Global Village strives to create happiness in every moment by celebrating the diversity and wonder of our world.
